Acquisition or disposal of the issuer's own shares
Regarding acquisition (purchasing) of own shares of AB “Linas”
Considering to the resolution of the repeat ordinary meeting of the public company LINAS shareholders (hereinafter – the Company) held on 16 May 2019 (hereinafter – the Resolution of the Meeting) on which basis the Company’s acquisition own shares was approved and the Company’s Board was instructed to adopt decisions on acquisition of the Company’s own shares, to organise acquisition and sale of own shares, to establish the procedure, time of acquisition and sale of shares, number and price of shares, as well as to perform other actions associated with acquisition and sale of own shares in accordance with the conditions laid down in the Resolution of the Meeting and requirements of the Republic of Lithuania Law on Companies, the Company’s Board adopted a decision to initiate repeat acquisition of the Company’s shares on 24 February 2020 under the following conditions:
1. To acquire up to 10% (no more than 2.403.898 psc.) of own ordinary registered company shares with a par value of EUR 0.29 each;
2. The share acquisition price is EUR 0.10 per share;
3. During the first stage the Company’s shares will be acquiring on a commission basis in all divisions of the Company’s agent – AB Šiauliai Bank, from 2 March 2020 to 10 April 2020 (inclusive). If the number of the acquired shares achieves 1/10 of the total number of shares, share acquisition will be discontinued. If the supply of shares does not exceed the number of the shares acquisition, the second stage of acquisition of the Company’s shares will take place.
4. During the second stage it was intended to acquire the Company’s securities in the stock exchange NASDAQ Vilnius, AB by official offering from 15 April 2020 till 29 April 2020 (inclusive). Orders to sell shares shall be compiled during the whole time of share acquisition. If the supply of shares exceeds the number of shares to be acquired, the number of shares to be sold shall be reduced for all sellers of shares proportionally.
The Board of the Company, by adopting the decision to initiate acquisition of the Company’s own shares, sought to determine the share market price and to provide the shareholders with the most advantageous conditions for sale of shares.
The share market price on the date of the Board meeting, calculated according to Article 34(1) of the Law on Securities (the average market price during 6 months when stocks are traded on regulated markets), is EUR 0.0977. The Board, by seeking to activate the securities market, decided to acquire shares for EUR 0.10 each.
The shareholders holding or desiring to have securities accounts have a possibility to sell shares through NASDAQ Vilnius, AB Stock Exchange. Shareholders who do not have and do not desire to have securities accounts have a possibility to sell shares on appearance to any branch of Šiauliai Bank. This is especially relevant for the shareholders holding a small number of shares, since by selling shares on a commission basis, the shareholders do not need to open a securities account, pay the transaction fee, and other fees associated with securities.
AB “Linas” chief of finance
+370 45 506100