Notification on material event
Regarding recommendation of the working group set up by the Ministry of Finance and the proposal to approve the actions authorizing to prepare for the initial public offering of shares of UAB Ignitis Grupė
UAB Ignitis Grupė, (hereinafter – the Company) identification code 301844044, registered office placed at Žvejų str. 14, Vilnius, Republic of Lithuania. The total nominal value of issued bonds 600 000 000 EUR; ISIN codes XS1646530565; XS1853999313.
The Company informs that on 28th February 2020 it received a letter (hereinafter referred to as the “Letter”) from the Ministry of Finance of the Republic of Lithuania, the authority implementing the rights of the sole shareholder of the Company (hereinafter referred to as the “Ministry of Finance”), notifying that on 28th February 2020 the working Group, which assessed the alternatives of long-term financing of the Company (hereinafter the “Working Group”), submitted its recommendation (hereinafter the “Recommendation”).
It is stated in the Recommendation that, having considered all alternatives of the Company’s long-term financing, the Working Group concluded that the initial public offering of the Company's shares (IPO) is the most effective capital raising alternative for the Company. The Working Group recommended to the Ministry of Finance to initiate the adoption of decisions ordering the Company to implement the IPO of the Company's shares by issuing a new share issue.
The Recommendation of the Working Group are available on the website of the Ministry of Finance at www.finmin.lrv.lt.
The Letter also informs that the Ministry of Finance supports the Recommendation and intends to submit to the Government of the Republic of Lithuania a draft resolution proposing to authorize actions needed for the IPO of the Company’s shares - changing the legal form of the Company from a limited liability company to a public company and to increase the authorized capital of the Company.
As it was announced in the Company’s notification on the material event (link), the Working Group was set up by the Minister of Finance of the Republic of Lithuania on 3rd December 2019 by Order no. 1K-373 “On the Formation of a Working Group”.
The Working Group consisted of its Chairman, Minister of Finance Vilius Šapoka, Deputy Chairman, ViceMinister of Finance Darius Sadeckas, ViceMinister of Energy Egidijus Purlys, ViceMinister of Economy and Innovation Jekaterina Rojaka, Advisor to the Prime Minister Lukas Savickas, Director of the Monitoring and Forecasting Agency Vidas Danielius, Chairman of the Supervisory Board of Ignitis Group Darius Daubaras and Chairman of the Board and Chief Executive Officer of Ignitis Group Darius Maikštėnas.
The Working Group has been assigned to assess the Company's long-term financing alternatives and their impact to the expectations of the shareholder, implementation of the National Energy Independence Strategy, the Company's long-term financial sustainability and implementation of the strategy 2030 as well as the impact on Lithuania’s economic, social, national security and capital markets development. As a result, a recommendation should have be submitted to the Ministry of Finance by 1st March 2020.
After submitting the Recommendations, the Working Group concluded its work.
Artūras Ketlerius, Head of Public Relations, phone +370 620 76076, e-mail firstname.lastname@example.org