INVL Baltic Real Estate
Notification on material event
Regarding amendments to incorporation documents of INVL Baltic Real Estate, share buy-back procedure and dividend allocation for the year 2019, also comment on the impact of the coronavirus situation on the Company's operations
Investment Committee of UTIB INVL Baltic Real Estate (hereinafter – INVL Baltic Real Estate or the Company) acting on behalf of INVL Asset Management, the Management Company of INVL Baltic Real Estate, informs that during the upcoming Company‘s General Shareholders Meeting, to be held on 9th April 2020, it is proposed to the shareholders of the Company to allocate a dividend of EUR 1.55 per share for the year 2019, when voting for the profit (loss) distribution of INVL Baltic Real Estate for the year 2019 (the total amount for dividends allocation would amount to EUR 20.383 million). The Company's Investment Committee also proposes that the Company's shareholders meeting will approve the amendment of the Dividend Payment Policy by amending the former Dividend Payment Policy approved on December 29, 2017 and to determine to allocate EUR 0.09 per share.
The Company informs that Investment Committee of the Company, acting on behalf of INVL Asset Management, the Management Company of INVL Baltic Real Estate, decided to propose to the General Shareholders Meeting of the Company to be held on 9th April 2020, to approve the amendments of the Articles of Association of the Company as well as to approve the new wording of the Articles of Association and to approve the change of the depository services provider. The Articles of Association would be amended after approval of the Bank of Lithuania would be received.
Also, considering the aim to improve the Company's activities and optimize the Company's operating costs, the General Shareholders Meeting of the Company would make a decision to change of the Company's depository service provider from AB SEB bankas to AB Šiaulių bankas and approve of the new wording of the depository service agreement. The change of depository service provider would be possible after approval of the Bank of Lithuania to change the depository service provider and the new wording depository service agreement would be received.
In order to ensure compliance with legal requirements, the Company initiates share buy-back procedure. This procedure would be valid only after the decisions of the General Meeting of Shareholders to change the incorporation documents of the Company as well as the decision to change depository services provider of the Company would be made.
Also, these decisions of the Meeting (to substantially change the incorporation documents of the Company and / or the depository services provider) will not be executed, if while making the material changes in the incorporation documents of the Company and change of the depository service provider, buy-back of more shares than the maximum number set by the Management Company (if such number is fixed) will be required.
At the same time, the Company provides commentary on its operating activities and business environment under the circumstances of Coronavirus (COVID-19):
In the opinion of the management of INVL Baltic Real Estate, the Company's activities will be insignificantly affected by coronavirus. Although the virus may affect the decline in rental income, management does not expect the decrease in rental income to be material. In addition, the Company emphasizes that it has sufficient financial resources to fulfill all its liabilities and to implement planned activities. In the event of a change in circumstances or with clearer consequences, the Company will to provide the information in a separate notice.
The Company’s management company INVL Asset Management, UAB does not foresee any malfunction of the management of the Company due to coronavirus.
The person authorized to provide additional information:
Real Estate Fund Manager of Management Company