2014-02-25

Bank of Lithuania approved the take-over bid for the shares of AB “Klaipėdos baldai”

The take-over bid for the shares of AB “Klaipėda baldai” commenced on 3 March; within the period of validity of the bid UAB “SBA Furniture Group” offers the price of EUR 2.83 for a share of AB “Klaipėdos baldai”. The bid will be valid for 30 calendar days.

On 25 February, the Bank of Lithuania approved the circular of the take-over bid submitted by UAB “SBA Furniture Group” concerning purchase of shares of AB “Klaipėdos baldai”. Decision to buy the shares of the company was made after the general meeting of the shareholders of AB “Klaipėdos baldai” on 30 January 2014 approved the proposal to delist the shares of the company from the stock exchange “NASDAQ OMX Vilnius”.

Any shareholder of AB “Klaipėdos baldai” who wants to sell shares under the conditions of the take-over bid has to contact his finance broker or the manager of stock account where the shares of the company owned by a shareholder are listed or the nearest customer service branch of AB SEB Bank, which is the authorized accounting manager of the shares of AB "Klaipėdos baldai", and to submit to them an instruction to sell shares.

“The decision to delist the shares of AB “Klaipėdos baldai” from the stock exchange was made having in mind the small number of shares of the company circulating in the stock exchange and the negative trade in them. At the moment, the company does not have a need to attract additional funds in the stock exchange; therefore, in our opinion, because of the listingof shares it is only sustaining additional losses,” said Egidijus Valentinavičius, the managing director of “SBA Furniture Group”, which is the biggest shareholder of AB “Klaipėdos baldai”.

EUR 2.83 (LTL 9.77) will be offered for a share of AB "Klaipėdos baldai" of 1 litas par value during the period of validity of the take-over bid – almost 50% more than the 6-month average market price in the stock exchange until the public announcement about the intent to delist the shares of the company from the trade lists of the stock exchange and not to offer them publicly.

When determining the price of a share of AB “Klaipėdos baldai” for the take-over bid, the transaction with the company registered in Luxembourg “KJK Fund SICAV - SIF” investing in the Baltic countries under which “SBA Furniture Group” acquired 5,036% of the shares of the company AB “Klaipėdos baldai”was taken into account.

“We offered minor shareholders the same price that was offered to the investment fund; therefore, the value of the shares of AB “Klaipėdos baldai” has more than doubled,” said E. Valentinavičius.

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