2014-01-30

“Klaipėdos baldai” is to be delisted from the stock exchange: stock purchase has already begun

“Klaipėdos baldai”, the company controlled by the “SBA” Concern, is going to delist its shares from the “Nasdaq Omx” Vilnius stock exchange. This decision was taken by the shareholders of the company during the general shareholders’ meeting which took place on 30 January. The official offer is going to be made by the largest shareholder “SBA Furniture Group”.

“This decision is proposed due to a low “Klaipėdos baldai” stock liquidity and small amount of freely traded shares in the stock exchange. At the moment the company does not have a need to attract additional funds from the exchange, therefore, we believe, share listing only causes additional costs,” says Egidijus Valentinavičius, Head of “SBA Furniture Group”.

From 28 January to 4 February “SBA Furniture Group”, the largest shareholder of AB “Klaipėdos baldai”, has already purchased 1.14% of shares of the company in the central market of the exchange, paying EUR 2.83 (LTL 9.77) per share. On 27 January “SBA Furniture Group” had already purchased the shareholding of 5.04% controlled by “KJK Fund”, the company registered in Luxembourg, for the same price.

The price of one share (EUR 2.83) is almost 50% higher than the average market price of past six months prior to the public announcement of intentions to delist the company. The price of a share of the company has increased by 103% during the year (from 30 January 2013 to 30 January 2014).

At the end of September the “SBA Furniture Group” controlled 78.14% of shares of “Klaipėdos baldai” which entitled to 79.97% of votes at the general shareholders’ meeting of the company. Another 19.57% (20.03% of votes) belonged to other shareholders; the company itself had purchased 2.29% of its authorized share capital.

Shares of “Klaipėdos baldai” are listed on the Additional Trade List of the exchange.

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