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Provider: Reuters Investment Profile
Provider: Wright Reports

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Brivais Vilnis AS Announces Further Details Regarding Mandatory Takeover Bid Launched by A Corporation

Monday, 11 Mar 2013 04:40am EDT 

Brivais Vilnis AS (BV) announced that on February 28, 2013, the limited liability company A Corporation (AC) and the limited liability company Brivais Vilnis Company (BVC) have received the permission of the Financial and Capital Market Commission for publication of mandatory proposal of share buyback from February 21, 2013 that was published in the official newspaper Latvijas Vestnesis on March 8, 2013 confirming the buyback price for one share of BV of LVL 0.73. The Board of BV has assessed the mandatory proposal of share buyback of AC and BVC and has concluded that it complies with the legislative requirements. Taking into account that above mentioned companies have acquired shares, representing 90.85% of BV’s share capital and voting shares, the Board considers that buyback of shares will positive impact on activity of BV, because in previous years AC and BVC have been major shareholders, whose decisions at shareholders’ meeting have been directed to development and growth of BV. Taking into account the fact that AC and BVC are intended to continue BV’s business, the Board considers that implementation of proposal is not related with change of business principles and suspension or termination of the key industry, production of canned fish. The employees of BV will keep their jobs in accordance with the concluded contracts. Accordingly, employment in BV will not be affected and the business establishment also will not be changed. 

Company Quote

28 Oct 2013