Emitents | Ventspils nafta, AS |
Veids | Citi |
Valoda | EN |
Statuss | Publicēts |
Versija | |
Datums | 2015-10-26 16:54:06 |
Versijas komentārs | |
Teksts |
On October 19, 2015, the majority shareholder of VN, Euromin Holdings (Cyprus) Limited (hereinafter – Euromin), made the mandatory share buy-out offer (hereinafter – the Offer) for the remaining share capital of VN. The Offer is made pursuant to the decision of the Financial and Capital Market Commission (hereinafter – FCMC) No.172 dated October 15, 2015. The Offer is made at EUR 4.56 per share.
The Management Board has evaluated the Offer. In evaluating the
Offer, the Management Board has assessed whether the Offer
represents a fair value for the shares of VN that it relates to. In
doing so, the Management Board has calculated the value of the VN
assets, which it estimates at approximately EUR 326,250,000
based on the 2014 Audited Consolidated
Report of VN.
This translates into a price per VN share of EUR 3.12. The
Management Board has resolved that the Offer at EUR 4.56 per share
represents a substantial increase to a fair share price of VN. The
Management Board notes that the price of the mandatory buy-out
offers in Latvia is regulated by Article 74 of the Financial
Instruments Market Law.
As a result of the share buy-out, the shareholder Euromin Holdings
(Cyprus) Limited would be further increasing its interest in the
share capital of VN. The Management Board holds a view that a
bigger proportion of the controlling interest in the hands of one
shareholder will improve the efficiency of the Company’s operations
and its further development.
Therefore, the Management Board has resolved that this Offer is in
VN’s interests. The Management Board indicates that it is currently
not planned to change the Company’s operating scope, the Company’s
location, or to reduce its current staff.
Management Board of joint stock company “Ventspils
nafta”
About JSC “Ventspils nafta”
JSC “Ventspils nafta” is one of the largest groups of companies in
Latvia and works in the petroleum product transport, transhipment,
storage and shipping sector. JSC “Ventspils” nafta is the Group’s
parent company, which manages investments in subsidiary companies,
by promoting the Group’s joint values and growth in value of each
individual company.
JSC “Ventspils nafta” owns 51% in “Ventspils nafta terminals” Ltd,
which is the largest crude oil and petroleum product terminal in
the Baltics; 66% in “LatRosTrans” Ltd, which is a Latvian-Russian
joint venture in the Baltics; 49.94% in JSC “Latvijas kugnieciba”,
which is among the largest ship owners in the world in the
medium-sized and handy tankers category.
Shares of JSC “Ventspils nafta” (NASDAQ RIGA: VNF1R) are quoted in the Baltic Main List of the stock exchange NASDAQ Riga since October 20, 1998.
Further information:
Elīna Dobulāne, Communications Consultant
JSC “Ventspils nafta”
Phone: +371-25959447
E-mail:
elina.dobulane@vnafta.lv
www.vnafta.lv
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