Emitents | Latvijas kuģniecība, AS (48510000VYR04HZGC213) |
Veids | Būtiski notikumi |
Valoda | EN |
Statuss | Publicēts |
Versija | |
Datums | 2010-07-15 17:21:17 |
Versijas komentārs | |
Teksts |
JSC Latvijas kuģniecība continues active negotiations with the JSC Ventspils nafta about restructuring of their mutual transactions Public Joint Stock Company „Latvijas kuģniecība” (Latvian
Shipping Company (LSC)) carries on active negotiations with the
Company’s largest shareholder JSC „Ventspils nafta” (VN) about
change of the mutual transaction conditions that are most
favourable for all shareholders of the both companies and that
would help to ensure stability of the companies’ financial results
and would foster further economic activity of both the LSC and VN
Group.
Only after conclusion of the mentioned negotiations will the
LSC Management Board be able to take responsibility stipulated by
legislation and other laws and regulations about inclusion of true
and objective financial information in the Company’s financial
documentation, including the financial statement of 2009. The
current speculations regarding the financial data to be included in
the financial statement of 2009 would have to be considered as
flatly illegitimate and misleading for all LSC investors, about
what the LSC Management Board would have to take the statutory
administrative liability. This position of the LSC can be
explained by the fact that achieving an agreement with the VN about
restructuring of transactions that would logically result with
change of several accounting conditions, the financial results
included in the financial statement of 2009 would substantially
differ from the current potential data, certainly exceeding the 10%
difference level.
LSC has repeatedly publicly informed all its investors that
considering the drastic changes in the mass media, printing and
publishing , as well as the real estate markets they already since
the end of 2009 are negotiating with the VN about restructuring of
several enterprise and property purchase transactions that were
concluded in 2008 pursuant to the present objective market
situation, guarantee of interests of all shareholders and the LSC
current possibilities, ensuring also further stable financial and
economic operation of the LSC. The LSC itself has drawn attention
that observing the negotiation process submission of the LSC
audited financial statement of 2009 within the set term will be
impossible; however, in the same time LSC has reasonable hopes that
preparation of the audited financial statement will be ready until
December 2010 and has in good time announced Shareholders’ meeting
for approval of the financial statement on 17 December 2010.
„A formal fulfilment of the requirements cannot be prior in
situation when we speak about the future of the Company. Or else we
would be misleading our shareholders,” emphasized Mr. R. Veckāgans,
Member of the LSC Management Board and Vice-President on financial
issues. Pursuant to the Republic of Latvia Financial
Instrument Market Law Section 59 the issuer of financial
instruments may not provide false or misleading information about
significant events. But the Annual Accounts Law Section 4 provides
that the annual accounts shall provide a true and fair view of the
assets and liabilities, financial position, profit or loss and cash
flow of the company. The current situation does not allow LSC to
execute these statutory provisions; therefore the LSC is of the
opinion that it is impossible to submit the audited financial
statement until 31 July 2010.
LSC is a public Joint Stock Company, the shares of which are
quoted in the Stock Exchange „NASDAQ OMX Riga”. LSC is among the
largest tanker owners in the world in medium sized or handy
tankers category and it is also in a leading position among similar
companies in Northern Europe when it comes to oil
shipments.
Additional information:
Ģirts Apsītis
Adviser of the Chairman of the Management Board
Latvian Shipping Company
Phone: +371 67020126
E-mail : ir@lscgroup.lv
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