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JSC “Olainfarm” in emission of shares receives the proposals in the amount of 2.5 million lats
Emitents Olainfarm, AS (213800WCG52W62ENOP27)
Veids Būtiski notikumi
Valoda EN
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Datums 2007-06-13 13:15:17
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JSC „Olainfarm”                                                                                              June 13th, 2007.
JSC “Olainfarm” in emission of shares receives the proposals in the amount of 2.5 million lats
In emission of a/s „Olainfarm” shares there has been received the applications of 34 investors for 870 023 shares of the proposal. This morning the Board of a/s „Olainfarm“ took the decision to approve the emission results in the actual signed amount and set one share price at LVL 2.95, and initiate the company shareholders to approve the necessary amendments of the Company Articles. Thus the company will attract more than 2.5 million lats for company long-term development.
„Emission of shares is one of the most ambitious projects realized by „Olainfarm“ within the last ten years. I am delighted that in spite of quite negative informative fund in relation to the events in the environment of Latvian macroeconomics, the company shares have been purchased in total by 34 investors, mainly from aboard. I am sure that this is a deliberative and clear decision from those investors since at the moment „Olainfarm“ is in the process of rapid growth,“ admits Chairman of the Board of a/s „Olainfarm“Valērijs Maligins.
Emission of a/s „Olainfarm“ shares has been realised with the aim to attract means which are planned to invest till 2012 in establishment of new ampulla factory, research and development of investigation of new products, as well as expansion of warehouse of ready-made medicine forms, raw materials and packaging materials. Funds attracted during the emission of shares allow financing first two steps of the development plan. Further steps of the company development plan after the decision of the company management and shareholders will be supported from such alternative sources of fund attraction as additional crediting, EU funds or strategic partnership.
Deputy Finance Director of a/s „Olainfarm“ Salvis Lapiņš comments the emission results: „The fact that all proposed shares on the share auction were not sold was not a big surprise for me since in the presentations of our companies to the potential investors aboard we felt that they got clear understanding about future plans of „Olainfarm“, however not always investors were sure about the ability of Latvia’s economics to maintain its attraction in long-term. According the information I have several large foreign pharmaceutical companies decided to wait due to this reason. I am sure that as soon as the situation in Latvia’s economics gets more stable, we will be able to continue the discussion strategic partnership with several investors. Moreover one should admit that the company is not ready to discuss the possibility to sell bigger share package for one strategic investor, - interest about such possibility has arisen in several meetings during the presentations within the road show of the company.
Emission proposal for local and foreign investors was realised by its organiser - a/s "Parex banka".Head of Division of Investment Bank Services of a/s „Parex banka“ Mārtiņš Jaunarājs adds: „Olainfarm“ is a company with a good product portfolio and future development plans, and the resources attracted in the result of the emission will allow realization of the plans already this year. In our opinion, improvement of activity indicators the company starts demonstrating will persuade financial investors and attract more attention to „Olainfarm“ shares in secondary market“.
Olaine, June 13th, 2007.
Information prepared by:
Salvis Lapinsh
Deputy CFO
Mobile +37126448873
Sigita Lapsina
JSC „Olainfarm“ PR representative
Mobile  +37126377286