INVL Technology shareholders meeting approves possibility of buying back shares
It is envisaged that in case of a share buy-back the maximum number of shares that could be acquired would be no more than one-tenth of the company’s share capital, or 1.2 million shares. A share buy-back would be possible for 18 months from the date of the decision. The maximum acquisition price would be equal to the company’s last published net asset value per share, and the minimum would be EUR 0.50. INVL Technology could use the possibility of buying its own shares if its management company takes a decision to do so.
It was also decided that own shares acquired by the company could be cancelled by a decision of the general meeting of shareholders or sold at the decision of the management company, under the condition that their minimum sale price be equal to the acquisition price and that the manner of sale ensure equal opportunities for all shareholders to acquire the shares. Voting on the share buy-back possibility was proposed in light of the version of the Law on Collective Investment Undertakings that took effect on 1 February this year.
Also approved at the shareholders meeting was a new version of the company’s articles of association. The new articles of association which shareholders approved will take effect when they are approved by the Bank of Lithuania and registered at the Centre of Registers. The new version of the articles of association was prepared in light of changes to the Law on Companies and the Law on Collective Investment Undertakings.
Distribution of the profit that INVL Technology earned in 2018 was also approved at the meeting of shareholders, as was the 2018 audited financial report.
According to INVL Technology’s audited results, the company’s equity at the end of 2018 was EUR 28 million, or EUR 2.30 per share, and increased 17.7 percent during the year (at the end of 2017, INVL Technology had equity of EUR 23.8 million, or EUR 1.96 per share.). The company’s net profit for 2018, taking into account a revaluation of financial assets, was EUR 4.2 million or 3.2 percent larger than in 2017.
In July 2016, INVL Technology began to operate as a closed-end investment company. Its management was assumed by INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltics. INVL Technology will operate as a closed-end investment company until 14 July 2026.