Due to increased number of Invalda AB shareholders’ inquiries about company’s intensions to buy-back own shares and revision of Invalda AB plans and forecasts, hereby we present clarification of announced information:
1. In the General Meeting of shareholders that took place on July 9, 2008, shareholders of Invalda AB approved proposal of acquisition up to 10 percent of own shares, paying per share from 14 LTL (4.05 EUR) to 30 LTL (8.67 EUR). The reserve of 69.13 m LTL (20.02 mEUR), formed by Ordinary General Meetings in 2007 and 2008, would be used. The term of 18 months from the day of the General Meeting for the buy-back of own shares was set.
Clarification of the abovementioned decision of shareholders:
– buy-back of own shares can be exercised only when the Board of Invalda passes appropriate decision;
– buy-back of own shares would be exercised by bringing public offer and announcing material event on NASDAQ OMQ Vilnius stock exchange prior to the buy-back. This would grant all shareholders equal possibilities to transfer to the company maximum amount of their shares;
– The term of 18 months from the day of the General Meeting was set. The Board of the company makes decision about a term of buy-back of own shares according to the situation in markets and the company, and the Board puts the most appropriate term to buy-back of own shares.
2. Invalda’s interim consolidated report for 6 months of 2008 (clause 14 “Activity plans and forecasts of Issuer and the group”) states that Invalda AB group plans to earn 127 mLTL (36.78 mEUR) consolidated net profit in 2008, the part of it attributable to the shareholders of Invalda AB should equal to 121.8 mLTL (35.28 mEUR). The forecasts of Invalda AB group may be revised when the annual plans of the group companies are reviewed and the main assumptions, which are necessary to evaluate Invalda AB investment activity’s influence on
group’s results, are determined.
Clarification of information:
– forecasts correction provision which was announced in interim report is still valid and unchanged. Revision of forecasts may be performed and announced only when the Board of the company evaluates both activity results of separate group companies and group investment activity’s influence on the result, and after that the Board will have reasonable basis for adequate activity result forecasting. Management of Invalda AB keeps commitment to investors to revise and announce new forecasts as soon as it becomes possible to evaluate key factors able to influence activity results.