{"id":13128,"date":"2011-12-21T00:00:00","date_gmt":"2011-12-20T22:00:00","guid":{"rendered":"https:\/\/www.invaldainvl.com\/press-releases\/tiltra-group-ab-and-ab-kauno-tiltai-share-prices-attributable-to-invalda-reduced-by-57-mpln-44-mltl\/"},"modified":"2011-12-21T00:00:00","modified_gmt":"2011-12-20T22:00:00","slug":"tiltra-group-ab-and-ab-kauno-tiltai-share-prices-attributable-to-invalda-reduced-by-57-mpln-44-mltl","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/press-releases\/tiltra-group-ab-and-ab-kauno-tiltai-share-prices-attributable-to-invalda-reduced-by-57-mpln-44-mltl\/","title":{"rendered":"Tiltra Group AB and AB Kauno Tiltai share prices attributable to Invalda reduced by 57 mPLN (44 mLTL)"},"content":{"rendered":"\n

One of the largest Lithuanian investment companies Invalda<\/em> and other investors came to an early agreement regarding the reduction of price of earlier transferred shares of Tiltra Group AB<\/em> and Kauno Tiltai AB<\/em> Price reduction attributable to Invalda <\/em>amounts to 57.2 mPLN (44.1 mLTL). <\/p>\n

Agreement with Polish company Trakcja-Tiltra<\/em>, which earlier acquired Tiltra Group<\/em> and Kauno Tiltai<\/em> was signed on 21 December, 2011. Majority of price reduction – 56.5 mPLN (43.5 mLTL) was settled in bonds issued by Trakcja-Tiltra<\/em> maturing on 12 December 2014, and remaining 0.7 mPLN (0.5 mLTL) was paid in cash.<\/p>\n

According to Invalda<\/em> president Darius Sulnis, the reached agreement is acceptable to Invalda<\/em> taking into consideration the likely Tiltra Group<\/em> results, which were partly affected by situation in Polish market, price reduction attributable to Invalda <\/em>could have amounted to 60.6 mPLN (46.7 mLTL).<\/p>\n

\u201cThe Agreement allows the finally closing this deal. We hope that it will have long term positive impact to Trakcja-Tiltra<\/em> by significantly reducing long term liabilities, strengthening the balance sheet and allowing an easier management of Trakcja-Tiltra<\/em> group, which will be not affected by agreements with former Tiltra Group<\/em> shareholders\u201d, said Darius Sulnis, the president of Invalda<\/em>.<\/p>\n

At the end of the third quarter of 2011 AB Invalda<\/em> recognized a provision related to a possible Tiltra Group<\/em> price reduction in amount of 42.455 mLTL (12.296 mEUR), therefore the reached agreement will have no significant impact to AB Invalda<\/em> equity and 2011 net profit.<\/p>\n

According to the agreement, lock-up on Trakcja-Tiltra<\/em> shares held by AB Invalda<\/em> has expired. After the payment of the price reduction, all representations and warranties provided by AB Invalda<\/em>, except for the representations and warranties concerning tax issues and title to the shares in companies of Tiltra Group<\/em>, have also expired.<\/p>\n

About Invalda AB
<\/strong>Invalda AB, established in 1992, is the investment company whose primary objective – focusing on long-term stable growth, successful development of activities and assuring financial returns to shareholders. The largest part of Invalda Group activities are performed in Poland and Lithuania.
Shares of Invalda have been listed since December 19, 1995 (then the National Stock Exchange of Vilnius, Lithuania). From the January 1, 2008 the company\u2019s shares have been on the Main List of NASDAQ OMX Vilnius stock exchange.<\/p>\n

___________________________<\/p>\n

The person authorised to provide additional information:
Darius Sulnis
President
Tel. +370 5273 4876
Email: darius@invalda.lt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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