{"id":13163,"date":"2012-04-06T00:00:00","date_gmt":"2012-04-05T21:00:00","guid":{"rendered":"https:\/\/www.invaldainvl.com\/press-releases\/the-board-of-invalda-ab-proposes-to-form-a-reserve-of-269-1-million-litas-e-77-9-million-for-a-share-buy-back\/"},"modified":"2012-04-06T00:00:00","modified_gmt":"2012-04-05T21:00:00","slug":"the-board-of-invalda-ab-proposes-to-form-a-reserve-of-269-1-million-litas-e-77-9-million-for-a-share-buy-back","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/press-releases\/the-board-of-invalda-ab-proposes-to-form-a-reserve-of-269-1-million-litas-e-77-9-million-for-a-share-buy-back\/","title":{"rendered":"The Board of Invalda AB proposes to form a reserve of 269.1 million litas (\u20ac 77.9 million) for a share buy-back"},"content":{"rendered":"\n

The Board of Invalda AB, <\/em>one of the largest Lithuanian investment companies, proposes to allocate all retained earnings in the amount of 269.1 million litas (\u20ac 77.9 million) to the reserve for own shares acquisition and initiate a buy-back of its own shares.<\/p>\n

\u201eThe previous large Tiltra Group AB and Sanitas AB transactions demonstrated that Invalda is capable to create value to shareholders, so the Company should continue investment activities. However, we propose to form a reserve for own share buy-back in order to pay back part of the excessive funds allowing the shareholders to decide for themselves whether to sell the shares, \u201c- said Dalius Kaziunas, the president of Invalda. <\/p>\n

According to him, the proposed share buy-back shall help to reduce the difference between the Company\u2019s current share price and its net asset value.   <\/p>\n

Shareholders have been proposed to make a decision to acquire up to 10 per cent of own shares, paying for each of them from 1 \u20ac to 5 \u20ac as well as to delegate the Board of Invalda to organize the buy-back. The decision will be valid for 12 months.<\/p>\n

\u201eThe particular decisions about the purchase prices and volumes will be made by taking into consideration the prevailing market conditions, – told D. Kaziunas. \u2013 If the need arises, the size of formed reserve is sufficient to accommodate a few buy-backs. \u201c <\/p>\n

In 2011, 209 million litas (\u20ac 60.5 million) audited net profit attributable to the parent Company\u2018s shareholders was earned by Invalda group. The parent company Invalda AB earned profit of 274.9 million litas (\u20ac 79.6 million).  The sale of Sanitas AB and Tiltra Group AB shares and the successful activity of Vilnius baldai AB contributed to the Company\u2018s profit.<\/p>\n

It is also planned to elect a new Board member in the general shareholders meeting, as D. Kaziunas resigned from the Board. He stays as the CEO of the Company.<\/p>\n

\u201eThe Board is responsible for strategic management, and CEO should ensure organization of Company\u2019s activities and implementation of its goals. Therefore, my resignation from the Board should ensure the right balance of functions between the managing bodies of Invalda\u201c, – said D. Kaziunas.<\/p>\n

According to him, CEO subordination to the board ensures his accountability and control, which leads to more effective management process.<\/p>\n

The new Board member shall be elected from candidates proposed in accordance with the procedure prescribed by law.<\/p>\n

The person authorised to provide additional information:
<\/u>Dalius Kaziunas
President
Tel. +370 5273 3278
Email: dalius@invalda.lt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Board of Invalda AB, one of the largest Lithuanian investment companies, proposes to allocate all retained earnings in the amount of 269.1 million litas (\u20ac 77.9 million) to the..<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[6],"class_list":["post-13163","post","type-post","status-publish","format-standard","hentry","category-press-releases","tag-imported"],"acf":[],"yoast_head":"\nThe Board of Invalda AB proposes to form a reserve of 269.1 million litas (\u20ac 77.9 million) for a share buy-back - Invalda INVL<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.invaldainvl.com\/press-releases\/the-board-of-invalda-ab-proposes-to-form-a-reserve-of-269-1-million-litas-e-77-9-million-for-a-share-buy-back\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Board of Invalda AB proposes to form a reserve of 269.1 million litas (\u20ac 77.9 million) for a share buy-back - 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