\tOrion Asset Management and INVL Asset Management propose that the buyout price for the shares of Zemaitijos Pienas, which intends to withdraw from public trading, be set by an independent asset valuer.<\/p>\n
\tThe proposal has been submitted by Orion Asset Management and INVL Asset Management, whose managed funds hold 5.34 per cent of the shares of Zemaitijos Pienas, to the meeting of shareholders of Zemaitijos Pienas which will take place on 26 August.<\/p>\n
\t“We invested in Zemaitijos Pienas because we think the company's shares are highly undervalued and should be priced several times higher than at present. In order to determine a fair price for the shares, we propose retaining an independent expert, since the major shareholder will always want to pay as little as possible, while small shareholders want to get as much as possible," said Orion Asset Management Fund Manager Donatas Frejus.<\/p>\n
\tAccording to Vaidotas Rukas, the Head of Funds Management at INVL Asset Management, a major shareholder has the right to decide to delist, but the global practice is that in doing so it must offer a fair price for the shares. "We'll make every effort to achieve a fair price for our clients," Vaidotas Rukas said.<\/p>\n
The market capitalization of Zemaitijos Pienas based on the price the major shareholder may offer to small shareholders is EUR 35.3 million, though several times more is generally paid in the market for companies of that size. In 2015, Zemaitijos Pienas had revenue of EUR 149 million and earned a profit of EUR 6 million, while the company's equity capital at year-end was EUR 58 million. <\/p>\n","protected":false},"excerpt":{"rendered":"
Orion Asset Management and INVL Asset Management propose that the buyout price for the shares of Zemaitijos Pienas, which intends to withdraw from public trading, be set by an independent..<\/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":[14],"tags":[6],"class_list":["post-14479","post","type-post","status-publish","format-standard","hentry","category-group-company-press-releases","tag-imported"],"acf":[],"yoast_head":"\n