{"id":14566,"date":"2017-04-03T00:00:00","date_gmt":"2017-04-02T21:00:00","guid":{"rendered":"https:\/\/www.invaldainvl.com\/group-company-press-releases\/zemaitijos-pienas-dividend-payment-of-eur-14-million-proposed\/"},"modified":"2017-04-03T00:00:00","modified_gmt":"2017-04-02T21:00:00","slug":"zemaitijos-pienas-dividend-payment-of-eur-14-million-proposed","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/group-company-press-releases\/zemaitijos-pienas-dividend-payment-of-eur-14-million-proposed\/","title":{"rendered":"\u017demaitijos Pienas dividend payment of EUR 14 million proposed"},"content":{"rendered":"

The asset management companies Orion Asset Management and INVL Asset Management propose that dairy company \u017demaitijos Pienas pay dividends for 2016 of EUR 13.891 million, or EUR 0.30 per share. The corresponding proposal was submitted to \u017demaitijos Pienas last week.<\/p>\n

“\u017demaitijos Pienas had EUR 17 million of cash available at the end of 2016 and no financial obligations at all. We think the money should be returned to shareholders,” said Orion Asset Management Fund Manager Donatas Frejus.<\/p>\n

A change of the company’s audit firm to one of the Big Four auditors is also being proposed to shareholders, according to Vaidotas R\u016bkas, the Head of Funds Management at INVL Asset Management.<\/p>\n

“The Bank of Lithuania found \u017demaitijos Pienas’s financial statements for 2015 did not reflect the true condition of the company, so we think Grant Thornton did not fulfil its duties and should be replaced,” Vaidotas R\u016bkas said.<\/p>\n

The investment managers also propose stipulating that \u017demaitijos Pienas could pay up to EUR 2.50 per share for the acquisition of its own shares. “We think the fair value of \u017demaitijos Pienas’s shares is bigger than the management’s proposed price of EUR 1.10,” Vaidotas R\u016bkas said.<\/p>\n

Clients of the INVL group and of Orion Asset Management and members of the Lithuanian Investors Association together control more than 10 per cent of the shares of \u017demaitijos Pienas. <\/p>\n","protected":false},"excerpt":{"rendered":"

The asset management companies Orion Asset Management and INVL Asset Management propose that dairy company \u017demaitijos Pienas pay dividends for 2016 of EUR 13.891 million, or EUR 0.30 per share…<\/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-14566","post","type-post","status-publish","format-standard","hentry","category-group-company-press-releases","tag-imported"],"acf":[],"yoast_head":"\n\u017demaitijos Pienas dividend payment of EUR 14 million proposed - 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\/group-company-press-releases\/zemaitijos-pienas-dividend-payment-of-eur-14-million-proposed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u017demaitijos Pienas dividend payment of EUR 14 million proposed - 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