Invalda LT, one of the major Lithuanian investment companies, requests to suspend trading of the company’s shares on NASDAQ OMX Vilnius Stock Exchange from 23 April 2014 due to the ongoing process of split-off of the Company.
Shareholders’ meeting, which will approve the split-off terms, is scheduled for 28 April 2014. According to these terms, the following three new companies will be established on the basis of assets split-off from Invalda LT: INVL Baltic Farmland, INVL Baltic Real Estate and INVL Technology.
“Trading will be stopped in order to implement fast and smooth split-off. We will have a stable list of company’s shareholders on the shareholders’ meeting day, therefore, we will be able to quickly complete the split-off process and resume trading. We will seek to start trading of newly established companies’ shares on NASDAQ OMX Vilnius Stock Exchange in May”, – Darius Sulnis, the president of Invalda LT, commented.
Current Invalda LT shareholders will participate in the capital of new companies according to the proportions of their existing shareholding. Invalda LT will hold 52.05 percent of Invalda LT assets, equity and liabilities, calculated at their book values, 14.45 percent will go to INVL Baltic Farmland, 30.9 percent – INVL Baltic Real Estate and 2.6 percent to INVL Technology. At the end of 2013 stand-alone assets of Invalda LT amounted to LTL 174.6 million, equity – LTL 160 million.
Split-off is performed using book values, thus the new companies’ share price will be determined by the market.
The shares of 17 companies, investing in agricultural land, and all their loans are proposed to be transferred to INVL Baltic Farmland. At the present, above mentioned companies jointly manage more than 3 thousand hectares of agricultural land, and their consolidated shareholders’ equity amounted to LTL 34.3 million at the end of 2013.
INVL Baltic Real Estate will take over shares of Invalda LT real estate companies’ Invaldos Nekilnojamojo Turto Fondas and Rovelija, loans granted to these companies and real estate logistics project-related assets in Latvia. Consolidated INVL Baltic Real Estate equity, calculated at the end of 2013, would amount to LTL 44.2 million and assets – LTL 150.6 million.
80 percent of BAIP Group shares are planned to be transferred to INVL Technology. As previously have been announced, unaudited BAIP Group income increased by 25 percent in 2013 to LTL 50.7 million, EBITDA (earnings before interest, taxes, depreciation and amortization) – by 63 percent to LTL 4.4 million.
Invalda LT will hold stakes of Vilniaus Baldai and Litagra, the group of facilities management companies Inservis, company Kelio Zenklai and other financial assets.
Invalda LT share capital will amount to LTL 11.866 million after the split-off, INVL Baltic Real Estate – LTL 7.044 million, INVL Baltic Farmland – LTL 3.294 million, and INVL Technology – LTL 592.7 thousand.