INVL Baltic Farmland, a company that invests in agricultural land, will purchase 1.92 % of its own shares for a total of EUR 202.4 thousand (not including brokerage fees).
In the share buy-back offer conducted on the Nasdaq Vilnius exchange from 25 April to 20 June this year, investors offered to sell 63,039 shares. The company offered to buy back a total of 70,000 shares, thus 100 % of the number of shares offered by each investor will be purchased. Settlement for the shares will take place on 22 June. The company offered a price of EUR 3.21 per share.
"Our aim in conducting this buy-back was to bring the price of the shares on the exchange closer to their fair value. Such buy-backs may also be initiated in future," said Alvydas Banys, the chairman of the board of INVL Baltic Farmland.
INVL Baltic Farmland is listed on the Nasdaq Vilnius exchange. Its subsidiaries manage 3,000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers. In the first quarter of this year, INVL Baltic Farmland had revenue of EUR 129 thousand and a net profit of EUR 92 thousand.