It is proposed that the shareholders of INVL Technology, a company that invests in IT businesses, approve the operating results for 2022, distribute profits, and endorse procedures for the acquisition of own shares. Voting on these and other issues will take place at the annual general meeting of the company’s shareholders on 28 April.
INVL Technology’s equity and net asset value grew 5.9% in 2022 and amounted to EUR 38.27 million at year-end. Equity per share increased the same percentage in the year to EUR 3.17 at the end of 2022. The company had a net profit of EUR 2.1 million last year, which is 19.3% less than in 2021.
The shareholders’ meeting is expected to authorize the company to use a previously formed reserve for the purchase of own shares. In 2015, INVL Technology formed a EUR 9.8 million reserve for this purpose. The purpose of acquiring shares is to reduce difference between the price of the company’s shares on the Nasdaq Vilnius stock exchange and their value as calculated on the basis of the company’s net asset value, and to provide opportunities for shareholders to sell their shares.
In view of the decision of the company’s General Meeting of Shareholders on 6 February this year to eliminate the Supervisory Board and of the provisions of the Law on Companies, approval of a new policy on transactions with related parties is proposed. The rules of the Audit Committee would be updated accordingly.
INVL Technology owns the cybersecurity company NRD Cyber Security, the Novian software services and IT infrastructure group, and, in the area of business climate improvement and e-governance, the NRD Companies businesses.
INVL Technology is a closed-end investment company traded on the secondary list of the Nasdaq Vilnius stock exchange (INC1L). It is managed by INVL Asset Management. INVL Technology’s investments will be realised by 14 July 2026, the proceeds will be paid out to shareholders, and the fund will wind down.