The board of one of the largest Lithuanian investment companies’ Invalda LT calls shareholders to authorize it a buy-back of up to 10 per cent of own shares. It has been proposed to set the share acquisition price at between EUR 2.5 and 3.5 EUR (LTL 8.63 to 12.08).
Shareholders earlier have decided to allocate all retained earnings to the reserve for own shares acquisition, therefore we have an opinion that the board should be able to initiate it,” – said Darius Sulnis, the president of Invalda LT.
According to him, specific terms of a potential buy-back, including the timing, amount and price, should be set by the the Board of Invalda LT taking into account current market conditions.
The maximum amount spent to acquire 10 per cent of own shares would range from EUR 6.2 million (at a price of 2.5 EUR) to EUR 8.7 million. EUR (at a price – EUR 3.5).
The Shareholders Meeting of Invalda LT will take place on 30 Aug, 2013 in order to mandate the Board to organize the buy-back of own shares and elect a new Audit Committee of the Company.