Invalda INVL, one of the Baltic region's leading asset management groups, is initiating the purchase of 2.1 per cent of its own shares. By decision of the board of Invalda INVL, a price per share of EUR 4.11 will be offered. The maximum number of shares to be acquired is 250 thousand and a total of EUR 1.03 million may be paid for them. The company will purchase the shares during the period from 5 May to 19 May.
"This decision was made because the price of Invalda INVL's shares has been less than their fair value for quite some time. The company's shareholders can decide in the course of this buy-back whether they want to sell all or some of their shares, or continue as shareholders of the company and participate in the creation of value," said Alvydas Banys, the Chairman of the Board of Invalda INVL.
Such buy-backs may also be conducted in the future if the price of the shares on the exchange is below their fair value, he said.
By a decision of the company's shareholders meeting on 29 April, the board of Invalda INVL was authorized to acquire up to 10 per cent of the company’s own shares. The decision, which will remain in force for 18 months from its adoption, stipulates that the minimum buy-back price is EUR 1 per share and the maximum price should not exceed the book value of the company’s shares before initiating the buy-back.
Also at its meeting on 2 May, the board of Invalda INVL approved the options contracts and the list of employees who have the right to participate in the stock option programme during 2016. Employees of the Invalda INVL group signed options contracts according to which they will be able in 2019 to acquire 52 906 shares of Invalda INVL at a price of EUR 1 per share.
"We see the issuing of these options as a significant step that aligns even more the interests of employees and shareholders in the pursuit of the long-term success of the Invalda INVL group. We intend to continue and further expand this policy," said Darius Sulnis, the CEO of Invalda INVL.
Invalda INVL's equity capital at the end of 2015 was EUR 48.1 million, or EUR 4.11 per share, and increased 8.2 per cent during the year. The consolidated net profit of the Invalda INVL group last year was EUR 4.2 million.
Invalda INVL, operating since 1991, is one of the leading asset management groups in the Baltic countries. Companies the group owns in Lithuania and Latvia manage more than 20 mutual, real estate and pension funds (2nd and 3rd pillar), alternative investments, individual portfolios, private equity and other financial instruments. The group's companies manage over EUR 300 million of assets entrusted to them by more than 150,000 clients in Lithuania and Latvia as well as international investors. The shares of Invalda INVL have traded on the Nasdaq Baltic securities exchange since 1995.
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