Invalda AB initiates the issues of up to mLTL 105 convertible bonds to reinforce its capital base. Part of group’s assets could also be sold to minimise current liabilities.
Having passed the following decision the Board of Invalda AB on November 14 convokes the General Meeting of shareholders.
“As global financial markets face crisis of such wide extend, we undertake certain actions to increase the liquidity and to ensure the stability of Invalda’s group. Long term Invalda’s investors are also secured, on their request bonds may be converted into Invalda’s shares, estimating one share of value LTL 5.5, which is higher price than at the moment on the stock exchange” – said the president of Invalda Darius Sulnis.
The redemption date of the bonds of the nominal value of LTL 100 per unit is July 1, 2010. On the redemption date the bonds upon the request of their holders could be converted to the shares of the company.
Dailius Juozapas Miseikis and Alvydas Banys intend to acquire convertible bonds with annual interest of 9.9% for the amount of mLTL 75. The remaining public issue of mLTL 30 bonds is to be offered to granting the shareholders of Invalda AB the pre-emption right to acquire bonds.
In addition Invalda plans to put on sale part of group’s assets. The Board of Invalda will pass particular decisions having analysed the potential of managed companies are real estate objects.
“We experience the time of major changes and need to carry out actions to start working according new rules of the game” – D. Sulnis said.