The buy-back price of a single Latvijas gāze share is planed at 3.35 euros, according to the company’s statement to Nasdaq Riga.
The Bank of Latvia has received an application from Latvijas gāze for permission to make a share buy-back offer of the company in connection with the exclusion of the company’s shares from the regulated market. The buy-back price per share, according to the information provided to the Bank of Latvia, is 3.35 euros.
Shareholders are expected to be able to accept the share buy-back offer within 14 days from the publication of the prospectus on the Nasdaq Riga website.
LETA previously reported that Latvijas gāze shareholders supported on the 19th of June 2024 the exclusion of the company’s shares from Nasdaq Riga and the announcement of a buy-back offer. At a shareholder meeting, Latvijas gāze was approved as the legal entity that will present the company’s shareholders with the buy-back offer.
At the same time, it is stipulated that the shares will be excluded from the regulated market and “Latvijas gāze” will make a share buy-back offer if the share buy-back price of “Latvijas gāz” in the mandatory offer does not exceed the book value of the shares specified in the Share Buy-back Law.
In November 2023, Latvijas gāze board members Aigars Kalvītis, Elita Dreimane and Egīls Lapsalis, in the process of management buyout initiated with the help of their special-purpose company Energy Investments LLC, acquired 28.97% of the shares of Latvijas gāze. Shares were purchased from Luxambourg investment fund Marguerite Gas II. The deal was performed with help from Rietumu Bank.
Energy Investments, continuing the management buyout process, has reached an agreement with the previous financier of the buyout process – Rietumu Bank – on further steps as well.
In order to obtain funds for the next stages of the acquisition of shares, Energy Investments has disposed of the shares of the issuer acquired by Rietumu Bank as the financier during the first stage of the management buyout within the framework of the project financing of the management buyout process.
The agreement on the alienation of the financial instrument provides for buy-back conditions for a period of three years. During this period, Rietumu Bank will be an investor and a full-fledged shareholder of Latvijas gāze.
Latvijas gāze’s turnover was EUR 159.819 million in 2023, which is 4.4 times less when compared to 2022, when natural gas prices experienced an enormous surge. The company also suffered losses of EUR 56.911 million as opposed to profits gained a year prior.
Latvijas gāze’s biggest shareholders include Russian Gazprom (34%), Rietumu Bank (28.97%), German company Uniper Ruhrgas International GmbH (18.26%), and Itera Latvija LLC (16%).
The buy-back price of a single Latvijas gāze share is planed at 3.35 euros, according to the company’s statement to Nasdaq Riga.
The Bank of Latvia has received an application from Latvijas gāze for permission to make a share buy-back offer of the company in connection with the exclusion of the company’s shares from the regulated market. The buy-back price per share, according to the information provided to the Bank of Latvia, is 3.35 euros.Shareholders are expected to be able to accept the share buy-back offer within 14 days from the publication of the prospectus on the Nasdaq Riga website.LETA previously reported that Latvijas gāze shareholders supported on the 19th of June 2024 the exclusion of the company’s shares from Nasdaq Riga and the announcement of a buy-back offer. At a shareholder meeting, Latvijas gāze was approved as the legal entity that will present the company’s shareholders with the buy-back offer.At the same time, it is stipulated that the shares will be excluded from the regulated market and “Latvijas gāze” will make a share buy-back offer if the share buy-back price of “Latvijas gāz” in the mandatory offer does not exceed the book value of the shares specified in the Share Buy-back Law.In November 2023, Latvijas gāze board members Aigars Kalvītis, Elita Dreimane and Egīls Lapsalis, in the process of management buyout initiated with the help of their special-purpose company Energy Investments LLC, acquired 28.97% of the shares of Latvijas gāze. Shares were purchased from Luxambourg investment fund Marguerite Gas II. The deal was performed with help from Rietumu Bank.Energy Investments, continuing the management buyout process, has reached an agreement with the previous financier of the buyout process – Rietumu Bank – on further steps as well.In order to obtain funds for the next stages of the acquisition of shares, Energy Investments has disposed of the shares of the issuer acquired by Rietumu Bank as the financier during the first stage of the management buyout within the framework of the project financing of the management buyout process.The agreement on the alienation of the financial instrument provides for buy-back conditions for a period of three years. During this period, Rietumu Bank will be an investor and a full-fledged shareholder of Latvijas gāze.Latvijas gāze’s turnover was EUR 159.819 million in 2023, which is 4.4 times less when compared to 2022, when natural gas prices experienced an enormous surge. The company also suffered losses of EUR 56.911 million as opposed to profits gained a year prior.Latvijas gāze’s biggest shareholders include Russian Gazprom (34%), Rietumu Bank (28.97%), German company Uniper Ruhrgas International GmbH (18.26%), and Itera Latvija LLC (16%).