“Olainfarm” formulates its opinion about voluntary buyout offer
Today, on July 21, 2011, Management Board of AS “Olainfarm” has agreed that the voluntary buyout offer made by Valerijs Maligins meets all the requirements of the respective legislative acts. At the same time the Board wants to emphasize that the price offered reflects neither the current market price of Olainfarm's shares nor company's future development potential. However, because of the limited liquidity, the Board assumes that the offer might be taken by holders of larger blocks of shares, especially if such blocks have been purchased for a price significantly lower than the current buyout offer price. Valerijs Maligins himself, who is a Chairman of Olainfarm's Board, abstained from voting on Boards opinion about the voluntary buyout.
Olaine, 2011-07-21 15:05 CEST --
Valerijs Maligins has informed the Board that regardless of the outcome of this offer he does not plan any major changes to the operations of the Company, AS “Olainfarm” will continue producing chemical and pharmaceutical products, there are no plans to relocate it and no major changes are planned to number of staff or its composition. Mr. Maligins specifically emphasized that he does not plan to delist the shares of AS “Olainfarm”.
On July 15, 2011 Financial and Capital Markets Commission passed a decision No.133 allowing Valerijs Maligins, a shareholder of AS Olainfarm" to announce a voluntary buyout of shares of AS „Olainfarm”.
Enclosed: Opinion of the Management Board of AS „Olainfarm” about the voluntary share buyout offer announced by Valerijs Maligins
A/s Olainfarm is one of the biggest pharmaceutical companies in Latvia with nearly 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company's operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 30 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.
Information prepared by:
Member of the Board
Tel: +371 6 7013 717
Cell: +371 2 6448 873