The Securities Commission at its meeting on May 31, 2007 decided to reject the circular of mandatory non-competitive tender offer to buy up the remaining ordinary registered shares of Linas AB that had been placed by Lione Lenciauskiene. The decision also states that the obligation of Lione Lenciauskiene to place and execute the mandatory tender offer does not disappear, however the tender offer should be placed under different conditions since during the targeted review it has been established that: - Lione Lenciauskiene is not an independently acting person. She acts in concert with Ramunas Lenciauskas and Nordic investicija UAB controlled by the latter; - An obligation of Lione Lenciauskiene and other persons acting in concert to place and execute a tender offer appeared on July 11, 2006, when the threshold of 40 percent of votes at the general meeting of shareholders that is established in the Law on Securities was exceeded. According to the Law on Securities a tender offer should be placed by all persons acting in concert, and the price of the tender offer should be established with regard to the date when the threshold of votes at the general meeting is exceeded. In compliance with the provisions of the above-mentioned Law, the person acting independently or in concert with other persons having exceeded the threshold of votes held by them, lose all the votes at the general meeting of shareholders of the company regarding the shares of which the tender offer is placed. Market Services Department + 370 5 272 14 06
The decision of the Securities Commission on a tender offer to buy up shares of Linas AB
| Source: Nasdaq Vilnius