Alytus, Lithuania, 2011-07-22 06:54 CEST (GLOBE NEWSWIRE) -- Snaigė AB, legal entity code: 249664610, office address: Pramonės str. 6, Alytus.
According to knowledge of Snaigė AB, on 18 July 2011 the shareholders of the company KJK Fund SICAV-SIF, Amber Trust SCA SICAF-SIF, Firebird Republics Fund, Ltd and Firebird Avrora Fund, Ltd. (hereinafter, the “Sellers”) entered into the Term Sheet with TETAL GLOBAL LTD (hereinafter, the “Buyer”) on sale of all shares owned by the Sellers in Snaigė AB (i.e. 23,716,668 ordinary registered shares of the company, constituting 59.86 percent of all shares and votes carried by them at general meetings of shareholders of Snaigė AB) to the Buyer, which established the main stages of the negotiations for the transaction and terms of their implementation.
The Buyer is entitled to perform a legal, financial, technical, environmental and business due diligence of Snaigė AB until 18 October 2011, and in case the Buyer is satisfied with the results of the due diligence, negotiations would be conducted for the major and legally binding agreement on sale and purchase of shares in Snaigė AB. In case the agreement on sale and purchase of shares in Snaigė AB is signed, it will be implemented only if the investment committees and/or other corporate bodies of the Sellers approve the transaction.
It is expected that the negotiations for the agreement on sale and purchase of shares in Snaigė AB will be completed approximately by 18 November 2011, and subject to positive decisions of the investment committees and/or other corporate bodies of the Sellers, it is expected that the transaction of sale and purchase of shares in Snaigė AB will be closed approximately by 18 November 2011.
It is noteworthy that the Term Sheet signed between the parties is not a document legally binding on the parties – its main purpose is to state the parties’ intentions to negotiate for conclusion of legally binding agreements, therefore, at this stage there is no certainty whether the transaction will actually be conducted.
Managing Director
Gediminas Čeika
+370 315 56206