Alytus, Lithuania, 2013-08-07 10:42 CEST (GLOBE NEWSWIRE) -- On 6 August 2013, the Bank of Lithuania, in enforcing the judgement of the Supreme Administrative Court of Lithuania, dated 11 July 2013, annulling the 18 January 2012 decision of the Bank of Lithuania to approve the circular of the mandatory tender offer submitted by FR&R Invest IGA S.A. (hereinafter, the “Offer”) on 2 November 2011 for buying-up the remaining ordinary registered shares in company group ALITA, AB (hereinafter, the “Company”), by paying EUR 0.616 per share (hereinafter, the “Circular”), and referring the issue to the Bank of Lithuania for revision, adopted the decision to reapprove the Circular in question (the Company published information on the relevant judgement of the Supreme Administrative Court of Lithuania on 12 July 2013, and the Circular on 19 January 2012).
As noted in the decision concerned, the consequences of the annulled decision of the Bank of Lithuania, dated 18 January 2012, arose on 13 February 2012, i.e. on the date of closure of implementation of the Offer, when 37,188 shares of the Company were bought up. Therefore, the subject matter of the dispute ceased to exist, because the Offer has already been implemented.
In the new decision the Bank of Lithuania also noted that the reasons provided for in paragraph 13 of the Circular for changing the Offer price were sufficient and adequate, therefore based on them, the Bank of Lithuania passed its decision of 18 January 2012 annulled by the Supreme Administrative Court of Lithuania. However, taking into account the reasons noted by the Court, the Bank of Lithuania by the new decision of 6 August 2013 on the approval of the same Circular inter alia provided comprehensive arguments on which the decision to approve the Circular was based.
Finance and IT Director Justinas Damašas, phone number +370 315 57243