Šiauliai, Lithuania, 2015-05-12 07:30 CEST (GLOBE NEWSWIRE) --
On 11 May 2015 Šiaulių Bankas signed an agreement on acquiring 100 per cent of shares of Bank Finasta AB from Invalda INVL AB and its small shareholders and 100 per cent of shares of Finasta FMĮ AB from Invalda INVL AB.
The transaction amount will be calculated according the formula specified in the agreement and used for calculation of the price due for both companies and will be evident on the day of closing of the transaction. According to the preliminary data, the value of the transaction is 6.7 million euros.
The settlement for this transaction will be carried out issuing a new share issue of Šiaulių Bankas. It is planned that a price of a new share issue of Šiaulių Bankas will comprise 0.29 euro per share. According to the independent conclusion provided by KPMG Baltics invoked by Šiaulių Bankas implementation of the transaction in accordance with the formula specified in the agreement and paying for the acquired companies with the issued shares at the aforementioned issue price, the transaction price and share issue price are fair from financial point of view of Šiaulių Bankas' shareholders.
Šiaulių Bankas will take control over the acquired companies on the day of closing of the transaction which, in turn, will depend on required permits issued by supervisory and other competent authorities and a resolution of Šiaulių Bankas' shareholders on new share issue.
On 07 May 2015 Šiaulių Bankas received confirmation from the Commission for Evaluation of Compliance of Potential Participants with the National Security Interests about non-objection with respect to this transaction.
The Parties expect to complete this transaction over the third quarter of the year.
Chief Executive Officer Vytautas Sinius
Chief Executive Officer Vytautas Sinius shall provide the additional information and is available on tel. +370 5 2362 209.