Kęstutis Juščius, Chairman of the Board of Directors of AB Agrowill Group, purchased 2.7 million shares in AB Agrowill Group, one of the largest agricultural investment companies in Lithuania, from its subsidiary UAB Baltic Champs Group under a single direct transaction, and he will donate these shares to 400 former and current employees of Baltic Champs. The price per share was EUR 0.217; thus, the total value of the transaction amounted to EUR 585,900. Kęstutis Juščius will also pay the taxes required to be paid by the donees. After the transaction, the share held by Baltic Champs Group, the majority shareholder of Agrowill Group, will decrease from 53 to 51.5%.
“I have made this step in advance and I have premeditated it carefully. In my view, this is an absolutely natural aspiration to remunerate the people who have contributed to the development of Baltic Champs Group and helped implement many plans. The transaction with Agrowill Group marks the end of one important stage and the beginning of a new one; therefore, I wanted to share the fruits of success of the first stage with my team. True, the process has taken a while because there is neither well-established practice nor proper regulation base for this type of remuneration in Lithuania”, said K.Juščius.
With a view to avoid short-term effects on the price of the shares of AB Agrowill Group, the respective contracts included a two-year restricted sale period, during which the employees of Baltic Champs Group will not be able to sell their shares.
Baltic Champs Group, the company managed by K.Juščius, acquired a 53% stake in Agrowill Group in the spring of 2014.
AB Agrowill Group is one of the largest agricultural investment groups in Lithuania. Based on the unaudited financial data, the Group’s sales revenue amounted to LTL 144.8 million and net profits equalled LTL 30.7 million in 2014. The company employs over 1,000 people. The shares of AB Agrowill Group are listed on the Nasdaq OMX Baltic and Warsaw Stock Exchanges.
For further media information, please contact:
Vaidotas Vyšniauskas
Publicum FComm
Tel: +370 612 73474
E-mail: v.vysniauskas@publicum.lt
Vladas Bagavičius
member of the Board;
+370 5 233 53 40