Correction: Correction: Joint statement by AS “Latvijas Gāze” and “Energy Investments” SIA on the course of management buy-out
December 15 2023 - 5:50AM
Correction: Correction: Joint statement by AS “Latvijas Gāze” and
“Energy Investments” SIA on the course of management buy-out
AS “Latvijas Gāze” management buy-out team
mobilises financing for the next step.
The special purpose vehicle “Energy Investments”
SIA, founded by AS “Latvijas Gāze” board members, continues the
management buy-out (MBO) process whereby it is planned to acquire
AS “Latvijas Gāze” shares from the issuer’s major shareholders.
As part of the process, an agreement has been
reached with the current financier AS “Rietumu Banka” on the next
steps.
In order to raise funds for further stages of
share acquisition, “Energy Investments” SIA has, as part of
financing the MBO project, sold the issuer’s shares (~29%)
purchased in the first stage of management buy-out to Rietumu Banka
as financier, with a right to repurchase. The financial instrument
sale contract envisages buy-back conditions for a 3-year period.
Such financing model is widespread across the major finance and
energy markets of the European Union. During the said period,
Rietumu Banka will be an investor and a full-fledged shareholder of
AS “Latvijas Gāze”.
Chairman of the board of “Energy Investments”
SIA Aigars Kalvītis says:
“We are pleased to have the opportunity to
continue towards the ambitious goals of the MBO process. The
agreement reached with AS “Rietumu Banka” will enable the MBO team
to buy out AS “Latvijas Gāze” shares from the current major
shareholders in a relatively short time frame and make the company
an energy market flagship controlled by domestic capital.
Furthermore, we are confident of buying back the shares from the
financier in less than 3 years.”
On behalf of AS “Latvijas Gāze” and “Energy
Investments” SIA
Aigars Kalvītis, Chairman of the Board.
Attached:
- Statement of loss of qualifying holding in AS “Latvijas Gāze”
by “Energy Investments” SIA;
- “Energy Investments” SIA template for notification and public
disclosure of transactions by persons discharging managerial
responsibilities and persons closely associated with them;
- Statement of loss of qualifying holding in AS “Latvijas Gāze”
by A.Kalvītis.
Riga, December 5, 2023.
About SIA “Energy
Investments”
SIA “Energy Investments” is a special purpose
vehicle founded in 2023 to implement management buyout at AS
“Latvijas Gāze”. Its founders and board members are Aigars
Kalvītis, Elita Dreimane and Egīls Lapsalis who also serve in the
board of AS “Latvijas Gāze”.
About AS “Latvijas
Gāze”
Founded in 1991, AS “Latvijas Gāze” is one of
the leaders of the Baltic energy sector and provides the wholesale
and sale of natural gas to business customers in Latvia, Estonia,
Lithuania and Finland. In the household segment, AS “Latvijas Gāze”
is the largest and most prominent natural gas trader in Latvia. The
company has been listed on the NASDAQ Riga stock exchange since
February 15, 1999 – a proof of high standards in terms of
transparent governance, responsibility, and care for its customers,
investors, and the society as a whole.
Further information:
Sandra Joksta
investor.relations@lg.lv
phone: + 371 67 374 369
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