Buy back of own shares of Šiaulių bankas AB
21 Novembro 2023 - 11:00AM
Buy back of own shares of Šiaulių bankas AB
On 16 November 2023 Šiaulių bankas AB (hereinafter referred to
as the Bank) has received permission from the European Central Bank
(ECB) to buy back up to 3 522 571 of its own shares:
- Up to 2 272 571 shares, for employees of Šiaulių bankas AB
group (hereinafter referred to as the Group) as part of the
deferred variable remuneration,
- Up to 1 250 000 shares, for reduction of the Bank capital.
The Management Board of the Bank, pursuant to
Article 54 (21) of the Law on Companies of the Republic of
Lithuania passed a resolution at the meeting held on 21 November
2023 to acquire 2 272 571 own shares (securities ISIN code
LT0000102253) with the aim of granting purchased shares to the
employees of the Group as a deferred part of share-based variable
remuneration. Shares will be purchased on the Nasdaq Vilnius tender
offer market on 22 - 23 November 2023 with a settlement day on 24
November 2023. The acquisition price per share is 0.66 EUR.
"We are ready to buy back the shares not only in
order to grant them to the Group's employees as part of the
deferred variable remuneration, but also to reduce the capital of
the Bank. The Bank has not carried out buy backs for capital
reduction yet, but it is a common market practise to repurchase
shares when their market price, in the opinion of the Bank's Board,
is lower than the Bank is worth or when there are reasonable
expectations of growth potential. Moreover, buying back shares
increases the value for the Bank's shareholders, since a larger
part of the profit goes to each share," said Tomas Varenbergas,
Head of the Investment Management Division of the Bank.
If the Management Board of the Bank takes a
decision on the buy back of its own shares with a purpose to reduce
the capital of the Bank, the Bank will inform in a separate
notification.
Additional information: Tomas Varenbergas Head of Investment
Management Divisiontomas.varenbergas@sb.lt
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