During the general meeting, AB Bank SNORAS shareholders decided to increase the authorized capital by additional contributions – LTL 380,083 million. It will be carried out by issuing 380 082 893 ordinary registered shares of 1 Litas nominal value. After Bank SNORAS successfully distributes the new emission of shares, the authorized capital would increase up to 854,300 million.
“No sooner had we announced about our intentions to be included in the official trading list of the stock exchange than we immediately received attention from both institutional and private investors in Lithuania and abroad. Therefore, seeking to obtain higher added value for the shareholders and the bank, we decided to increase the liquidity of the shares. The enlarged capital would create more favourable conditions for the bank’s development, would provide more financial stability and trust on the international markets. We hope to finish the procedures of increasing the capital in the spring next year,” states Raimondas Baranauskas, the President of AB Bank SNORAS.
The minimum price of distributing 380 082 893 newly issued ordinary registered shares equals the par value of one share – 1 Litas. The shareholders delegated the Board of Bank SNORAS to establish the detailed conditions and the order of realizing the pre-emption rights of the owners of the ordinary shares as well as the specific order, conditions and price of distributing the new emission shares.
It is proposed that the shares would be allowed to be purchased by those persons, who will be Bank SNORAS shareholders on the shareholders’ accounting day. After LR Seimas (Parliament) adopted the resolution that 24 December 2010 is a day-off, the shareholders’ accounting day is transferred from 4 January 2011 to 5 January 2011. Investors will be able to acquire the newly issued shares in proportion to the available number of shares.
The distribution of the shares will take place in three stages due to the exclusive structure of Bank SNORAS share capital. In the first stage, the bank shares can be acquired by the owners of Bank SNORAS ordinary registered shares, in the second stage – by the owners of preferred shares, and in the third stage the newly issued shares of the bank can be acquired by all other participants of the market.
If during the set up time frame not all shares are subscribed, the authorized capital will be increased by the sum of the nominal values of the subscribed shares. In such case, the Board of Bank SNORAS is authorized to change accordingly the size of the authorized capital and the number of the shares in the articles of association of the bank and to submit thus changed articles of association to the custodian of the legal entities registry.
In August this year, AB Bank SNORAS increased the authorized capital from LTL 411,923 million up to LTL 494,217 million. Now the authorized capital of the bank amounts to LTL 494,217 million: 474,217 million of ordinary registered shares of 1 Litas nominal value and 2 million preferred registered shares of 10 Litas nominal value without voting right.
On 24 November, 474 217 107 ordinary registered shares of AB Bank SNORAS were included in the Official Trading List of NASDAQ OMX Vilnius Stock Exchange from its additional trading list. The total par value of the shares amounts to LTL 474 217 107. The par value of one ordinary share is 1 Litas.
On Monday, December 20, the shares of Bank SNORAS cost EUR 0.55 (LTL 1.899) at the end of the trading session in NASDAQ OMX Vilnius Stock Exchange.
During the held general shareholders’ meeting, AB Bank SNORAS shareholders also decided to increase the number of the members of the bank’s Supervisory Board up to 7 persons. Presently the Supervisory Board of the bank comprises 5 members.