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2010-12-31
AB Bank SNORAS Board approved the conditions of distributing the new emission of shares

AB Bank SNORAS Board approved the cost and the conditions of distributing the new emission of shares – 380 082 893 registered ordinary shares of LTL 1 nominal value will be distributed at LTL 1 per share in three stages. The day of accounting the possessors of the subscription rights is 5 January 2011; the beginning of the emission distribution will be announced by a separate notice.

For each owned AB Bank SNORAS registered ordinary share 0.80149553 of subscription right is assigned. One subscription right grants the opportunity to purchase one share of the new emission, that is, for 1000 Bank SNORAS shares it is possible to purchase 801 additional shares. The secondary turnover of subscription rights will take place outside the stock exchange. The secondary turnover will be terminated two days before the validity period of subscription rights expires.

AB Bank SNORAS new emission shares will be distributed in three stages. During the first stage, the emitted securities will be available for purchase to all AB Bank SNORAS shareholders in accordance with the number of subscription rights granted to them. The subscription of emitted shares will take place in AB Bank SNORAS. The stage duration is 15 calendar days; the payment for the shares will have to be performed within three calendar days from signing the share subscription agreement.
 
The second stage of the distribution of shares would be carried out if during the first stage not all emitted shares are distributed. At the second stage, shares will be available for purchase to those persons who at the end of 5 January 2011 were the owners of preference shares. The number of subscribed shares will be proportional to the nominal value of owned preference shares. This stage will begin on the 21st day from the beginning of the distribution of shares and will last 14 calendar days; the payment for the shares will start within three calendar days from signing the share subscription agreement.

If after the second stage there are still some remaining free shares, on the 41st day from the beginning of the distribution of shares the third stage of 11 calendar days will be announced. During this stage, new AB Bank SNORAS shares will be available for purchase to all the other market participants.

The third stage is subdivided into 4 phases: 3 days are devoted to accepting the applications, 3 more days – to transferring the money for the entire number of shares required to be purchased to the savings account, 2 days – to distributing the shares to persons who submitted the applications, and the other 3 days are designated to signing the share subscription agreements.

If applications for a number of shares which is larger than the remaining non-distributed number after the second stage are submitted, the remaining shares will be distributed to persons proportionally to the number indicated in their applications, while unused monetary funds will be returned.

If Bank SNORAS successfully distributes the new emission of shares, its authorized capital would increase up to LTL 854,300 million.

“By issuing the new emission of shares we seek to increase the liquidity of shares and to create a higher value added for the shareholders and the Bank. A larger capital would create for the Bank more favourable conditions for development, would grant even more financial stability and confidence on the international markets. We anticipate to finish the capital increase procedures in spring next year”, states Raimondas Baranauskas, the President of AB Bank SNORAS.

In August this year, AB Bank SNORAS increased the authorized capital from LTL 411,923 million to LTL 494,217 million. Currently the authorized capital of the Bank amounts to LTL 494,217 million: 474,217 million of registered ordinary shares whose nominal value is LTL 1 and 2 million of non-voting registered preference shares whose nominal value is LTL 10.

On 24 November 2010, 474 217 107 registered ordinary shares of AB Bank SNORAS were included in the official trading list of “NASDAQ OMX Vilnius” stock exchange from the additional trading list. The total nominal value of the shares amounts to LTL 474 217 107. The nominal value of one ordinary share is LTL 1.

On Thursday, 30 December, at the end of the trading session of “NASDAQ OMX Vilnius” stock exchange the shares of Bank SNORAS cost EUR 0.481 (LTL 1.661) per share.


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