Invalda INVL group completes second tranche of acquisition of Šiauliu Bankas shares from the EBRD

Invalda INVL indirectly acquired a further 11,733,728 units (1.95%) of the shares of Šiauliu Bankas from the European Bank for Reconstruction and Development (EBRD). Value of the transaction is EUR 7.234 million. After this transaction the Invalda INVL group’s stake in Šiauliu Bankas grew to 9.999%. Invalda INVL conducted this second acquisition tranche, like the first one, through its wholly owned subsidiary INVL Life.

Invalda INVL reminds that on 22 December 2021, it signed a Share Purchase-Sale Agreement with the EBRD. The parties agreed that Invalda INVL will directly and/or indirectly acquire from EBRD 35,240,296 shares of Šiauliu bankas by 31 May 2024 at the latest. The shares will not be acquired all at once, but in instalments, in separate tranches. The parties have agreed that the initial price for Šiauliu bankas shares is EUR 0.633 per share and it will be recalculated during every payment considering dividends paid or other changes in capital by Šiauliu bankas, as well as 5% annual interest calculated from the date of signing the agreement.

Invalda INVL did not yet need regulatory approval for the second tranche of its acquisition of Šiauliu Bankas shares from the EBRD, as the threshold of 10% of voting rights has not been exceeded. However, considering the retail business merger agreed with Šiauliu Bankas on 22 November 2022 (notice is published here) and the 9.39% of the bank's shares to be obtained in that transaction, Invalda INVL’s stake in the bank will rise to almost 20%. Thus, regulatory approval to hold more than one-tenth of Šiauliu Bankas's shares will be required, and a prefilling assessment procedure is currently underway.

This announcement of the second acquisition tranche is published in the category "Notification on material event" in order to maintain consistency in regulatory disclosures. The first notice on the concluded contract with the EBRD is published here.

Person authorised to provide additional information:
Darius Šulnis
President of Invalda INVL
E-mail darius.sulnis@invl.com