OREANDA-NEWS. May 03, 2011. AB Bank SNORAS has distributed the entire emission of shares of LTL 380,083 million nominal value and has attracted a new institutional investor through it. The demand for Bank SNORAS shares in the third distribution stage of the new shares exceeded the offer by 2 times, reported the press-centre of Bank SNORAS.

“The successful distribution of the emission of shares of LTL 380,083 million nominal value shows that Bank SNORAS activity is positively assessed not only by its current shareholders but also by other participants of the market. Via the emission, the bank has also found a new institutional investor – the alternative investment fund “JFP Emerging Europe Momentum Fund” managed by the British company “Jubilee Financial Products”,” says Raimondas Baranauskas, the Bank SNORAS President and the Chairman of the Board. 

According to his statement, especially high interest of the investors in Bank SNORAS shares was received during their third distribution stage which took place on April 18-20. During this stage, the new shares of the bank were being distributed to all participants of the market, and the demand for the shares in this period exceeded the offer even by 2 times.

“We rejoice that the capital attraction process has been successful for Bank SNORAS,” states Adam Habib, the senior partner and the general director of the British company “Jubilee Financial Products” which has purchased 20 percent of the new shares emission of Bank SNORAS.

After distributing and registering the new shares emission the authorized capital of the bank will grow by 1.8 times – from LTL 494,217 million up to LTL 874.3 million, whereas according to the size of the authorized capital Bank SNORAS will become the third largest bank in Lithuania.
“The number of the free shares of the bank in the market will grow by almost 5 times, up to LTL 132.72 million nominal value of shares; therefore, we hope to see even higher liquidity and attractiveness of these securities for investors,” states R. Baranauskas, the President of Bank SNORAS and the Chairman of the Board.

Bank SNORAS distributed the new shares emission in three stages. During the first distribution stage, the shares could be purchased by owners of the registered ordinary shares of the bank; they, while using the pre-emption right, signed and paid for 367,965,974 pcs of shares. The major part of the emission during the first stage was acquired by the main shareholders – Vladimir Antonov, the Chairman of the Supervisory Board of Bank SNORAS, and Raimondas Baranauskas, the President of Bank SNORAS and the Chairman of the Board – 200,483 million and 74,517 million of shares respectively. Moreover, the major shareholders of the bank have transferred a part of the available share subscription rights (the total of 80,021 million pcs) to the alternative investment fund “JFP Emerging Europe Momentum Fund” managed by the British company “Jubilee Financial Products” which is supervised and regulated by the British  Financial Services Authority.

During the second stage, the new shares were being distributed to the owners of the preference shares, while in the third stage – to all participants of the market.

After the distribution of the new emission of shares of LTL 380,083 million nominal value, 61.27 per cent of Bank SNORAS votes will belong to V. Antonov, 22.77 per cent – to R. Baranauskas, and 9.37 per cent – to “Jubilee Financial Products”.

On 21 December 2010, during the meeting of Bank SNORAS shareholders, it was decided to increase the authorized capital of the bank by additional instalments of the shareholders by LTL 380,083 million, up to LTL 874,3 million, and to distribute the new shares, in proportion to the available number of the shares, by the nominal value per share – LTL 1 (EUR 0.29) to the persons who were the bank's shareholders on 5 January this year. Upon the permission of the Bank of Lithuania, V. Antonov and R. Baranauskas – the main shareholders of Bank SNORAS – have used the opportunity to exchange the loans previously granted to the bank and the available non-negotiable securities (the total of LTL 193,357 million) to the new emission shares.