Special Closed Ended Type Real Estate Investment INVL BALTIC REAL ESTATE : Announcement on the end of the buy-back of INVL Baltic Real Estate shares

INVL Baltic Real Estate (hereinafter: “the Company”) Announces the end of the repurchase of the company’s share process, which was carried out in accordance with the Law on Collective Investment Schemes of the Republic of Lithuania and lasted from January 25, 2021 to March 25, 2021 (inclusive). Further information: https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=1000516&messageId=1253019

According to NAV, the share buyback price per share as of November 30, 2020 was EUR 2.2103.

The company’s shares were repurchased in four steps and an agreement was reached with shareholders who placed orders to sell and met the requirements set out in the company’s share buyback rules:

  • The first phase lasted until February 8, 2021 (inclusive). During this phase, the company bought back 13 shares from a shareholder for EUR 28.73, with settlement on February 10, 2021.
  • The second phase lasted until February 22nd, 2021 (inclusive). During this phase, the company bought back 1,190,122 shares (9.05% of all outstanding shares in the company) from 3 shareholders for EUR 2,630,526.66, with settlement on February 24, 2021.
  • The third phase lasted until March 8, 2021 (inclusive). During this phase, the company bought back 10,020 shares (0.076% of all outstanding shares in the company) from 3 other shareholders for EUR 22,147.21, with settlement on March 10, 2021.
  • The fourth stage lasted until March 25, 2021 (inclusive). During this phase, 4 shareholders gave the company the order to sell 3,788,000 shares (28.81% of all outstanding shares in the company) for EUR 8,372,616.40. Billing will take place on March 29, 2021.

The share buyback was carried out with the resolution of the general meeting of the company on January 14, 2021 on the change of the essential provisions of the founding document of the company. These decisions created an obligation for the company to buy back shares in the company from shareholders who objected to these changes or who did not vote for them.

Additional information:

Real estate investment company INVL Baltic Real Estate has completed a two-month share buyback process in which 11 shareholders ordered the buyback of 4,988,155 shares in the company for EUR 11 million, which corresponds to 37.93% of all outstanding shares in the company. The final repurchase of the shares and their settlement will take place on March 29 of this year.

The repurchase price per share of EUR 2.2103 corresponds to the net asset value per share as of November 30, 2020.

“By buying back some of its own shares, the company can reduce excess equity while achieving a higher return on equity. Our goal is that the company has a suitable capital structure and is efficient – this is important in order to create value for investors. We are also ready to invest in non-standard, creative solutions that will help generate high returns for investors, grow the property management business and raise new capital if necessary, ”says Vytautas Bakšinskas, real estate fund manager at INVL Asset Management, the INVL Baltic Real Estate managed.

The company’s shares were repurchased in four steps and an agreement was reached with shareholders who placed orders to sell and met the requirements set out in the company’s share buyback rules:

  • The first phase lasted until February 8, 2021 (inclusive). During this phase, the company repurchased 13 shares from a shareholder for EUR 28.73, with settlement on February 10, 2021.
  • The second phase lasted until February 22nd, 2021 (inclusive). During this phase, the company bought back 1,190,122 shares (9.05% of all outstanding shares in the company) from 3 shareholders for EUR 2.6 million, with settlement on February 24, 2021.
  • The third phase lasted until March 8, 2021 (inclusive). During this phase, the company bought back 10,020 shares (0.076% of all outstanding shares in the company) from 3 other shareholders for EUR 22 thousand, with settlement on March 10, 2021.
  • The fourth stage lasted until March 25, 2021 (inclusive). During this phase, 4 shareholders of the company gave the order to sell 3,788,000 shares (28.81% of all outstanding shares in the company) for EUR 8.4 million. Billing will take place on March 29, 2021.

The share buyback was carried out on the basis of the decision taken at the general meeting of shareholders of the company on January 14th of this year to amend essential provisions of the founding documents of the company. Company shareholders who opposed or disagreed with the changes had the right to request the company to buy back the shares they held.
The share buyback took place from January 25, 2021 up to and including March 25, 2021.

After March 29, 2021, the company will own a total of 5,088,586 treasury shares, which corresponds to 38.7% of all outstanding shares in the company. Such shares do not confer ownership or non-ownership rights, such as the right to receive part of the profit, and are not included in the calculation of a quorum for the general meeting of shareholders of the Company and should therefore be excluded from the calculation of the effective shareholders Participation in the company.

Given that a large number of shares have changed hands, it is expected that notifications of loss of voting rights will be received after the settlement and that post-repurchase information along with the full shareholder structure will be publicly disclosed on the Nasdaq Vilnius website .

INVL Baltic Real Estate owns properties in Vilnius and Riga: office buildings in the old town of the Lithuanian capital on Vilniaus Street and in Miestelis in Šiaur as well as the production, warehouse and office complex Dommo Business Park next to the Riga bypass. The company’s properties were 72% to 100% full at the end of the year.

The real estate holdings of INVL Baltic Real Estate currently have an area of ​​26,000 m². and a value of EUR 24.13 million.

Since its founding as a collective investment company (on December 22, 2016), INVL Baltic Real Estate has been one of the Baltic real estate funds open to private investors with the highest stable returns. The fund is a closed investment company. The management of the company was taken over by INVL Asset Management, one of the leading Lithuanian asset management companies. The company will operate as a closed-end investment company until 2046 and can be extended for a further 20 years.

The person authorized to provide additional information:
Real estate fund manager of the management company
Vytautas Bakšinskas
Email [email protected]

  • INVL BRE rules for buying back shares (2021)

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