The authorized capital of Šiaulių bankas shall exceed LTL 200 million

2008-11-11

During the Extraordinary General Shareholders’ Meeting of Šiaulių bankas AB held on November 11th 2008 it was decided to increase the bank’s authorized capital up to LTL 200.357.533.

The authorized capital of Šiaulių bankas will increase by LTL 20 million. 20 million of ordinary registered shares of LTL 1 nominal value will be issued to increase the capital. The shares to be disseminated during two 15-business-day stages shall be paid by money and the bank’s shareholders will have a right to acquire them. In comparison with the previous share issues there is a particular novelty: the shareholders’ priority right to acquire newly issued shares will be fixed not according to the status on the meeting day but in compliance with the total nominal value of the shares owned on the right accounting day. A right accounting day is a new definition in the Law on Companies valid since July 1st of 2008, which means 10th business day after the meeting. Therefore, the right accounting day of this meeting is 25-11-2008.

“In terms of the current economic conditions the increase of the bank’s authorized capital will have a positive impact on the bank’s business. Such a step indicates that the bank is consistent in strengthening its capital base, seeks to attract more resources purposefully operating in the local market and collaborating with the foreign partners. The decision to participate in the bank’s strategic activities made by the reliable financial investor of Šiaulių bankas and the major shareholder - the European Bank for Reconstruction and Development - is highly important to us. We really appreciate the other shareholders’ wish to develop and strengthen the bank further as well”, - said Chairman of the Board of Šiaulių bankas Algirdas Butkus.

Since 2002 Šiaulių bankas has issued six share issues from the bank’s own funds and seven ones from the additional contributions in order to increase its capital base. The last time the authorized capital of Šiaulių bankas was increased in may this year and since then the bank’s registered authorized capital is LTL 180.357.533

The bank’s major shareholder - the European Bank for Reconstruction and Development (EBRD) owns 16.06 per cent of the authorized capital. The strategic partnership with the EBRD started in 2005 and is inscribed into the bank’s history as one of the most significant events, which gave a boost to the bank’s activities and strengthened the trust in bank among both - local clients and international financial markets.