OREANDA-NEWS. April 04, 2011. AB Bank SNORAS during the first distribution stage distributed shares for LTL 367,966, which comprises 96.81 per cent of the entire new shares emission. The bank, as it was announced earlier, attracted a new institutional investor through the emission, reported the press-centre of Bank SNORAS.

The owners of Bank SNORAS registered ordinary shares signed and paid for 367.965.974 units of shares in the 1st stage of the emission distribution. 12.116.919 units of shares remained for the 2nd distribution stage.

“The first stage of distributing the shares emission was very successful – almost one-third of Bank SNORAS shareholders have used the preferential right to acquire new shares. Moreover, the bank managed to attract a new institutional investor – the alternative investment fund “JFP Emerging Europe Momentum Fund”,” states Raimondas Baranauskas, the Bank SNORAS President and the Chairman of the Board. “After distributing the emission, the number of the bank's free shares in the market will increase almost by one-tenth; therefore, we expect to see not only a higher liquidity of these securities but also their attractiveness to investors.”

On 5 January this year, Bank SNORAS had the total of 3,496 owners of registered ordinary shares, more than 1,100 of whom used the preferential right to acquire new shares. The larger part of the emission was acquired by the main shareholders of the bank – Vladimir Antonov, the chairman of the Supervisory Board of the bank, and R. Baranauskas – 200,483 mln. and 74,517 mln. units of shares respectively.

Furthermore, the main shareholders of Bank SNORAS – V. Antonov and R. Baranauskas have transferred a part of the available share subscription rights (the total of 80,021 mln. units) to the alternative investment fund “JFP Emerging Europe Momentum Fund” managed by the British company “Jubilee Financial Products” which is supervised and regulated by Financial Services Authority – the institution supervising the financial services market in this country.

According to Bank SNORAS new share emission prospectus approved by the Securities Commission, an owner of the registered ordinary shares of the bank received 0.8015 share subscription right for one share which he had on 5 January 2011. One share subscription right entitled him to acquire one new emission share for the emission price (EUR 0.29 or LTL 1) or to transfer this right to other persons still in the first stage of distributing the shares.

In the second distribution stage, which will begin on March 29 and will end on April 11, the shares could be acquired by the owners of preferred shares; there were 422 of them in Bank SNORAS on 5 January this year. An owner of the bank's preferred shares for one share, which he had on the aforementioned accounting day, can acquire 6,0585 new emission shares. The subscribed shares will have to be paid for within three calendar days since the day of signing the agreement. Bank SNORAS will announce about the number of the shares, which remained after the expiration of the 2nd stage, on April 15.

In the third stage, which will take place on April 18-20, all other participants of the market will be able to acquire the new shares of the bank.

If not all shares are subscribed within the established period of time, the authorized capital of the bank would be increased by the sum of the nominal values of the subscribed shares. The bank, after successfully distributing the new emission of shares of LTL 380,083 million nominal value, will attract capital for covering the expansion and activity risk and will also become the third bank in Lithuania according to the size of the authorized capital. V. Antonov, who presently manages 68.1 per cent of Bank SNORAS authorized capital, would own 61.27 per cent of the bank's shares, while R. Baranauskas (who presently manages 25.31 per cent of the authorized capital of the bank) – 22.77 per cent.

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 854,3 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.