OREANDA-NEWS. April 25, 2011. Within two stages of the emission distribution, AB Bank SNORAS has distributed 97.36 per cent of the entire new shares emission whose nominal value is LTL 380,083 million, reported the press-centre of Bank SNORAS.

Bank SNORAS during the two distribution stages distributed LTL 370,050,867 units of shares, which comprises 97.36 per cent of the entire new shares emission. The bank's shares were purchased by owners of registered ordinary shares and preferred shares, and a new institutional investor was also attracted via the emission – the alternative investment fund “JFP Emerging Europe Momentum Fund” managed by the British company “Jubilee Financial Products”.

10,032,026 units of shares remained for the third distribution stage; they will be distributed on April 18-20.  All participants of the market will be able to acquire the new shares of Bank SNORAS in this distribution stage.

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.

If not all shares are subscribed within the established period of time, the authorized capital of Bank SNORAS would be increased by the sum of the nominal values of the subscribed shares. The bank, after successfully distributing the new emission of shares, 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. Vladimir Antonov, the Chairman of the Supervisory Board of Bank SNORAS, who presently manages 68.1 per cent of Bank SNORAS authorized capital, would own 61.27 per cent of the bank's shares, while Raimondas Baranauskas, the President of the bank and the Chairman of the Board (who presently manages 25.31 per cent of the authorized capital of the bank) – 22.77 per cent.