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UKB: Notification regarding the transfer of AB Ūkio bankas assets, rights, transactions and liabilities to AB Šiaulių bankas

Spekuliantai.lt | 2013-02-28 | NASDAQ OMX biržų naujienos | perskaitė: 1429
Raktiniai žodžiai: Ukio Bankas AB, UKB
UKB: Notification regarding the transfer of AB Ūkio bankas assets, rights, transactions and liabilities to AB Šiaulių bankas

Ukio Bankas AB Notification on material event 28.02.2013

Notification regarding the transfer of AB Ūkio bankas assets, rights,
transactions and liabilities to AB Šiaulių bankas

Vilnius, Lithuania, 2013-02-28 10:57 CET (GLOBE NEWSWIRE) -- We hereby notify
that on 23 February 2013 Public limited liability company Ūkio bankas, legal
entity code 112020136, with its registered office at Maironio 25, Kaunas, the
Republic of Lithuania (“Ūkio bankas”), Public limited liability company Šiaulių
bankas, legal entity code 112025254, with its registered office at Tilžės 149,
Šiauliai, the Republic of Lithuania (“Šiaulių bankas”) and State Enterprise
“Indėlių ir investicijų draudimas”, legal entity code 110069451, with its
registered office at Algirdo g. 31, Vilnius, the Republic of Lithuania, the
administrator of the Deposit and Investment Insurance Fund (the “Fund”), signed
the Assets and Liabilities Transfer Agreement (the “Agreement”) in respect of
the transfer of certain assets, rights, transactions and liabilities of Ūkio
bankas to Šiaulių bankas.

Based on the Agreement, Šiaulių bankas assumes the assets (rights) of Ūkio
bankas valued at LTL 1.9 billion and liabilities of Ūkio bankas valued at LTL
2.7 billion. The difference of LTL 800 million between the assumed liabilities
and assets will be covered by the Fund.

The transfer of the assets of Ūkio bankas to Šiaulių bankas is based on the
preliminary valuation carried out by KPMG Baltics, UAB (legal entity code
111494971, with its registered office at Upės 21, Vilnius, the Republic of
Lithuania) and approved by the Board of the Bank of Lithuania. For the purpose
of making accurate evaluation of the transferred assets and liabilities, within
three months as of the date of the Agreement the transferred assets and
liabilities will be subject to final valuation. If the final valuation reveals
that the value of the transferred assets exceeds the value determined during
the preliminary valuation, Šiaulių bankas will return to Ūkio bankas the
difference between the value of assets according to the preliminary valuation
and the value of assets according to the final valuation. If the final
valuation shows that the value of the transferred assets is lower than it was
revealed by the preliminary valuation, the Fund will pay Šiaulių bankas the
difference between the value of assets determined during the preliminary
valuation and the value of assets determined during the final valuation (the
total amount of contribution of the Fund must not exceed LTL 800 million).

It should be noted that the Agreement contains a number of additional
safeguards in the form of mechanisms of protection of creditors’ interests
other than provided for in the Law on Banks of the Republic of Lithuania and
other legislation.

Firstly, the Agreement provides for four call options in respect of different
portfolios of assets transferred to Šiaulių bankas. During the period of nine
months after the date of the Agreement the creditors of Ūkio bankas will have
the option to sell four different portfolios of the assets of the bank. If the
portfolios are sold for a price which is higher than the price determined
during the final valuation, the resulting difference will be payable to the
creditors of Ūkio bankas. The above portfolios are as follows: (a) the
portfolio comprising immovable property transferred to Šiaulių bankas; (b) the
portfolio comprising loans of Class 4 and 5; (c) the portfolio comprising the
subsidiaries of Ūkio bankas engaged in real estate development; and (d) the
portfolio comprising shares in the subsidiaries of Ūkio bankas pursuing other
types of activity (UAB Ūkio banko lizingas, Gyvybės draudimo UAB "BONUM
PUBLICUM").

Secondly, in case of an increase in the value of the assets transferred to
Šiaulių bankas in two years’ time, Šiaulių bankas will have to return such
increase in value to the creditors of Ūkio bankas. This rule will apply to
Class 1 and 2 loans and the assumed and sold immovable property.



Temporary Administrator

Adomas Ąžuolas Audickas

Taip pat skaitykite

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