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VLN: AB Linas Agro Group has successfully implemented the initial public offering of its shares

Spekuliantai.lt | 2010-02-09 | NASDAQ OMX biržų naujienos | perskaitė: 2173
VLN: AB Linas Agro Group has successfully implemented the initial public offering of its shares

NASDAQ OMX Vilnius Announcement from the exchange 09.02.2010

AB Linas Agro Group has successfully implemented the initial public offering of
its shares

One of the biggest agricultural business groups in the Baltic countries AB
Linas Agro Group has successfully implemented the initial public offering of
its shares. The lead manager and underwriter Swedbank, AB reports that in total
47,284,769 shares in AB Linas Agro Group have been allocated to the investors.

After the allocation the final offer price is LTL 2.05 per share.

In total 44,228,702 shares (i.e. 93.5 percent from the overall number of the
allocated shares) have been distributed to the institutional investors for LTL
2.05 per share. The remaining 3,056,067 shares (i.e. 6.5 percent from the
overall number of the allocated shares) have been distributed to the retail
investors for LTL 2.05 per share. 43 institutional investors and 459 retail
investors have become the new shareholders of AB Linas Agro Group.

It is expected that the trade of the shares in AB Linas Agro Group on the
NASDAQ OMX Vilnius Stock Exchange Official List will start on the 17th of
February.

"The successful placement of the shares in AB Linas Agro Group shows that
investors appreciate company's results and development plans. This transaction
is very important for the Baltic stock markets because it indicates the
comeback of investors' confidence. This is the first large-scale initial public
offering in the Baltics after the economic crisis and we are certain that this
symbolizes the beginning of the market renaissance. Investment choices will be
widened by a well-managed company from attractive sector" - says Jonas
Kvedaravičius, the head of Swedbank's Corporate Finance in Lithuania.

According to him, a big interest of investors in the shares of AB Linas Agro
Group shows that leading Lithuanian companies can attract the required funds
through the initial public offering. This is a great option to bank loans that
might be lucrative to other Lithuanian companies as well.

"The company introduced itself to investors in Scandinavia, Germany, Poland,
Austria, Switzerland, Great Britain and USA. Within two weeks more than 60
various funds were contacted and that produced good results.” - said
J.Kvedaravičius.

During the initial public offering in total 97 million litas were raised.

The lead manager Swedbank together with the company's shareholders decided not
to exercise the over-allotment option and not to sell the additional shares.
“During the initial public offering the share price has settled at the low end
of the price range and we have decided not to sell additional shares. We are
confident that the results of AB Linas Agro Group will increase our share value
in the future", - said the company's CEO and shareholder Darius Zubas.

"We have prepared the 200 million litas investment plan for further development
of the company. By implementing this plan we will take a very significant step
towards building company's competitiveness in the Baltics and world export
markets and thereby create value for shareholders", - said AB Linas Agro Group
CEO Darius Zubas.

The income of AB Linas Agro Group, one of the biggest players in the
agricultural business in the Baltic countries, stood at LTL 554.35 million in
the first six months of the financial year while the net profit was LTL 25.7
million.

According to the unaudited data, the net profit of the company, the financial
year of which starts on the 1st of July, grew by 30% in July-December 2009 as
compared to the corresponding period in 2008 when it stood at LTL 19.8 million.

Unaudited AB Linas Agro Group sales income totalled to LTL 554.35 million in
the first six months of the financial year of 2009/2010 and were by 26% lower
as compared to the corresponding period in 2008/2009 (LTL 749.79 million). The
company's profit before interest, taxes, depreciation and amortization (EBITDA)
stood at LTL 38 million and was by 5% higher as compared to the same period
last year.

About AB Linas Agro Group

AB Linas Agro Group is an integrated agribusiness company, which produces and
markets agricultural products, feedstuffs and agricultural supplies. It
controls companies in Lithuania, Latvia and Denmark. The Group consists of the
following companies: AB Linas Agro, a Lithuanian company engaged in
international trade in agricultural products; UAB Linas Agro KŪB Grūdų centras,
an operator of grain storages in Kėdainiai, Kupiškis, Joniškis, Šiauliai and
Vilkaviškis; SIA Linas Agro, a grain trade company in Latvia; Rosenkrantz A/S,
an international trade company in Denmark; ŽŪB Landvesta, a group of companies
controlling agricultural land; and UAB Linas Agro Konsultacijos, controlling
farming companies. The financial year of the companies starts on the 1st of
July. According to the data of the financial year of 2008-2009, the company
receives 55% of income from the marketing of grain and oilseeds while 29% of
income is generated from the marketing of feed raw materials.


More information:

Andrius Pranckevičius
AB „Linas Agro Group“ deputy general manager
Mob. 8 687 71 419
E. p. [email protected]

Jonas Kvedaravičius
„Swedbank“ Head of Corporate finance Lithuania
Tel. (8~5) 2585103
E. p. [email protected]

Taip pat skaitykite

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