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AVG: Agrowill Group is about to add another agricultural company

Spekuliantai.lt | 2010-04-16 | NASDAQ OMX biržų naujienos | perskaitė: 1374
Raktiniai žodžiai: Agrowill Group AB, AVG
AVG: Agrowill Group is about to add another agricultural company

Agrowill Group AB Press release 16.04.2010

Agrowill Group is about to add another agricultural company

One of the largest agricultural commodity producers Agrowill Group AB is not
only restructuring it‘s operations, processes and increasing efficiency, but
also increases the size of the Group.
So far Agrowill Group Group Company AVG Investment UAB indirectly owns 68
percent of Panevėžys district agricultural company „Gustoniai“ (hereinafter -
Gustoniai). However, the Group balance sheets to date do not reflect the
acquired companies assets and liabilities. The Group, in spite of owning the
controlling package, so far was unable to fully control agricultural company.
Currently there are several civil disputes in Courts, where unfair actions of
earlier management are being questioned, because of which the Group was not
able to execute control over the acquired agricultural entity. After several
years in various litigation proceedings, the Court appointed a designated
administrator to manage the Company and removed former manager Mindaugas
Kazlauskas.
Panevėžys district agricultural company „Gustoniai“ works about 1.200 hectares
of land and manages about 150 dairy herd.
"We hope that eventually all investors will have equal rights to manage and
vote in shareholder meetings according to their respective share holdings.
Agrowill Group AB will use its best efforts to protect this investment and push
for former Gustoniai management's decisions to reviewed, and thus increase the
shareholders' equity"- commented Agrowill Group AB Board member Domantas
Savičius.
Agricultural entities corporate governance, as distinct from ordinary
companies, has certain characteristics. The subject which acquires agricultural
companies shares has to be approved by the company's management, in order to be
a full member of the shareholders. Earlier management of Gustoniai abused this
power for more than four years so, the Group had to go to the Courts to defend
it's rights and obtain the management rights of Gustoniai.
About Agrowill Group AB:
One of the biggest in the Baltic countries agricultural investment and
development company Agrowill Group AB in Lithuania is the only centrally
managed agricultural production company. Currently Agrowill Group process and
manages about 33 thousand hectares of arable land and more than 3,5 thousand
dairy herd. Agrowill Group and the company's subsidiaries employ over 400
skilled workers. As Lithuania and whole world encountered the economic crisis
in late 2008, the Group was faced with short-term cash flow problems and in
agreement with the main creditors asked the court for the restructuring
proceedings to be applied in order to regulate the flow of funds.
During the 2009 the Group reduced its staff number from 800 to 400, the total
administrative costs fell more than LTL 1 million a month. Additionally in
2009, the Group conservatively estimated stocks and made all necessary
provisions, which resulted in LTL 48 million net loss. Year 2010 is expected to
be profitable for the Group, but more accurate forecasts will be published
separately soon after the spring sowing.
The largest Agrowill Group AB shareholders are investment company INVALDA AB,
Linas Strėlis and ŽIA valda UAB. The Company's shares are quoted on the Vilnius
Stock Exchange.

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