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Photo by Judita Grigelyts (V)
Plans by Snaigs’ main shareholder to delist from the company are causing waves among small investors, who are missing at least $ 10 million in value. EUR.
As already reported, the main shareholder decided to implement the official offer for Snaigs shares and remove them from the list. The objective is to buy the shares of the last 6 months at a weighted average price of 0.183 euros, which the company estimates at a total of 7.25 million euros. EUR.
The Investors Association recalls that when the main package of Snaigs in 2011 acquired by the Russian company Polair, led by Alexei Kovaluk, Snaig was valued at 21.4 million. EUR, or EUR 0.54 per share. The association is missing 10 million. Eur, indicating that the money went to an offshore company on the web.
According to Vytautas Plunksnis, Chairman of the Board of the Investors Association, Snaig did not receive any investment, but was loaned to the Russian companies of the Las Polair Group. In 2015, the duty to return 9,447 million. The euro loans were transferred to Snaig through its intermediaries, who controlled Hymana Holdings, but the loans were not repaid. At the end of 2019, the debt with interest had increased to 11,379 million. EUR, but Snaig explains its depreciation to EUR 190,000.
It is clear that the management of Snaigs did not intend to obtain a loan from the controlling shareholder, so it became a significant company. Therefore, we urge the main shareholder to act in good faith and increase the purchase price of the shares of Snaigs by the amount of the loan, quoted in the V. Plunksnis report.
The association recalls that Snaig had entered into an agreement with Konstantin Kovaluk to transfer the right of claim to Hymana Holdings, whose published value is LTL 10.68 million. EUR. Payments under the deal were to be paid by October 1, 2020, but Snaig did not provide any information on the completion of this transaction.
After announcing plans to eliminate the main shareholder overnight, Mons management argued that being on the stock exchange, with the main shareholder controlling 91% of the stake, would bring no profit, but would charge additional administrative and financial fees.
91.1% of Snaigs shares are controlled by Sekenora Holdings Limited, registered in Cyprus. The shareholders of the latter are the Russian Retail Growth Fund, registered in the Cayman Islands, Konstantin Kovaluk, Alexander Litvinenko, according to the Cypriot registry.
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