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Snaigė’s board announced late Monday that it was calling a shareholders’ meeting at which it would propose to withdraw the shares from the NASDAQ Vilnius stock exchange, as “the company does not have a goal of raising additional capital.” The price that can be offered for Snaigė shares (0.183 euros) for the entire company is estimated at just 7.25 million. euros.
The structure related to the Russian company Polair, led by Alexei Kovalchuk, acquired a majority stake in Snaige in 2011, when Snaige was valued at LTL 21.4 million. EUR (0.54 EUR per share).
“During this period, Snaigė did not pay dividends, but 10 million LTL mysteriously disappeared from the balance sheet of the company. An amount in excess of 1 million euros that has been lost in the network of offshore companies”, – Vytautas Plunksnis, Chairman of the Board from the Investors Association, is cited in the press release.
Vytautas Plunksnis
According to him, Snaige did not receive any investment, but loaned funds to the Russian companies of the Polair Group. In 2015, the obligation to amortize 9,447 million. Hymana Holdings, an offshore company controlled by Snaige through intermediaries, took over the € 1 million loans but did not repay the loans. At the end of 2019, the debt that accrues interest amounts to 11,379 million. However, Snaigė recorded its depreciation at only 190 thousand euros. euros.
“It is obvious that the Snaig administración management did not seek to recover the credit that was granted to the controlling shareholder and therefore caused significant damage to the company. Therefore, we urge the main shareholder to act honestly and increase the purchase price of Snaigė shares by the amount of these loans, ”said V. Plunksnis.
Snaige had entered into a claim agreement with Konstantin Kovalchuk for the transfer of the right to claim Hymana Holdings, the declared value of which is LTL 10.68 million. euros. Payments under the agreement were due to be paid by October 1, 2020, but Snaigė did not provide any information on the completion of this transaction.
The Investors Association is the largest organization that unites small investors in Lithuania.
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