The shareholders of INVL Baltic Farmland, a company investing into agricultural land, voted for the purchase of own shares.
The shareholders meeting, which took place on Wednesday, approved the minimum one share acquisition price – EUR 2.86 (LTL 9.88), which is 5% lower than book value.
“Possibility to purchase own shares is one of the tools to ensure that share market price reflects their fair value. This possibility will be used only if company’s capitalization is lower than the equity value”, – Darius Sulnis, the director of INVL Baltic Farmland, said.
According to the decision of shareholders, treasury shares sale price should amount to not less than consolidated book value and not less than acquisition price.
At the end of March 2014, 17 companies that are currently owned by INVL Baltic Farmland, managed about 3 thousand hectares of land. More than 99 percent of managed land is being cultivated by Lithuanian farmers and agricultural companies. As of 31 March 2014 the total value of the managed land was LTL 36.972 million (EUR 10.7 million), consolidated shareholders’ equity amounted to LTL 34.313 million (EUR 9.94 million).
INVL Baltic Farmland is listed on NASDAQ OMX Vilnius and has a total of 3.294.209 shares issued, the book value of the share is 10.42 litas (3.02 euros).
