Snaige AB - Notification on material event

Notification about the intention to submit a non-competitive mandatory tender offer

Alytus, Lithuania, 2011-02-08 17:18 CET (GLOBE NEWSWIRE) -- On 8 February 2011
Snaigė AB received a notification that KJK Fund SICAV-SIF, Luxembourg company
Société d'investissement à capital variable - fonds d'investissement
spécialisé, with its registered address at 412F, route d'Esch L-1030,
Luxembourg, registration No. B 86 728, Firebird Republics Fund, Ltd., a company
established according to laws of the Cayman Islands, with its registered
address at c/o Trident Trust Company (Cayman) Ltd., One Capital Place, P.O. Box
847 Grand Cayman, Cayman Islands, and Firebird Avrora Fund, Ltd., a company
established according to laws of the Cayman Islands, with its registered
address at c/o Trident Trust Company (Cayman) Ltd., One Capital Place, P.O. Box
847 Grand Cayman, Cayman Islands (hereinafter jointly referred to as the “Offer
Submitters”), pursuant to their Board decisions intend to submit a
non-competitive mandatorytender offer to buy up the remaining 19,218,720
(nineteen million two hundred eighteen thousand seven hundred twenty) ordinary
registered shares of Snaigė AB (legal form: public limited liability company,
legal entity code 249664610, registered at Pramonės St. 6, Alytus, the Republic
of Lithuania, data about the company are collected and kept in the Register of
Legal Persons of the Republic of Lithuania) with the par value of LTL 1 (one
litas) each, constituting 62.53% (sixty two and fifty three hundredths percent)
of shares and votes carried by them at the general meeting of shareholders of
Snaigė AB. 

The Offer Submitters and Amber Trust S.C.A. acquired more that 1/3 (one third)
of shares of Snaigė AB on 7 February 2011. The aforementioned companies
collectively hold 11,516,995 (eleven million five hundred sixteen thousand nine
hundred ninety five) ordinary registered shares of Snaigė AB with the par value
of LTL 1 (one litas) each, constituting 37.47% (thirty seven and forty seven
hundredths percent) of shares and votes carried by them at the general meeting
of shareholders ofSnaigė AB. 

Intended way of settlement for the securities to be bought up is in cash.


         Neringa Menčiūnienė,
         Director General at interim
         +370 315 56206