Snaige AB - Notification on material event

Agreement regarding sale-purchase of shares and convertible bonds of the company is signed

Alytus, Lithuania, 2011-11-14 07:22 CET (GLOBE NEWSWIRE) -- Snaigė AB, legal
entity code: 249664610, office address: Pramonės str. 6, Alytus (hereinafter,
the “Company”). 

On 11 November 2011, Russian company “Polair”, indirectly acting through UAB
“VAIDANA” (hereinafter, the “Buyer”), entered into legally bounding agreement
with the shareholders of the Company KJK Fund SICAV-SIF, Amber Trust SCA
SICAF-SIF, Firebird Republics Fund, Ltd and Firebird Avrora Fund, Ltd
(hereinafter, the “Sellers”) on sale to the Buyer of all shares of the Company
(i.e. 23,716,668 ordinary registered shares of the Company, constituting 59.86
percent of all shares and votes carried by them at general meeting of
shareholders of the Company) and convertible bonds of the Company (i. e. 43,000
convertible bonds), held by the Sellers. 

The transfer of title to Company's shares to the Buyer has to be executed on 12
December 2011 or on earlier date, agreed by the parties. The Buyer shall pay to
the Sellers in total EUR 12,800,000 for all the shares of the Company being
sold (i. e. EUR 0.5397 for a single ordinary registered share of the Company)
according to terms and conditions of the indicated agreement. 

Following the acquisition of title to shares of the Company, the Buyer will be
required, under the Lithuanian takeover regulations, to submit and implement a
mandatory tender offer to buy up the remaining voting shares of the Company and
its securities confirming the right to acquire voting securities, unless the
Buyer would transfer the shares of the Company, which entitle to more than 1/3
of votes in its general meeting of shareholders under the terms of the
applicable legal acts. According to the knowledge of the Company, after the
acquisition of its shares by the Buyer as it is indicated above, the Buyer will
submit and implement the mandatory tender offer following the terms and
conditions, set in the applicable laws. 

Law firm TARK GRUNTE SUTKIENE acted as the legal counsel to the Sellers, law
firm LAWIN Vilnius acted as legal counsel to the Buyer. 


         Managing Director
         Gediminas Čeika
         +370 315 56206