Snaige AB - Notification on material event

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

Alytus, Lithuania, 2011-12-16 12:33 CET (GLOBE NEWSWIRE) -- On 15 December 2011
Snaigė AB received a notification that UAB „VAIDANA“, registered address
Konstitucijos pr. 7,Vilnius, Lithuania, legal entity code  302473720
(hereinafter referred to as the “Offeror”), on 12 December 2011 acquired more
than 1/3 (one third) of 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)
(hereinafter referred to as the Company) and hold 17 602 215 (seventeen million
six hundred two thousand two hundred fifteen) ordinary registered shares of the
Company with the par value of LTL 1 (one litas) each, constituting 44,43%(forty
four and forty three hundredths percent) of shares and votes carried by them at
the general meeting of shareholders of the Company. 

 The Offeror intends to submit a non-competitive mandatory tender offer to buy
up the remaining 22 020 180 (twenty two million twenty thousand one hundred
eighty) ordinary registered shares of the Company with the par value of LTL 1
(one litas) each, constituting 55.57% (fifty five and fifty seven hundredths
percent) of shares and votes carried by them at the general meeting of
shareholders of the Company. 

 However, as it was announced in the notification on material event dated 12
December 2011, pursuant to the amendment of the purchase-sale of shares and
convertible bonds of the Company, not later than by 26 December 2011, the same
sellers shall transfer to the Offeror 6 114 453 (six million one hundred
fourteen thousand four hundred fifty three) shares of the Company, i.e. 15.43%
(fifteen and forty three hundredths percent) of all shares issued by the
Company. Upon completion of such transfer the Offeror shall hold 23 716 668
(twenty three million seven hundred sixteen thousand six hundred sixty eight)
ordinary registered shares of the Company, constituting 59.86% (fifty nine and
eighty six hundredths percent) of shares and votes carried by them at the
general meeting of shareholders of the Company. Therefore, the non-competitive
mandatory tender offer shall be applicable to 15 905 727 (fifteen million nine
hundred five thousand seven hundred twenty seven) ordinary registered shares of
the Company with the par value of LTL 1 (one litas) each, constituting 40,14%
(forty and fourteen hundredths percent) of shares and votes carried by them at
the general meeting of shareholders of the Company. 

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


         Neringa Menčiūnienė
         Director General at interim
         +370 315 56206