Lietuvos energijos gamyba, AB - Notification on material event

Concerning redemption of shares under a judgment of the Supreme Court of Lithuania

Elektrėnai, Lithuania, 2015-10-26 15:29 CET (GLOBE NEWSWIRE) -- Lietuvos
energijos gamyba, AB (business ID 302648707, registered office address
Elektrinės g. 21, Elektrėnai, (hereinafter referred to as the ‘Company') hereby
informs that on 26 October 2015 the Government of the Republic of Lithuania
(hereinafter referred to as the ‘Government') approved the draft government
resolution ‘On the redemption of shares‘(hereinafter referred to as the
‘Resolution'). 

As stated in the Company‘s notice of a material event published on 20 November
2014, the Supreme Court of Lithuania, upon hearing, on a cassation basis, cases
concerning the duty of the State to redeem the shares held by minority
shareholders in LIETUVOS ELEKTRINĖ AB, a legal person that has ceased to exist,
and concerning the determination of a fair price for such shares, has stated on
19 November 2014 that this duty of the State remains and must be fulfilled. The
court also set the price for the shares in LIETUVOS ELEKTRINĖ AB to be redeemed
on a compulsory basis - 1.78 Eur (LTL 6.13). 

The Government decided to propose that Lietuvos energija, UAB (business ID
301844044, registered office address Žvejų g. 14, Vilnius, Republic of
Lithuania) would acquire the redeemable shares of former public company
LIETUVOS ELEKTRINĖ under a judgment of the Supreme Court of Lithuania handed
down on 19 November 2014 in civil case No 3K-3-370/2014. The Government
assigned the Ministry of Finance of the Republic of Lithuania to make decisions
and take actions necessary to implement the share acquisition referred to in
Clause 1 of the Resolution under the following main terms: 

1. For redemption purposes, the shares of LIETUVOS ELEKTRINĖ AB are deemed to
be equal to ordinary registered shares of Lietuvos energijos gamyba, AB
(business ID 302648707, registered office address Elektrinės g. 21, Elektrėnai,
Republic of Lithuania) of LTL 1 (EUR 0.29) par value, ISIN LT0000128571
(hereinafter referred to as the ‘Shares'), at the ratio specified in Clause
1.3.1 of the Resolution. 

2. The price per redeemable share is EUR 1.2959.

3. Lietuvos energija, UAB will redeem the Shares to the following extent:

3.1. Only those shares the title to which has been acquired upon conversion of
the shares of  LIETUVOS ELEKTRINĖ AB (which ceased to exist upon reorganisation
on 5 August 2011) specified in Clause 1.3.2 of the Resolution into the shares
of Lietuvos energija, AB (present name: Lietuvos energijos gamyba, AB) after
the reorganisation of LIETUVOS ENERGIJA AB and LIETUVOS ELEKTRINĖ AB  (during
the reorganisation, 1.37 Share was granted for a share in LIETUVOS ELEKTRINĖ
AB) and which have not been transferred to third parties; 

3.2. Only such quantity of the shares in LIETUVOS ELEKTRINĖ AB (which ceased to
exist upon reorganisation on 5 August 2011) which a minority shareholder had a
title to as of 5 August 2008 at the latest. 

4. Should a minority shareholder fail to request a redemption of the Shares
held within 90 days after the public announcement about the redemption of the
Shares in a source specified in the Articles of Association of Lietuvos
energija, UAB, such shareholder will forfeit the right to request that Lietuvos
energija, UAB purchases the Shares held by the shareholder. 

5. Lietuvos energija, UAB will pay for the Shares no later than within 3 months
from the end of the term referred to in Clause 1.4 of the Resolution. 

6. The State will not assign and Lietuvos energija, UAB will not assume any
other liabilities related to the redemption (or non-redemption) of the shares
of minority shareholders of LIETUVOS ELEKTRINĖ AB including but not limited to
any potential liabilities related to indemnification for damage, penalties,
interest etc. 

The Resolution will come into force on the day following its official
publication in the Register of legal acts. 


         Stasys Vaitonis, Project Manager of Corporate Communication Division,
tel. +370 620 68809, e-mail. stasys.vaitonis@le.lt