Snaige AB - Notification on material event

Resolutions of the Extraordinary General Meeting of Shareholders

Alytus, Lithuania, 2011-04-18 10:59 CEST (GLOBE NEWSWIRE) -- Snaigė AB, the
address of head office Pramonės str. 6, Alytus, the company code 249664610. 

 The following resolutions were made during the repeat Extraordinary General
Meeting of Shareholders held on 18 April 2011: 

1. To issue and distribute in private placement the issue of convertible bonds
of the Company: 
- total number of convertible bonds: 30,000 units;
- nominal value of the convertible bond: LTL 100;
- issue price per convertible bond: LTL 100;
- total nominal value: LTL 3,000,000;
- total amount of the issue: LTL 3,000,000;
- the rights granted to holders of convertible bonds: according to the set
order to receive interest from the Company; on redemption day to receive a
redemption amount or to request to change convertible bonds to the shares at
the end of redemption term; also, all other rights set to the creditors of the
companies by the laws; 
- subscription and payment day: 18 April 2011;
- duration: 725 days;
- interest: 9 % per annum;
- the method of interest calculation: act/365;
- redemption day: 12 April 2013;
- the redemption price per convertible bond: LTL 100;
- payment of interest: once per quarter on the last day of the quarter (if the
last day of the quarter is not a business day - the next business day), also on
the redemption day or the day of change to the shares; 
- shares, for which the convertible bonds shall be changed: ordinary registered
shares of LTL 1 nominal value, granting its holders property and non-property
rights set by the laws and Articles of Association of the Company; 
- the conditions of change of convertible bonds to shares: convertible bonds
shall be changed to shares accordingly to the request of the holder submitted
to the Company in written no later than 10 business days before the redemption
day of convertible bonds; 
- the term of exchange: convertible bonds shall be changed to shares on the
redemption day; 
- the ratio of change to shares: 1:100 (one convertible bond shall be changed
to 100 shares); 
- inclusion into trading in the regulated market: the issue will not be
involved into trading in the regulated market. 

2. In order to fulfill obligations related to Company's short term financing
for redemption of the previous issue of convertible bonds on 11 April 2011 and
to distribute the new issue of convertible bonds within the shortest term
possible, to withdraw for all the shareholders the pre-emption right to acquire
convertible bonds of the new issue in proportion to the total par value of the
shares, held by them. To grant the right to acquire all convertible bonds of
the new issue to “Šiaulių banko turto fondas“UAB, company code 145855439, the
address of head office Vilniaus str. 167, Šiauliai, Lithuania. 

3. In case holders of convertible bonds will require to change convertible
bonds to shares, in a set order: 
- to increase the authorized capital of the Company by the amount equal to
total nominal value of shares, to which convertible bonds will be changed; 
- to amend articles 4.1 and 5.1 of the Articles of Association accordingly.

4. To authorize (with the right to subdelegate) the Managing director of the
Company Mr Gediminas Čeika: 
- to sign on behalf of the Company the convertible bonds subscription agreement
and other documents, related to the convertible bonds issue; 
- by changing convertible bonds to shares, to sign the amended Article of
Association and to register it in the Register of Legal Entities. 

  Additional information on the stock event provides analyst Božena
Skorobogataja and is available on tel.: +3705 2113589. 


         Gediminas Čeika
         Managing director
         +370 315 56206