Siauliu Bankas AB - Notification on material event

Resolution regarding acquisition of shares of “Pavasaris” UAB has been passed

Šiauliai, Lithuania, 2012-03-20 15:38 CET (GLOBE NEWSWIRE) -- 

Šiaulių bankas AB, company code 112025254, the address Tilžės st. 149, 76348
Šiauliai, Lituania. 

The Bank's Board seeking to optimize the structure of the Group of Siauliu
bankas making it easier and more transparent passed the resolution to acquire
100 per cent of the shares of UAB “Pavasaris” during the meeting held on March
20, 2012. During the first stage 49,6 per cent of the authorized capital and
voting rights of “Pavasaris” UAB owned by the bank's subsidiary companies shall
be acquired and the preliminary agreement regarding the purchase of 17,51 per
cent of extra-shares shall be signed. Later, after gaining the permission from
the Competition Council, the bank shall aim to take the full control over the
company. The shares will be acquired paying the market price established by the
independent asset evaluator, according to which the value of 100 per cent
shareholding comprises LTL 36,1 million. 

The Board's resolution has been passed considering the profitable performance
history of the “Pavasaris” UAB, opportunities allowing the increase of the
share of managed authorized capital and assessing the prospects of the
company's performance. 

“Pavasaris” UAB is engaged in the development of the multi-apartment
residential house area in Lazdynai catchment located in Vilnius city. The
constructed catchment consists of the ten multi-apartment residential houses
(the total projected useful area of flats amounts to 88 thou sq meters). The
six multi-apartment houses have been built up to now (the useful area of the
flats comprises 60,4 thou sq meters). It is planned to build four
multi-apartments houses more within the period of coming five years, the
project is to bring about LTL 40 million of net profit over the mentioned
period. 

Chief Executive Officer Audrius Žiugžda






         The Deputy Chief Executive Officer Donatas Savickas provides
additional information on the stock event and is available on tel. +370 41
595602.