The Court ruled that the price paid for ESO’s shares during the mandatory buyout is correct
AB “Ignitis grupė” (hereinafter – the Group) informs that on 29 March 2022 the Court of Appeal of Lithuania rejected the appeal of V. P. Vaitaitis, a minority shareholder of the Group subsidiary AB “Energijos skirstymo operatorius” (hereinafter – ESO), regarding the decision of Vilnius District Court to dismiss the claim regarding the price of mandatory buyout of ESO’s shares.
The claimant requested to pay EUR 22.57 per ESO’s share he owned instead of EUR 0.880 as well as to pay a non-pecuniary damage of EUR 9,000.
According to the verdict of the Court of Appeal of Lithuania, the price (EUR 0.880), which was coordinated with the Bank of Lithuania and paid during the mandatory buyout of ESO’s shares, is correct and was determined in strict accordance with the provisions of the Law on Securities of the Republic of Lithuania. The Court also noted that the price for ESO’s shares cannot be compared to the price of the initial public offering (IPO) of the Group.
The Court order entered into force immediately after its release.
The Group reminds that the dispute with the minority shareholder V. P. Vaitaitis started in August 2020, after he disagreed on the price of the mandatory buyout of ESO’s shares (link).
For more information please contact:
Artūras Ketlerius
Head of Public Relations at Ignitis Group
arturas.ketlerius@ignitis.lt
+370 620 76076
