On the final termination of legal proceedings related to the mandatory repurchase offer of AS "Olainfarm"
29 October 2021 - 09:40PM
On the final termination of legal proceedings related to the
mandatory repurchase offer of AS "Olainfarm"
The Supreme Court has rejected an ancillary
complaint by the minority shareholders of AS Olainfarm regarding
the decision of the Administrative District Court of 24 August
2021, which completely terminated the legal proceedings initiated
in relation to the application of two minority shareholders of AS
Olainfarm to annul the decision of the Finance and Capital Market
Commission (FCMC), by which the FCMC allowed AS AB CITY to make a
mandatory share repurchase offer for AS Olainfarm shares.
The Supreme Court decided to upheld the decision
of the Administrative District Court of 24 August 2021 on
termination of the proceedings in the administrative case,
determining that the minority shareholders of AS Olainfarm did not
have the subjective public right to apply to the court with such a
claim.
The decision of the Supreme Court is final and
not subject to appeal. It is therefore established that
shareholders Agris Auce and Marcis Judzis did not have the right to
apply to the court in order to contest the FCMC's decision allowing
AS AB CITY to make a mandatory share repurchase offer.
The mandatory repurchase of shares of AS
Olainfarm ended on 17 August 2021 and during the repurchase the
minority shareholders sold a total of 2 427 408 shares to AS AB
CITY, which forms 17,23% of total voting shares of AS
Olainfarm.
Additional
information: Jānis LeimanisBoard Mamber of JSC
OlainfarmPhone: +371
29269424Email: janis.leimanis@olainfarm.com
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