Telsiai, Lithuania, 2017-08-17 15:15 CEST (GLOBE NEWSWIRE) -- On 16 August 2017, the Telšiai District Local Court passed a judgement in the case initiated under the claim filed by claimants Vytautas Plunksnis and the Investors’ Association against AB “ŽEMAITIJOS PIENAS” (the “Company”) for cancellation of parts of decisions of the general meetings of shareholders of the Company held on 28 October 2016 and 29 December 2016, cancellation of 2,070,621 ordinary registered shares and reduction of the authorised capital of the Company (the judgement has not yet come into force).
The court, by upholding the statement of claim, inter alia, decided:
(i) to restore the overdue time limits for filing a statement of claim with respect to the part of the decision of the general meeting of shareholders of the Company held on 28 October 2016 regarding establishment of the procedure of sale of own shares held by the Company and setting the minimal sale price;
(ii) to declare void 2,070,621 ordinary registered shares of the Company and to reduce the authorised capital of the Company from EUR 14,028,750 to EUR 13,428,269.91 accordingly;
(iii) to declare void parts of the decisions of the general meetings of shareholders of the Company held on 28 October 2016 and 29 December 2016 on establishing the procedure of sale of own shares held by the Company and setting the minimal sale price.
The Company’s management does not agree with the adopted judgement and shall file an appeal to the Šiauliai Regional Court within the time limits established by law (within 30 days after publication of the judgement) regarding abolition of the decision in its full extent.
Lawyer
Gintaras Keliauskas
Tel.: + 370 444 22208