AB „SNAIGĖ“ - NASDAQ OMX Baltic

Consolidated annual report for year 2008
Meeting on the reorganization of the company in the daily Kauno diena and notify all shareholders and
creditors of the Company in writing.”
5. 1. To authorize (with the right of re-authorization) and obligate the Company‘s Managing Director to
undersign the revision of the Company‘s Statute and present it to a manager of Juridical Persons Register, if
not provided otherwise in this report, as well as carry out all other actions connected with the fulfilment of
decisions agreed during this Meeting.
6. Election of Management Board member;
Suggested: To elect Kestutis Pilipuitis as member of Company´s Management Board for the rest of functional
period of the Board.
7. Members of audit committee election and regulations of committee approval.
Suggested: To elect Kustaa Aima, Rasa Balčiūnaitė-Kaminskienė, and Virginijus Dumbliauskas as the
members of Audit committee for the rest of functional period of the Board and to approve committee's rules.
8 April 2009. Submission of application
On 8 April 2009 AB “Snaigė” has submitted to the management board of Nasdaq OMX Vilnius securities
exchange application to list convertible bonds with maturity of 367 days on Nasdaq OMX Vilnius debt
securities trading list.
8 April 2009. Notifications on transactions concluded by managers of the companies
Announcement about the executive officer's transaction of the Company’s securities.
6 April 2009. Subscription of new bond issue
On 6 April 2009 the subscription period of AB „Snaigė“ convertible bonds with maturity of 367 days and
annual interest rate of 18% has ended. During the subscription period the whole issue with nominal value of 7
500 000 EUR was subscribed.
80% of bonds were subscribed by holders of year 2008 AB “Snaigė” bond issue who decided to refinance
their securities. Instead of receiving cash on the redemption day these investors were granted newly issued
bonds for the corresponding subscription value.
The remaining part of the issue was subscribed by major shareholders of AB “Snaigė“ who converted loans,
earlier provided to the Company, into newly issued bonds.
The fact that majority of the newly issued bonds were subscribed by the holders of year 2008 bond issue
shows that bond holders do understand current complicated financial situation of the Company and believe in
Company‘s ability to redeem the newly issued bonds after one year.
6 April 2009. Regarding redemption of bonds issued in year 2008
On 6 April 2009 AB „Snaigė“ did not fully redeem the bond issue with maturity of 367 days, which was
issued in year 2008.
Due to high losses incurred during 2008 the company didn‘t manage to generate enough cash needed for
redemption of the bonds and due to unfavourable conditions in country‘s credit market required funds were
not possible to borrow from banks.
Almost all of the owners of the bonds issued in 2008 agreed to refinance possessed securities by acquiring
newly issued AB „Snaigė“ convertible bonds with maturity of 367 days and annual interest rate of 18%. For
Prepared by UAB FMĮ „Orion Securities“ p. 68