4th May 2021 08:59
On received court claimOn received court claim and adopted interim measures
AB “Ignitis grupė” (hereinafter – the Company) informs that on 4 May 2021 it received information that Vilnius District Prosecutor’s Office (hereinafter – the Prosecutor) applied to Vilnius District Court (hereinafter – the Court) with a claim related to the decisions of the Company’s General Meeting of Shareholders and Management Board in respect of employee and executive incentive with share options plans implemented by the Company and invalidation of option agreements as well as request for application of interim measures (hereinafter – IM).
IM were applied by the Court order on 3 May 2021, which, in principle, has suspended the employee stock ownership plan as well as executive long-term incentive with share options plan until the Court decision in respect of this case takes effect.
According to the assessment of the Company, employee and executive incentive with share options plans as a variable remuneration part is a modern process complying with the best international practices and Law of the Republic of Lithuania.
The Company reminds that the Company’s shares can be acquired by retail investors from Lithuania and abroad in the regulated markets. This part of the shares, which is being traded in the regulated markets, is not a state-controlled asset. Only the Company’s own shares owned by it would be allocated as part of remuneration and incentive system, which would be acquired in the regulated markets of own shares; the shares belonging to the state as per right of ownership would not be allocated and it would not affect the size of the controlling stake of the controlling shareholder – the state – in any capacity.
In the opinion of the Company, when implementing employee and executive options plans, neither the public interest, nor legal acts were violated.
We respect the Prosecutor’s right to apply to judicial authorities when conducting the functions appointed to it. The final decision on the merits of the claim will be made by the Court. The Court process will not affect the Company’s activities.
The Company will evaluate the arguments of the claim and the Court order and will make decisions on the further procedural actions.
The Company had a broader statement on the plans and their legal regulation in a 27 April notice.
For more information please contact:
Artūras KetleriusHead of Public Relations at Ignitis [email protected]+370 620 76076
Related Shares:
Ab Ignitis. AAb Ignitis. S