Agrowill : Regarding the decision of the Supervision Service of the Bank of Lithuania
November 24, 2016 at 04:13 pm EST
Share
AUGA group
Notification on material event
Regarding the decision of the Supervision Service of the Bank of Lithuania
AUGA Group, AB has received Decision No. 241-246 of 21 November 2016 of the Supervision Service of the Bank of Lithuania, under which it has been obliged to publish a notice containing the following information:
1. To impose a penalty of EUR 3,000 (three thousand) on AUGA Group, AB, for the failure to comply with the mandatory instruction of the Bank of Lithuania.
2. To obligate AUGA Group, AB, to ensure that the fair value of 100% block of shares of UAB eTime Invest, which was used as the payment for a part of the authorised capital of AUGA Group, AB, is re-estimated in compliance with the provisions of the Law on Companies and the Law on the Bases of Property and Business Valuation, with due consideration to the significant circumstances existing prior to the date of using the shares of UAB eTime Invest as the payment for the shares of AUGA Group, AB, so that the fair value of UAB eTime Invest complies with the requirements of IFRS 3. Should it be established that the shares of AUGA Group, AB, are not fully paid up, to ensure that this situation is rectified retrospectively according to the requirements of the law by and before 1 March 2017.
To meet the criteria of transparency and access to information, where necessary, the Company will inform about its subsequent actions in connection with the decision of the Supervision Service of the Bank of Lithuania.
Vladas Bagavičius
Member of the Board
+370 5 233 53 40
Agrowill Group AB published this content on 24 November 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 November 2016 21:12:24 UTC.
Original documenthttp://www.nasdaqomxbaltic.com/market/?pg=details&instrument=LT0000127466&list=3&tab=news&news_id=287612
Public permalinkhttp://www.publicnow.com/view/F556452F22A5DBFA0D7A29BE8BD0C8FF1F75D5AF
Auga Group AB, formerly Agrowill Group AB, is a Lithuania-based company engaged in the agriculture sector. The Companyâs activities are structured mainly into three divisions, namely Mushroom-growing, Plant production and Livestock production. The Company offers white, brown, portabella, eryngii, pleurotus and shiitake mushrooms. It specializes in organic wheat and other crops, including organic vegetables and organic feed for livestock in its farms. The Company supplies potatoes, beetroots, onions, carrots, marinated champignons, marinated beetroots, among others. The Company operates own trademark AUGA. In addition, the Company is involved in own farms management. The Company has numerous subsidiaries, including UAB Arginta Engineering, UAB AVG Investment and UAB Agro GIS, among others. It operates domestically on the Lithuania territory.