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SPECIAL CLOSED-ENDED TYPE REAL ESTATE INVESTMENT COMPANY INVL BALTIC REAL ESTATE

(INR1L)
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Special Closed Ended Type Real Estate Investment INVL BALTIC REAL ESTATE : INVL Baltic Real Estate plans to pay EUR 1 million of dividends to shareholders

04/07/2021 | 10:04am EDT

The real estate investment company INVL Baltic Real Estate proposes paying dividends of EUR 1 million to shareholders for 2020, or EUR 0.12 per share. That and other decisions are proposed for adoption at a general meeting of shareholders of the company to held on 29 April 2021.

'Both thanks to last year's successful exits and successful property transformations, we have proven once again that we are able to create significant growth in the value of assets and a long-term return for our investors. The company has accumulated free cash which enables it to pay a dividend higher than the EUR 0.09 envisaged in its dividend policy,' says Vytautas Bakšinskas, a member of the Investment Committee of INVL Baltic Real Estate.

Dividends will be paid out within a month after the decision is adopted. Those persons will have a right to receive them who are shareholders of INVL Baltic Real Estate at the end of business day on 13 May this year. Based on the share price on 7 April 2021, the dividend yield amounts to 5%.

Also proposed for approval at the meeting are procedures for the acquisition of the company's own shares and the transfer of EUR 4.3 million from retained earnings to a reserve for the acquisition of own shares.

According to Vytautas Bakšinskas, the right tobuy-back the company's own shares will be used if the share price on the market is lower than the net asset value (NAV). That will give shareholders additional liquidity opportunities, and when INVL Baltic Real Estate acquires shares for less than the NAV, the value of the remaining shares should grow.

It is proposed that the maximum buy-back price per share be set at INVL Baltic Real Estate's last published net asset value per share, and the minimum at EUR 1.45. On the maximum number of shares that may be acquired, it is proposed that the total own shares held by INVL Baltic Real Estate may not exceed one-tenth of the company's share capital.

Seeking to annul 5,088,586 ordinary registered own shares acquired by INVL Baltic Real Estate in share buy-back processes, a proposal has been submitted to reduce the company's share capital from EUR 19.1 million to EUR 11.7 million by annulling own shares which the company has acquired.

Also to be proposed for approval at the general meeting of shareholders is the formation of a supervisory board of INVL Baltic Real Estate, the proposed members of which are Raimondas Rajeckas, the CFO of Invalda INVL, Audrius Matikiūnas, the head of INVL Asset Management's Legal and Product Management Team, and Eglė Surplienė, a wealth manager at Gerovės Valdymas with more than 25 years of experience in the Lithuanian financial market.

The members of the Supervisory Board will be able to take office when the Bank of Lithuania approves their candidacies.

INVL Baltic Real Estate had an audited consolidated net profit of EUR 5.42 million in 2020, or about half the amount in 2019. The company's consolidated equity at the end of 2020 was EUR 28.87 million, or EUR 2.21 per share, and compared to the end of 2019 increased 12.2% (also considering dividend payments).

INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass. The company's properties had occupancy of between 72% and 100% as year-end.

INVL Baltic Real Estate's property holdings currently have a total area of 26 000 sq. m. and a value of EUR 24.13 million.

Since its launch as a collective investment undertaking (on 22 December 2016), INVL Baltic Real Estate has been one of the Baltic real estate funds open to retail investors with the highest stable returns. The fund operates as a closed-end investment company. Management of the company was assumed by INVL Asset Management, one of Lithuania's leading asset management firms. The company will operate as a closed-end investment company until 2046, with extension possible for a further 20 years.

Disclaimer

INVL Baltic Real Estate AB published this content on 07 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 April 2021 14:03:02 UTC.


© Publicnow 2021
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Financials
Sales 2020 3,92 M 4,71 M 4,71 M
Net income 2020 5,42 M 6,52 M 6,52 M
Net cash 2020 5,51 M 6,63 M 6,63 M
P/E ratio 2020 5,24x
Yield 2020 5,56%
Capitalization 19,2 M 23,1 M 23,1 M
EV / Sales 2019 11,1x
EV / Sales 2020 5,79x
Nbr of Employees 9
Free-Float 49,0%
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Managers and Directors
NameTitle
Laura Križinauskiene Chief Executive Officer
Darius Šulnis Chairman
Vytautas Plunksnis Member-Management Board
Nerijus Drobavicius Member-Management Board