NTU1L Novaturas AB

Regarding the resignation of a Chairman of the Supervisory Council

Regarding the resignation of a Chairman of the Supervisory Council

The company announces that today a letter of resignation has been received from Sebastian Janusz Król, the Chairman of the Supervisory Council. He served the Company representing the Central European Tour Operator S.a.r.l., an entity owned by Polish Enterprise Fund VI, managed by Enterprise Investors.

“It was a real pleasure to work with Novaturas Group and its committed and talented management team led by Audronė Keinytė”, said Sebastian J. Król. The Central European Tour Operator S.a.r.l. invested in Novaturas in 2007 acquiring 70.7% of shares. It currently holds 34.42% of the Novaturas Group’s shares.

"Central European Tour Operator S.a.r.l. has been reducing its holding gradually and the resignation came as an expected consequence thereof. I would like to thank Sebastian for his solid serve and input to our Company, especially into the corporate governance", says Audronė Keinytė, CEO and Chairman of the Board at Novaturas Group.

Sebastian J. Król has been working with Enterprise Investors since 2001, currently as a partner. He sits on the supervisory boards of the fund's portfolio companies. Other members of the Supervisory Council of Novaturas are Ugnius Radvila, Vidas Paliūnas, Piotr Nowjalis, Franz Leitner.

The resignation will be effective in two weeks. According to the Company’s Articles of Association, the Supervisory Council is comprised of five members elected by the decision of the General Meeting of Shareholders for the tenure of three years.  A new Chairman of the Supervisory Council shall be elected by the members of the Supervisory Council and will be announced on a separate notice.

About Novaturas

Novaturas Group is the leading tour operator in the Baltics states. Since 21 March 2018, Novaturas shares have been dual-listed on the Warsaw Stock Exchange and on Nasdaq Vilnius.

Novaturas was established in 1999, became the market leader in the Baltics in 2004. Aside from the Baltics, Novaturas has begun offering its products in Belarus, where they are retailed through local partners.

Novaturas continues to attract new clients thanks to its attractive and diverse offering and the high quality of its services. The Group offers both summer and winter package holidays as well as sightseeing tours by coach or plane to more than 30 destinations worldwide, including the most popular holiday resorts in Southern Europe as well as select locations in North Africa, the Middle East, Asia and Latin America.

The Group's strategy also aims to retain diverse and complementary distribution channels. Novaturas works with over 400 travel agencies, including all of the major agencies in the Baltics. It also operates retail offices of its own in main cities of Lithuania, Latvia and Estonia, and is investing in further development of its e-commerce channel.

The Company’s asset-light business model, which is characterized by strong cash flows from operating activities and low capital expenditures, allows it to pay out a large part of its earnings to shareholders. Paying regular dividends is one of the key elements of the Company's strategy. Every year the Management Board expects to propose for distribution 70-80% of the Company’s net profit.



Finance director

Tomas Staškūnas

, +370 687 10426





EN
14/02/2020

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