Buy back of own shares of Šiaulių Bankas AB
On 15 August 2024 Šiaulių Bankas AB (hereinafter referred to as the Bank) has received permission from the European Central Bank (ECB) to buy back up to 13 745 114 of its own shares (ISIN LT0000102253):
- Up to 12 000 000 shares, for a predetermined amount of up to EUR 10 million for reduction of the Bank capital;
- Up to 1 745 114 shares, for a predetermined amount of up to EUR 1,5 million for employees of Šiaulių Bankas AB group as part of the deferred variable remuneration.
ECB granted the permission to cancel up to 1 250 000 ordinary shares, which the Bank bought back for EUR 0.9 million earlier this year. The decision to cancel the shares will have to be taken by the General Meeting of Shareholders of Šiaulių Bankas.
Šiaulių Bankas in April submitted a request to the European Central Bank (ECB) to buy back shares in order to increase shareholder value and to exercise options for the bank's employees and to cancel shares, which the Bank has bought this year.
"We have started to use our own share buyback instrument this year. We plan to continue this initiative in order to reduce the Bank's capital and thereby increase the value for the Bank's shareholders, since a larger part of the profit goes to each share," said Tomas Varenbergas, Head of the Investment Management Division of Šiaulių Bankas.
When the Management Board of the Bank takes a decision on the buyback of its own shares, the Bank will inform in a separate notification.
Additional information:
Tomas Varenbergas
Head of Investment Management Division
