The Company‘s information about the transaction with the related party
The Company concluded the transaction with the related party.
The transaction date - 25 September 2018
The related party - The Company’s Board member Konstantin Kovalchuk, the address for correspondence: Pramones str. 6, Alytus, Lithuania.
The transaction value - EUR 10683378,62 (ten million six hundred eighty three thousand three hundred seventy eight euro and 62 euro cents) (The Claim Right).
The agreement is concluded for the assignment claim right towards HYMANA HOLDINGS LIMITED, arising from the Agreement for the Assignment (Cession) dated 24 November 2015 concluded between the Company and HYMANA HOLDINGS LIMITED, assigned to the Company’s Board member K. Kovalchuk (Assignee).
The Claim Right shall be assigned by installments and when the Assignee makes a payment and funds are credited to the Company’s bank account, respective part of the Claim Right in amount corresponding to the amount of funds received shall be considered to be assigned to the Assignee by the Company. The Assignee shall not in any case be considered as acquired the whole Claim Right if the amount paid by the Assignee and credited in the Company’s bank account is lower than an amount of the Claim Right. The Company shall have a right to terminate the Agreement unilaterally if the Assignee fails to pay any installment. The last installment has to be made by the Assignee to the Company not later than on 1st October 2020.
If these conditions are fulfilled, this transaction is considered as beneficial to the Company, because:
- it is expected that funds which have not been paid by Hymana Holdings Limited shall be returned to the Company and can be used by the Company invest into new products and projects.
- the Company does not experience any additional expenses;
- if this transfer of claim right is cancelled at any time or is not executed at all, the Company remains at least in the same position.
The Audit Committee of the Company has considered execution of the agreement with Konstantin Kovalchuk and the Management Board of the Company approved the agreement with Konstantin Kovalchuk on 24 September 2018.
For the additional information please contact the Company.
Managing director
Gediminas Čeika
