LHV Institutional Baltic Insight, July 7th, 2021
* In October 2020, Linas Agro (LNA1L LH) announced that it had signed share purchase and sale agreements with the shareholders of AB Kauno Grūdai, AB Kaišiadorių Paukštynas, and AB Vilniaus Paukštynas to acquire a block of shares of these and related companies (together referred to as ‘KG Group’). The Group already received approvals for concentrations from the Polish, Latvian, Russian, and Estonian competition authorities earlier. On 5th July 2021, the Group announced that it received permission from the Competition Council of the Republic of Lithuania. As there would be a dramatic change in the Company’s financial performance going forward, our previous forecasts are not valid, and we have withdrawn our fair value range effective from 06th July 2021.* Olainfarm (OLF1R LR) update. According to the Financial Instruments Market Law (‘FIML’), implemented by the Financial and Capital Market Commission (‘FCMC’), an investor must make a mandatory takeover offer if a significant shareholding in a company is acquired – at least 30% of the voting rights. Currently, Repharm has informed the Board of the Company about making a mandatory takeover offer (price EUR 9.26). If Repharm is able to gain over 50% control in Olainfarm following the mandatory takeover bid, the deal will require approval of the Competition Council’s judgement, as it might have over one-third market share in Latvian retail pharmacy space (together with its own pharmacies).
* Please also refer to the tables in the attachment.
Linas Agro Group AB. Linas Agro Group AB is a Lithuania-based holding company involved in the agricultural sector. It's activities are structured into five basic segments: The Grains and Oilseeds segment includes wheat, barley, rapeseed, sunflower and linseed, among others; The Feedstuffs segment's activities include international supply of and trade in secondary products of the food industry, such as sunflower cake, sunflower meal and others; The Agricultural segment covers supplies of such products for crop production as seeds, fertilizers, plant protection products, and agricultural machinery; The Farming segment covers primary production of agricultural produce, including diary production, as well as cultivation of grains, rape and sugar beet, and the Other Products and services segment covers sales of solid biofuel. In February 2014, it acquired poultry companies SIA Lielzeltini, SIA Cerova, and SIA Broileks. In May 2014, it sold a 100% stake of UAB Lignineko.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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