Financial Services, Latvia, Markets and Companies

“Observation status will be applied according to Nasdaq Riga Listing and Disclosure rules Article 20.1.2, Subarticle 9, which stipulates that the Issuer shall be placed on the observation status in cases when it is important to turn the attention of market participants to a substantial circumstance related to the relevant financial instrument or its Issuer,” Nasdaq Riga said in the statement.

Earlier the Olainfarm board said it cancelled an extraordinary shareholders’ meeting, called on April 1, as the request for the shareholders’ meeting had been signed by persons not on the list of the company’s official shareholders. The persons in question are Nika Saveljeva, a daughter of Olainfarm’s late owner Valerijs Maligins, and Signe Baldere-Sildedze, the custodian of Maligins’ youngest daughter Anna Emilija Maligina. The Olainfarm board therefore considers the request for the shareholders’ meeting legally invalid.

Meanwhile, Olainfarm’s largest shareholder Olmafarm, which belongs in equal parts to Maligins’ daughters – Irina Maligina, Anna Emilija Maligina and Saveljeva – has called on shareholders to turn out for the announced shareholders’ meeting on April 1, claiming that the company’s management board has yielded to unlawful pressure from the supervisory board and cancelled the meeting in sheer violation of legislative provisions.

Olainfarm makes medicines, food supplements, active pharmaceutical ingredients and chemical substances. Olainfarm shares are quoted on the Main List of the Nasdaq Riga stock exchange.