Financial Services, Industry, Latvia, Medicine

The buyout price is set at EUR 12.50 per share.

The pharmaceutical company’s minority shareholders have 30 days, until June 28, to accept the offer made by Liplat Holding.

The result of the buyout bid will be announced on July 5 which is also the settlement date.

Liplat Holding, which belongs to Kirovs Lipmans, Anna Lipmane and Filips Lipmans, holds a 72.64% stake in Grindex.

If all minority shareholders agree to sell their Grindex shares, Liplat Holding will need EUR 33,012,515 to buy them.

To finance the mandatory buyout deal, Liplat Holding has concluded a loan agreement with the Latvian branch of Luminor Bank and has made a deposit with the bank for the buyout purpose.

Kirovs Lipmans holds 43.33%, Dashdirect Limited holds 34.95%, Anna Lipmane holds 21.67%, and Filips Lipmans holds 0.05% of Liplat Holding, which was registered on April 11, 2019. The company has a share capital of EUR 51,404,316.

As reported, the Financial and Capital Market Commission (FCMC) has imposed a fine of EUR 131,250 on the shareholders of Grindex, Kirovs Lipmans and Filips Lipmans, for a breach of the Law on the Financial Instruments Market and agreed with the shareholders on making a mandatory share buyout offer by the end of August this year.

It was also reported that Grindex Group posted EUR 145.477 mln in audited turnover for 2018, up 9.9% from 2017, while the group’s loss reached EUR 9.737 mln.

The Grindex group comprises the parent company, Grindex, and five subsidiaries in Latvia, Estonia, Russia and Slovakia.

Grindex is quoted on the Main List of Nasdaq Riga stock exchange.