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Shareholders decide to sell controlling stake in Valmieras Stikla Skiedra to Luxembourg's investment fund

BC, Riga, 28.10.2020.Print version
Shareholders have decided to sell a controlling 83.14% stake in Latvia's Valmieras Stikla Skiedra fiberglass producer to Luxembourg's alternative investment fund Duke I S.à r.l. (Duke), according to the Latvian company's statement to Nasdaq Riga, writes LETA.

The closure of the deal depends on a number of conditions. The conditions precedent are contingent, for the most part, on the completion of the dissolution of Valmieras Stikla Skiedra subsidiaries in the US and certain consents by creditors of Valmieras Stikla Skiedra.

Application will be made to Bundeskartellamt, the German competition authority, for clearance of the transaction. Approval from Bundeskartellamt is one of the conditions precedent to closing of the deal.

Concurrently with, but separate from the sale of Valmieras Stikla Skiedra shares to Duke, the company will be soliciting consents from its creditors to amend, supplement or change certain provisions of the plan of legal protection proceedings to which Valmieras Stikla Skiedra is currently the subject.

Duke is a Luxembourg subsidiary of Warwick European Opportunities Fund III LP which is an alternative investment fund managed by Warwick Capital Partners LLP (“Warwick”). Warwick is a London based investment manager which focuses on European special situations and manages funds with aggregate assets under management (AUM) in excess of USD 2 billion.

As reported, Valmieras Stikla Skiedra fiberglass producer closed 2019 with EUR 122.013 million in turnover, while the concern's loss reached EUR 14.383 million.

Valmieras Stikla Skiedra group comprises the parent company Valmieras Stikla Skiedra and its three subsidiaries: Valmiera Glass UK Ltd. in the United Kingdom, Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States. Valmieras Stikla Skiedra shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.

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