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Friday, 26.04.2024, 12:24
Lithuanian Investors' Association: delisting AviaAM Leasing blow on minority shareholders
Cyprus-based Haifo, acting in concert with 13 AviaAM Leasing shareholders with a total stake of 78.27 percent, last week reportedly suggested to discontinue listing of AviaAM Leasing on the Warsaw bourse. The remaining AviaAM Leasing shares should be purchased for 5.62 zlotys apiece, with the total value of the company at 243.4 million zlotys (EUR 58.5 mln).
"It is an extremely low price, as own capital of AviaAM Leasing was 119 million euros at the end of 2017, and the 2017 net profit totaled 26.2 million euros. Although all of AviaAM Leasing's property is liquid, it is an attempt to take over the company for the value of its short-term assets. We believe the shares of AviaAM Leasing should be at least 100 percent more expensive," Tomas Pilipavicius, board member of the association, said in a press release.
AviaAM Leasing was listed on the Warsaw Stock Exchange in June of 2013 after attracting 112 million zlotys from investors. Its share price then stood at 8 zlotys apiece.