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Trading with Olainfarm shares suspended due to disagreements among shareholders

BC, Riga, 29.03.2019.Print version
Nasdaq Riga stock exchange has suspended trading with shares in Olainfarm pharmaceutical company due to disagreements among shareholders, the Riga bourse reported,

Nasdaq Riga bour today decided to reverse its March 27, 2019, decision to suspend trading in Olainfarm shares taking into account the application submitted by the company requesting not to suspend the trading.


However, due to the contradictory information in the mass media which might become an obstacle to transparent and fair trading, the Nasdaq Riga decided to suspend trading in Olainfarm shares with the start of the April 1, 2019 Exchange trading session.


In accordance to Nasdaq Riga Listing and Disclosure rules Article 11.2.1, in extraordinary circumstances, in order to protect the interests of investors, the Exchange may suspend trading in the financial instruments of the issuer.


Decision on the trading resumption will be published immediately after it will be taken by Nasdaq Riga.


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.






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