On the final termination of legal proceedings related to the mandatory repurchase offer of AS “Olainfarm”
The Supreme Court has rejected an ancillary complaint by the minority shareholders of AS Olainfarm regarding the decision of the Administrative District Court of 24 August 2021, which completely terminated the legal proceedings initiated in relation to the application of two minority shareholders of AS Olainfarm to annul the decision of the Finance and Capital Market Commission (FCMC), by which the FCMC allowed AS AB CITY to make a mandatory share repurchase offer for AS Olainfarm shares.
The Supreme Court decided to upheld the decision of the Administrative District Court of 24 August 2021 on termination of the proceedings in the administrative case, determining that the minority shareholders of AS Olainfarm did not have the subjective public right to apply to the court with such a claim.
The decision of the Supreme Court is final and not subject to appeal. It is therefore established that shareholders Agris Auce and Marcis Judzis did not have the right to apply to the court in order to contest the FCMC’s decision allowing AS AB CITY to make a mandatory share repurchase offer.
The mandatory repurchase of shares of AS Olainfarm ended on 17 August 2021 and during the repurchase the minority shareholders sold a total of 2 427 408 shares to AS AB CITY, which forms 17,23% of total voting shares of AS Olainfarm.
Additional information:
Jānis Leimanis
Board Mamber of JSC Olainfarm
Phone: +371 29269424
Email: janis.leimanis@olainfarm.com
