OREANDA-NEWS. February 08, 2011. The Financial and Capital Market Commission decided to allow AB bankas SNORAS (registered on 17 March 1992 in the State Enterprise Centre of Registers of the Republic of Lithuania under the code 112025973, having its legal address: 7 A. Vivulskio Str., LT-03221, Vilnius, the Republic of Lithuania) to express mandatory redemption offer (hereinafter referred to as the Offer) of shares of the joint-stock company Latvijas Krajbanka (registered in the Commercial Register of Register of Enterprises of the Republic of Latvia on 10 December 2004 under unified registration number 40003098527; having its legal address: in Riga, 15 Jana Dalina Street, LV-1013), reported the press-centre of Latvijas Krajbanka. 

The AB bankas SNORAS notice on the initiation of the Offer was published in the newspaper Latvijas Vestnesis dated 28 January 2011. The term of the Offer: from 28 January 2011 up to 28 February 2011 inclusive.

The share redemption price within the mandatory redemption offer of shares has been set pursuant to the requirements of Clause 74 of the Financial Instrument Market Law and shall comprise:

- LVL 2.56 (two lats and 56 santims) for one ordinary share (ISIN code LV0000100683);

- LVL 8.01 (eight lats and 01 santims) for one A category preference share (ISIN code LV0000200012).

The Offer prospectus is available on the website of AS Latvijas Krajbanka www.lkb.lv and on the website of AS NASDAQ OMX Riga www.nasdaqomxbaltic.com.

The Board of AS Latvijas Krajbanka has considered the submitted Offer prospectus, the notice published by AB bankas SNORAS on the initiation of the Offer and other Offer related documents pursuant to the requirements of Clause 77 of the Financial Instrument Market Law, and has concluded that the Offer was expressed in compliance with the requirements of the Financial Instrument Market Law.

Having considered the information as indicated in the Prospectus on the intent of AB Bankas Snoras regarding further activity of AS Latvijas Krajbanka, the Board considers that the implementation of the Offer shall have no influence on the interests of AS Latvijas Krajbanka, particularly the employment policy. The Board of AS Latvijas Krajbanka also considers that upon implementation of the Offer the plans of AB bankas SNORAS regarding  AS Latvijas Krajbanka will remain the same, and the bank will continue its activity pursuant to the approved strategy and types of activity specified in the Articles of Association. With regard to the information specified in the Offer prospectus AB bankas SNORAS has no plans to alter either the composition of the Board and the Council of AS Latvijas Krajbanka, or the employment policy and legal address of the bank.