“The price is too high hence it was decided to cancel the tender and announce a new one,” Rasa Jakilaitienė, adviser to finance minister, told BNS. She would not disclose the price bid by Deloitte Lietuva.
Deloitte Lietuva was the sole bidder in a respective tender aimed at establishing the "fair price" of shares, which will be used as a reference while compensating shareholders for their shares in Snoras that were taken over by the state last autumn.
Analysts say that given the authorities' statements that Snoras' liabilities exceed its assets, the bank's shares are likely to be valued at zero, which means that its minority shareholders will lose 100 percent of their investment.
The largest Snoras’ shareholders before nationalization included its executives, Vladimir Antonov with a 68.1 percent stake and Raimondas Baranauskas with a 25.31 percent holding.
Some 31.25 million shares were in free float, held by around 3,700 investors.
Bankruptcy proceedings against Snoras, which was nationalized on 16 November, were opened on 7 December.
2012-06-19 10:40
Finance Minister turns down bid from Deloitte Lithuania to appraise Snoras shares
Lithuanian Finance Ministry has decided to turn down a proposal from the audit and business consultancy Deloitte Lietuva to determine the real price of shares of Snoras, the nationalized Lithuanian commercial bank in bankruptcy, saying that the price of the company’s services was unacceptable.
„Snoras“ / Irmanto Gelūno / BNS nuotr.
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