INVL Technology plans to issue EUR 21.7 million of new shares, will seek closed-end investment company license

INVL Technology AB, – a company investing in IT businesses, will seek to issue EUR 21.7 million of new shares.


Board of INVL Technology proposes to set minimum INVL Technology issue price at EUR 1.56, currently valuing the company at EUR 9.539 million. A shareholder meeting is called on 10th of April, on the agenda – withdrawal of preemption rights of current shareholders.


“We propose to withdraw preemption right to acquire new shares due to planned public placement. Terms and subscription period will be disclosed in the prospectus”, – said Kazimieras Tonkunas, CEO of INVL Technology.


Shareholders are also asked to vote on authorization of INVL Technology board to apply to the Bank of Lithuania for closed-end investment company license – this will make company similar to investment fund. It is proposed that INVL Technology management will be transferred to Finasta Asset Management – a subsidiary of one of the largest investment and asset management companies in Lithuania Invalda LT.


“Attracted funds will be invested in IT companies, operating in Baltic countries, Eastern Europe, as well into current capacities building. We will further develop sales channel in East Africa and Southeast Asia, and fund’s companies will have access to new customers and human resources in these markets”, – said K. Tonkunas.


The largest INVL Technology investments currently are companies in Lithuania, Norway and Tanzania: 100 percent of BAIP, a critical IT infrastructure services company, Microsoft licensing company Acena, Norway Registers Development operating in Norway together with its Lithuanian information systems design and development company NRD as well as its daughter company in Tanzania Norway Registers Development East Africa Ltd, and specialized cyber security company NRD CS. Managed companies specialize in business climate improvement reforms, design of the integrated national information systems, resilience of critical IT infrastructure, national cyber security and cyber defense and implement projects in over 50 countries in Central and Eastern Europe, East Africa and other regions. 


Companies managed by INVL Technology, in 2014 increased unaudited consolidated revenues by 14 percent to EUR 16.7 million (LTL 57.8 million), profit before taxes, amortization and depreciation by 34 percent to EUR 1.7 million (LTL 5.98 million), and net profit by 152 per cent to EUR 0.96 million (LTL 3.3 million).


Shares of INVL Technology are listed on NASDAQ Vilnius. Main INVL Technology shareholders – A. Banys (5 percent) and a company controlled by him LJB Investments (20 percent), Irena Ona Miseikiene (19 percent), K. Tonkunas (13,7 percent), Invalda LT – 8,2 percent and Lucrum investicija- 5 percent. In total, company has more than 3,5 thousand shareholders.

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