INVL Technology shareholders approve procedures for acquisition of own shares

The shareholders of INVL Technology, a company that invests in IT businesses, approved procedures for the company’s acquisition of its own shares. At their annual general meeting on 28 April, the company’s shareholders also approved the company’s financial statements for 2022 and voted on the distribution of profits.

For purchasing its own shares, INVL Technology would use a previously formed reserve. In 2015, INVL Technology formed a EUR 9.8 million reserve for that purpose.

INVL Technology’s equity and net asset value amounted to EUR 38.27 million at the end of 2022 and were up 5.9% from a year earlier. Equity per share increased by the same percentage in 2022 and equalled EUR 3.17 at year-end. The company had a net profit of EUR 2.1 million last year, which is 19.3% less than in 2021. Dividends will not be paid out to shareholders and the profit earned last year will remain undistributed.

In view of the decision of the company’s General Meeting of Shareholders on 6 February this year to eliminate the Supervisory Board and of the provisions of the Law on Companies, a new policy on transactions with related parties was approved. The rules of the Audit Committee were also updated accordingly.

INVL Technology owns the cybersecurity company NRD Cyber Security, the Novian software services and IT infrastructure group, and, in the area of business climate improvement and e-governance, the NRD Companies businesses.

INVL Technology is a closed-end investment company traded on the secondary list of the Nasdaq Vilnius stock exchange (INC1L). It is managed by INVL Asset Management. INVL Technology’s investments will be realised by 14 July 2026, the proceeds will be paid out to shareholders, and the fund will wind down.

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