ICT investment company INVLTechnology shareholders approved new EUR 21.66 million share issue.
Minimum INVL Technology issue price is set at EUR 1.56, currently valuing the company at EUR 9.539 million.
„Public placement is planned after we prepare the prospectus of new share issue and it will be approved by the Bank of Lithuania. Attracted funds will be invested in IT companies“, – said Kazimieras Tonkūnas, CEO of INVL Technology.
According to him, Norway Registers Development AS, a company controlled by INVL Technology, recently signed an agreement regarding an acquisition of 80 per cent of electronic banking and retail software solutions company Etronika, UAB, shares, and is now actively looking for new acquisitions.
Shareholders have also authorized INVL Technology board to apply to the Bank of Lithuania for closed-end investment company license – this will make company similar to investment fund. Management of INVL Technology will be transferred to Invalda Asset Management – a subsidiary of one of the largest investment and asset management companies in Lithuania Invalda LT.
Shareholders who voted „against“ or abstained from voting regarding closed-end investment company license will have an opportunity to sell their shares during the tender offer. This offer will be announced by Invalda LT, preliminary share purchase price – 1,61 euro.
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 controlled by INVL Technology in 2014 consistently improved their results. Revenues increased by 14 per cent and reached EUR 16.7 million. Earnings before interest, tax, amortization and depreciation (EBITDA) – increased by 39 per cent to EUR 1.8 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.