JSC Olainfarm Management Board will review OLMAFARM Ltd. request for an extraordinary shareholders’ meeting
On 2 August, 2019 JSC Olainfarm has received a request from its largest shareholder OLMAFARM Ltd. to call for a shareholders' meeting.
While fully respecting the rights of the largest shareholder of JSC Olainfarm to call for a shareholders' meeting, we urge not to make any hasty conclusions and objectively assess the situation within the company, and to draw conclusions based on more than just two indicators, when looking at the entire positive development of the Group. The company is developing steadily – Olainfarm Group closed the first half of the year with a 7% turnover increase. We also encourage to wait for the July preliminary results.
JSC Olainfarm is operating successfully, according to the planned pace of development, which allows us to look at the future with optimism. In June, the annual general shareholders meeting approved the increase of the Group profit, proposed by the Board, from EUR 10 million to 12.7 million. Half way through the year we have reached 50% of the planned consolidated sales amount adding up to EUR 66.3 million. This is a positive forecasted result.
We encourage OLMAFARM Ltd. to examine the situation in its bank accounts, on Wednesday 31 July, dividend payment was made in accordance with the decision made during the shareholders’ meeting. The ability to pay dividends is a characteristic of a successfully operating company.
“A shareholder has the right to address the company and ask for a meeting with the Supervisory and Management Board in order to discuss issues of interest in person. OLMAFARM Ltd. has not shown such interest so far. We will definitely invite the management of OLMAFARM Ltd. to meet to discuss the issues of interest in person and to make sure that the company is developing steadily. I can confirm that JSC Olainfarm has received a request from OLMAFARM Ltd. regarding an extraordinary general shareholders' meeting, which will be considered by the Board. The shareholders' meeting will be convened in accordance with the law. The date for the Board meeting is not set as of now,” says Lauris Macijevskis, JSC Olainfarm Chairman of the Board.
JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company's operations is to produce reliable and effective top -quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 60 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.
Investor Relations Advisor of JSC Olainfarm
Ph.: +371 29178878
One Liberty Plaza - 165 Broadway
NY 10006 New York
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