Notice of the Decisions and Implementation of the Meeting of Bondholders of ŽŪK AgroBokštai, an indirectly controlled by AUGA group, held on 9 December 2024
December 10 2024 - 12:12PM
UK Regulatory
Notice of the Decisions and Implementation of the Meeting of
Bondholders of ŽŪK AgroBokštai, an indirectly controlled by AUGA
group, held on 9 December 2024
On the initiative and
by the decision of UAB AUDIFINA, legal entity code 125921757, the
trustee of the bondholders (hereinafter – the Trustee), a
meeting of the bondholders (hereinafter – the Bondholders)
holding the issue of bonds, ISIN code LT0000407496 (hereinafter –
the Bonds), of the company ŽŪK AgroBokštai, legal entity
code 302485217 (hereinafter – the Issuer), indirectly
controlled by AUGA group, AB, legal entity code 126264360
(hereinafter – the Company), was held on 9 December 2024
(hereinafter – the Meeting).
As the Company
announced on 6 December 2024, the Issuer is a company of the
Company’s Group in respect of which the court has issued a
statement on the initiation of restructuring proceeding. In the
proceedings for the commencement of the Issuer’s restructuring
proceedings, the court as well as has imposed interim measures of
protection, including prohibiting the Issuer from discharging its
obligations, collecting debts and/or assets from the Issuer,
selling and/or otherwise transferring the Issuer’s assets, and
imposed other restrictions (hereinafter – the
IMP).
At the Meeting, the
authorised representatives of the Issuer informed the Trustee and
Bondholders about the initiation of the Issuer’s restructuring
proceeding and the IMP imposed by the court. They also presented
their assessment of the impact of these measures on the adoption
and implementation of the meeting's decisions. The Bondholders were
presented with the Issuer's assessment that, given the validity of
the IMP, the decisions on foreclosure of the company's mortgage and
the appointment of a property administrator, as outlined in the
meeting agenda, could not be implemented if adopted.
Information about the
decisions adopted during the Meeting is available on the Trustee's
website
https://www.audifina.lt/en/services/consulting-services/trustee-services/#viesi-pranesimai
Although the decisions
regarding the foreclosure of the company's mortgage and the
appointment of a property administrator were adopted at the
Meeting, as mentioned, the Trustee will not be able to implement
these decisions due to the ongoing restructuring procedure of the
Issuer and the validity of the interim measures.
Additionally, to
ensure transparent cooperation with Bondholders, the Issuer also
presented a proposal during the Meeting on how to settle with the
Bondholders: namely, to redeem all Bonds no later than December 31,
2026. Until the final redemption date, partial interest payments
would be made annually, using the Issuer's planned operational
revenues for 2025-2026 and potential external financing. The final
decisions on how settlements with Bondholders and other creditors
will be made will be determined in the Issuer's restructuring plan.
The Issuer will make every effort to fulfil its obligations to
Bondholders in accordance with the approved restructuring plan. It
is important to note that since the issuance of the Bonds, the
Issuer has consistently and properly paid interest to investors on
time.
The Bondholders
listened to this proposal from the Issuer but did not vote on it,
as this matter will be part of the restructuring plan. According to
legislation, Bondholders, as creditors, will have the opportunity
to vote on the plan at a later stage of the restructuring
process.
Contacts:
CFO of AUGA group, AB
Kristupas Baranauskas
+370 5 233 5340
Auga Group Ab (LSE:0IR4)
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