Rigas kugu buvetava

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This topic contains 9 replies, has 1 voice, and was last updated by  Nauris Treigys 2 months, 3 weeks ago.

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  • #312548 Reply

    Nauris Treigys
    Keymaster

    Copies of notifications of Linards Baumanis are enclosed
    The Board of Directors of AS „Rīgas kuģu būvētava” announces that on February 06th, 2018 it has received notifications of shareholder of AS „Rīgas kuģu būvētava” Linards Baumanis on alienation of shares and provides the information as follows:

    The Member of the Council of AS „Rīgas kuģu būvētava” Linards Baumanis during the period from January 25th, 2018 to February 01st, 2018 has alienated shares in the total amount of 93 000 (ninety three thousand) owned by him, which are listed with the Nasdaq Riga and put into public circulation, identification code LV0000100378.

    Weighted average price of the shares are as follows:

    Amount of shares Weighted average price (EUR) Date
    36 000 0,26 January 25th, 2018
    14 000 0,249 January 26th, 2018
    7 000 0,234 January 29th, 2018
    22 000 0,232 January 31st, 2018
    14 000 0, 231 February 01st, 2018

    Attachments:
    akciju pardosana baumanis 3 (29012018).pdf
    akciju pardosana baumanis 5 (01022018).pdf
    akciju pardosana baumanis 2 (26012018).pdf
    akciju pardosana baumanis 1 (25012018).pdf
    akciju pardosana baumanis 4 (31012018).pdf

    #313305 Reply

    Nauris Treigys
    Keymaster

    The Board of Directors of AS „Rīgas kuģu būvētava” declares that on February 26th, 2018 its creditor SIA „Navisoft” submitted an application to the court regarding to insolvency proceedings against AS „Rīgas kuģu būvētava” for non–fulfilment of its debt commitments in timely manner.

    The Board of Directors of AS „Rīgas kuģu būvētava” hereby informs that it has reached an agreement with SIA „Navisoft” for fulfilment of debt commitments of AS „Rīgas kuģu būvētava”, and whereas SIA „Navisoft” disclaims its application submitted with the court regarding to the initiation of insolvency proceedings.

    #313327 Reply

    Nauris Treigys
    Keymaster

    The Board of Directors of AS “Rīgas kuģu būvētava”, unified registration number 40003045892, legal address at Gāles iela 2, Rīga, LV–1015, convenes an Extraordinary Shareholders’ Meeting of AS “Rīgas kuģu būvētava”. A Meeting will be held on April 17th, 2018 at 11.00 o’clock in Rīga, Gāles iela 2 at premises of the AS “Rīgas kuģu būvētava”.

    The Agenda of a Meeting:

    1. Approval of the auditor of the Company for 2017.

    Registration of the shareholders will commence from 09.30 o’clock on the day of Meeting – April 17th, 2018 at the venue of the meeting.

    To quicken up the registration procedure, shareholders prior electronic application is preferable via e–mail: sapulce@riga–shipyard.com until April 10th, 2018 at 14.00.

    The shareholders are able to get acquainted with the draft decisions of Meeting from April 03rd, 2018, in working days from 09.00–12.00 o’clock in Rīga, Gāles iela 2, prior registration required by phone +371 67080883.

    The record date for participation at the Annual Shareholders’ Meeting of AS “Rīgas kuģu būvētava” is April 9th, 2018. Only those persons, who are shareholders on the record date with the amount of the shares they own on the record date, have rights to participate at the Annual Shareholders’ Meeting of AS “Rīgas kuģu būvētava”.

    Shareholders have rights to participate in the Meeting personally or by mediation of their legal representatives or authorized persons.

    Upon registration shareholders shall present a personal identification document. When shareholders participate in the Meeting by mediation of their legal representatives or authorized persons, representatives and authorized persons of shareholders shall also submit written power of attorney of the represented shareholder (form of a written power of attorney is available on website of the central storage of regulated information http://www.oricgs.lv and website of AS “Nasdaq Riga” http://www.nasdaqbaltic.com. Legal representatives shall present a document certifying their authorization.

    The shareholders, who represent at least 1/20 shares of the equity capital of the AS “Rīgas kuģu būvētava”, have rights within 7 (seven) days after the publication of the notification to require the institution, which convenes the Shareholders’ Meeting, to include additional issue in the Agenda of the Meeting. The shareholders, who propose to include additional issues on the Agenda of the Shareholders’ Meeting, have obligation to submit to the institution, which convenes the Shareholders’ Meeting, the draft resolution on the issues they are proposing to include in the Agenda, or explanation on the issues for which no resolution will be adopted. The shareholders have rights within 7 (seven) days after the publication of the notification on convening of Shareholders’ Meeting is released to submit draft resolutions on issues included in the agenda of the Shareholders’ Meeting. Shareholders have rights to submit draft resolutions on issues included in the Agenda of the Shareholders’ Meeting during the Meeting, if all the draft resolutions submitted to the Shareholders’ Meeting are considered and rejected. If a shareholder submits a written request to the Board of Directors at least 7 (seven) days before the Shareholders’ Meeting, the Board of Directors has obligation to provide him the required information on the issues included in the Agenda at least 3 (thee) days before the Shareholders’ Meeting. Upon request of the Shareholders, the Board of Directors is obliged to provide to the Shareholders’ Meeting information on the Company’s economic situation in such scope that is sufficient for consideration of the respective issue of the Agenda and objective resolution.

    Information on the Shareholders’ Meeting and Shareholders rights is also available on website of the central storage of regulated information http://www.oricgs.lv and website of AS “Nasdaq Riga” http://www.nasdaqbaltic.com.

    The total amount of shares and total amount of the shares with voting rights of AS “Rīgas kuģu būvētava” is 11 672 107.

    #313849 Reply

    Nauris Treigys
    Keymaster

    The draft decisions for the Extraordinary Shareholders’ Meeting held in

    Rīga, on April 17th, 2018

    Approval of the auditor of the Company for 2017
    Draft decision:

    To approve the auditors company SIA „Nexia Audit Advice” as the auditor of the Company for 2017;
    To approve the remuneration to the auditor in the amount of EUR 15 000, excluding value added tax (21%);
    To authorize the Board of Directors to conclude an agreement with auditors company SIA „Nexia Audit Advice” to carry out the verification of the Annual Report 2017.

    Ainārs Tropiņš
    AS “Rīgas kuģu būvētava”
    Mobile 29406461

    #313870 Reply

    Nauris Treigys
    Keymaster

    Copies of notifications of Linards Baumanis are enclosed
    The Board of Directors of AS „Rīgas kuģu būvētava” announces that on March 29th, 2018 it has received notifications of shareholder of AS „Rīgas kuģu būvētava” Linards Baumanis on alienation of shares and provides the information as follows:

    The Member of the Council of AS „Rīgas kuģu būvētava” Linards Baumanis during the period from March 02nd, 2018 to March 05th, 2018 has alienated shares of AS „Rīgas kuģu būvētava” in the total amount of 30 000 (thirty thousand) owned by him, which are listed with the Nasdaq Riga and put into public circulation, identification code LV0000100378.

    Weighted average price of the shares are as follows:

    Amount of shares Weighted average price (EUR) Date
    17 000 0,242 March 02nd, 2018
    14 000 0,222 March 05th, 2018

    As a result of the executed transactions Linards Baumanis has alienated all shares of AS „Rīgas kuģu būvētava” owned by him, which are listed with the Nasdaq Riga and put into public circulation.

    Attachments:
    akciju pardosana baumanis 6 (02032018).pdf
    akciju pardosana baumanis 7 (05032018).pdf

    #314251 Reply

    Nauris Treigys
    Keymaster

    The Board of Directors of AS „Rīgas kuģu būvētava” declares that on March 16th, 2018 its creditor SIA „ZLTD” submitted an application to the court regarding to insolvency proceedings against AS „Rīgas kuģu būvētava” for non–fulfilment of its debt commitments in timely manner.

    The Board of Directors of AS „Rīgas kuģu būvētava” hereby informs that it has reached an agreement with SIA „ZLTD” for fulfilment of debt commitments of AS „Rīgas kuģu būvētava”, and whereas SIA „ZLTD” on April 17th, 2018 on the day of hearing disclaimed its application submitted with the court regarding to the initiation of insolvency proceedings.

    #314252 Reply

    Nauris Treigys
    Keymaster

    oint Stock Company „Rīgas kuģu būvētava”

    Unified registration number 40003045892

    Gāles iela 2, Rīga, LV–1015

    The decisions for the Extraordinary Shareholders’ Meeting held in

    Rīga, on April 17th, 2018

    Approval of the auditor of the Company for 2017
    Decision:

    To approve the auditors company SIA „Nexia Audit Advice” as the auditor of the Company for 2017;
    To approve the remuneration to the auditor in the amount of EUR 15 000,– , excluding value added tax (21%);
    To authorize the Board of Directors to conclude an agreement with auditors company SIA „Nexia Audit Advice” to carry out the verification of the Annual Report 2017.

    #314640 Reply

    Nauris Treigys
    Keymaster

    After taking a thorough analysis of the situation and consulting the AS “Rīgas kuģu būvētava”, hereinafter referred to as the Company, council, auditors and lawyers, the Board of the Company decided to submit to the court the request to initiate the legal protection proceedings. The Company believes that the legal protection proceedings is although a very serious, but also the only right measures to get out of the complex conditions that have arisen under the influence of various recent developments.

    One of the main factors contributing to the current circumstances is situation in the financial environment. Unfortunately, in Europe, and especially in Scandinavia, there is a great deal of disrespect for Latvia’s credit institutions – mainly with local capital. It was followed by a decision of the customers not to accept the guarantees of Latvian banks as collateral, and the customer’s uncompleted investment portfolio led the Company to the loss of eight million euros worth orders. Also, the coerced leave of ABLV Bank AS from the Latvia’s financial market caused a significant reduction in the number of existing suppliers of materials and services, negatively affecting the costs of production.

    Also, the complicated geopolitical situation affecting our region left very negative consequences. The wave of sanctions has led to a huge drop in freight transport flows in all aspects of transport, including maritime transport. This affected the total number of vessels in the aquatorium covered by the operation of the Company, as a result of which the Company lost 30% of the usual market. Likewise, the mentioned sanctions have also affected most customers’ choices to choose the Company as a repair site, as their flag states prevents ships from docking in Latvia as in a state which applies sanctions. Due to this factor in 2017 the Company lost its orders worth six million euros, not counting unplanned repair work orders. Of course, the seasonal nature of the industry must still be taken into account – the abovementioned events made it much more difficult to overcome the winter season of 2017/2018.

    All of the above mentioned factors caused a decrease of current assets and forced the Company’s management to take unpopular measures, including shortening the working day to most of the Company’s employees. However, both for human considerations and in the hope that the ship repair works will continue with the opening of the spring and summer seasons, despite the difficulties, the management of Company did not perform mass dismissal, acknowledging that it will subsequently face labour force shortages afterwards. It should also be noted that the existing normative regulatory framework significantly restricts the options to attract foreign labour forces.

    Unfortunately, the difficulties encountered have caused delays in various payments.

    Company is thankful to the State Revenue Service and the State Labour Inspectorate for the shown understanding and cooperation in solving current problems. Company emphasizes that it does undertake to comply with its obligations towards its employees, the state and its creditors. For all last years the Company has fulfilled its obligations – every year at least two million euros were transferred to the state budget in the form of tax payments, while the wages to the Company’s employees has always been significantly higher than the industry average.

    Company is one of the oldest commercial companies in Latvia. 20 years ago it was actually rescued from destruction and it has gradually reborn, just like a phoenix. Over the years, shipbuilding has been completely restored, although credit institutions have been reluctant to credit such production, and there was no European Union funding available for developing this sector as well. However, over 400 ships were built during these years, five of which were intended for the Ministry of Defence of the Republic of Latvia. Over the years thousands of ship repair works were performed, and the Board of the Company is working to restore the business to the existing difficulties alike.

    Taking into consideration the tendencies, the management of the Company has partially restructured the Company, due to which the monthly expenses have already decreased considerably – even by more than 20%. As a result of the restructuring European and Southern European customers mostly have been set as the primary target market for ship repair. Also other business areas, which may be provided by the resources of the Company, are being actively developed – production of steel constructions, metal pouring and metal working services, stevedoring services, etc.

    Currently the Company is performing the repair of number of ships; likewise, new ship repair orders are in the negotiation process right now, including the next one – already in early June. The completion of these orders will establish the cash flow so necessary to the Company, which would allow beginning the fulfilment of delayed obligations.

    The Company is convinced that it will be able to restore the Company’s activity, ensure its stability and even increase its competitiveness. However, although the Board of the Company has a clear perspective for the recovery of the Company’s activities, it is already known that it will take time – time to restore the flow of current assets, diversification of production and attract investments. It is also known that during this period of recovery different conditions preventing the implementation of plans arising every day, and therefore the Company has submitted the court the request to initiate the legal protection proceedings. The sole purpose of the measure is to preserve the activities of the Company, to retain its working profile and to establish a situation which will make it possible to completely fulfil its obligations without worries, ensuring the Company’s development in the future. At present, the task of the Company’s management is to develop and submit the Company’s recovery plan to its creditors for approval. Of course, this will require both Company reorganization and personnel optimization, but unfortunately there are no other ways.

    #314641 Reply

    Nauris Treigys
    Keymaster

    Nasdaq Riga decided on May 28, 2018 to apply an additional reason for applied observation status to AS „Rīgas kuģu būvētava” (RKB1R, ISIN kods: LV0000100378) considering AS „Rīgas kuģu būvētava” announcement of May 28, 2018, that the company has decided to submit an application to court for the AS „Rīgas kuģu būvētava” Legal Protection Process.

    Therefore the observation status will be applied also according to Nasdaq Riga Listing and Disclosure rules Article 20.1.2, Subarticle 2, which stipulates that the Issuer shall be placed on observation list if it has permanent insolvency problems.

    The observation status which was applied on May 2, 2018 is still in force.

    The purpose of applying observation status is to alert the market participants.

    #314665 Reply

    Nauris Treigys
    Keymaster

    The Board of Directors of AS „Rīgas kuģu būvētava” declares that on May 28th, 2018 the Riga City Vidzeme Urban District Court resolved to initiate the legal protection proceedings of AS „Rīgas kuģu būvētava”.

    According to the court’s decision it is set a deadline until July 30th, 2018 to AS „Rīgas kuģu būvētava” for the development and coordination of the legal protection measure plan with its creditors by submitting a plan to the court for approval not later than on the day after the expiry of the agreed coordination period.

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