for the Extraordinary General Meeting of Shareholders
of the Joint Stock Company “Latvijas Gāze”
of August 8, 2022
Adoption of the decision on commencement of the reorganisation process or reduction of equity capital of the Company
1. To take note of the assessment made by the board of the joint-stock company "Latvijas Gāze" (hereinafter - the Company) regarding the task given at the June 27, 2022 shareholders' meeting of the Company - reorganization of the Company through division and reduction of the Company's share capital, enforcement impossibility due to the restrictions set by the National Security Law.
2. To initiate:
2.1. reorganization of the Company by division pursuant to Section 336(4) of the Commercial Law, as a result of which the Company would transfer part of its property – and namely, 39,900,000 shares of the joint-stock company “GASO”, registration number 40203108921, representing 100% of its share capital – to a newly incorporated company. As a result of the reorganization, all shareholders of the Company shall become shareholders of the newly incorporated company proportionate to their shareholding in the Company;
2.2. reduction of the equity capital of the Company pursuant to Section 262(1)(2) of the Commercial Law, as a result of which shareholders of the Company as a payment for submitted shares would receive shares of the joint-stock company “GASO”, registration number 40203108921, owned by the Company, proportionally to shareholders’ participation in the equity capital of the Company.
Riga, July 25, 2022
On behalf of the JSC “Latvijas Gāze”,
Chairman of the Board
On the JSC “Latvijas Gāze”
Latvijas Gāze is one of the leaders of the Baltic energy industry.
Our goal is to consolidate the leading position of the Latvijas Gāze Group in the Latvian and Baltic energy market by becoming the customers’ first choice among natural gas suppliers and providing the most reliable natural gas supply for the entire region.
The wholesale and sale of natural gas to business customers is carried out in Latvia, Lithuania and Estonia. Following the opening of the Finnish gas market on January 1, 2020, Latvijas Gāze has successfully started natural gas trading in Finland as well. In the household segment, Latvijas Gāze is the biggest and most prominent natural gas trader in Latvia.
After Latvia regained its independence in 1991, a joint state-owned company “Latvijas Gāze” was established by merging the Latvian gas infrastructure and institutions. The privatisation of the company was commenced in 1997 and completed in 2002. Since February 15, 1999, the shares of the JSC “Latvijas Gāze” have been quoted on the Nasdaq Riga stock exchange. Taking into account the requirements of the European Union for the establishment of the natural gas market and the expiry of the privatisation agreement between the state and the shareholders of Latvijas Gāze, the unified transmission and storage operator JSC “Conexus Baltic Grid” was separated from Latvijas Gāze in early 2017, followed by the separation of the distribution system operator JSC “Gaso” on December 1, 2017.
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