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Please note that we have amended our general terms and conditions. Please click here to read the amended WALLESS general terms and conditions, which became effective as of 1 November 2021.

WALLESS assisted of mandatory buy-back offer of the shares of publicly traded AS “Rīgas Elektromašīnbūves Rūpnīca”

In March 2018, Measurestep Enterprises Limited (MEL) acquired 33.04% of AS “Rīgas Elektromašīnbūves Rūpnīca” (the biggest company in the Baltic states that produces electric equipment. It specializes in production of electric motors, generators, transformators and other production for railway stock, metro, dump trucks and public urban transport. Hereinafter – RER) shares. Consequently, in accordance with Financial Instrument Market Law it had an obligation to submit a mandatory shares buy-back offer till 3 April 2018.
Simultaneously with the purchase of 33.04% of the RER shares, mentioned above, MEL was in active negotiations with regard to the indirect acquisition of additional 64.19% of RER shares, thus in total acquiring directly and indirectly 97.23% of RER shares. All of these transactions were part of a single MEL business development plan, and their completion was originally planned at the same time (as evidenced by the transaction price appraisal submitted to the FCMC), thus MEL would immediately become the direct and indirect owner of 97.23% of RER shares.
We assisted in preparing notifications about acquisition of a qualifying holding, as well as helped to assess the need to prepare a mandatory shares buy-back offer based on already acquired 33.04% and planned 64.19% of the RER shares. Afterwards actively started the preparation of the mandatory shares buy-back offer prospect and other necessary documentation, as well as communication with FCMC, Nasdaq and RER on the activities to be undertaken.

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