Buy back of own shares of Šiauliu bankas AB

On 16 November 2023 Šiauliu bankas AB (hereinafter referred to as the Bank) has received permission from the European Central Bank (ECB) to buy back up to 3 522 571 of its own shares:

• Up to 2 272 571 shares, for employees of Šiauliu bankas AB group (hereinafter referred to as the Group) as part of the deferred variable remuneration,
• Up to 1 250 000 shares, for reduction of the Bank capital.

The Management Board of the Bank, pursuant to Article 54 (2¹) of the Law on Companies of the Republic of Lithuania passed a resolution at the meeting held on 21 November 2023 to acquire 2 272 571 own shares (securities ISIN code LT0000102253) with the aim of granting purchased shares to the employees of the Group as a deferred part of share-based variable remuneration. Shares will be purchased on the Nasdaq Vilnius tender offer market on 22 - 23 November 2023 with a settlement day on 24 November 2023. The acquisition price per share is 0.66 EUR.

"We are ready to buy back the shares not only in order to grant them to the Group's employees as part of the deferred variable remuneration, but also to reduce the capital of the Bank. The Bank has not carried out buy backs for capital reduction yet, but it is a common market practise to repurchase shares when their market price, in the opinion of the Bank's Board, is lower than the Bank is worth or when there are reasonable expectations of growth potential. Moreover, buying back shares increases the value for the Bank's shareholders, since a larger part of the profit goes to each share," said Tomas Varenbergas, Head of the Investment Management Division of the Bank.

If the Management Board of the Bank takes a decision on the buy back of its own shares with a purpose to reduce the capital of the Bank, the Bank will inform in a separate notification.

Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@sb.lt