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LM largest shareholders conceptually agree to sell their shares

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Аuthor: Evija Trifanova/LETAThe largest shareholders of Liepājas metalurgs (LM) – Sergei Zakharin and Ilya Segals – support the proposal of the creditor club to sell their owned shares for a symbolic price of 1 LVL. This was announced to journalists by Prudentia‘s Chairman Karlis Krastins this Tuesday, May 7.

He explained that discussion will soon take place about the probable sale of the company shares. There will also be discussions with the third largest shareholder of LM – Kirov Lipman. He declined this offer.

Krastins added that one week is an optimal amount of time to clarify things.

During the Tuesday government meeting, Prudentia‘s report about the situation at LM was voiced. As Economy Minister Daniels Pavluts told the journalists, shareholders have completed only once of the five conditions set by creditors. Discussions about further actions will continue.

He emphasized that not one of the currently explored scenarios is being held as a priority. The most important thing is to save the enterprise. This is why shareholders are expected to make additional investments or sell their owned shares for a symbolic price.

According to PM Valdis Dombrovskis, the best possible solution would be to have the owners of LM resolve the problems on their own. “Up until now, we have faced conflicting views from shareholders. There is very little time left. This is why I hope shareholders will be able to reach an agreement that would benefit all sides”, – he said.

It should be added that LM shareholder Kirov Lipman has declined the offer, saying it to be “completely unacceptable”.

Lipman sent his reply to PM Valdis Dombrovskis, Chief of State Treasury Kaspars Aboltins and Prudential Advisers Chairman Karlis Krastins.

In his letter, Lipman repeatedly notes that he is ready to personally get involved in stabilizing the company’s financial state, including by attracting a strategic investor. For this to happen, however, it is necessary to meet several conditions – Lipman should be allowed to access the report of Ernst & Young about LM’s financial state, as well as having Zakharin and Segal sell their shares to a new investor. It is also necessary to replace LM’s Board, Lipman writes.

He mentions that the situation when he, Sergei Zakharins and Ilya Segals are offered a solution in the form of possibility that also includes him giving away his owned shares “for nothing” is unacceptable.

Lipman also said in his letter that, opposite to what Prudentia believes, the meeting of conditions is possible only if there is sufficient political will to do what is necessary.

“I would like to particularly note that, unlike Zakharin and Segals, I am prepared to provide specific amounts of money for financial investments in LM. I can also define terms. But only if the conditions I presented earlier are met”, – Lipmans notes in his letter.

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