August 27, 2020
SIA DelfinGroup plans to become a joint stock company
Shareholders of SIA DelfinGroup, which operates in Latvia under the brands Banknote, VIZIA and Riga City Pawnshop, have plans to transform the legal form of the company into a joint stock company.
On August 25, 2020, SIA DelfinGroup has prepared and supplied to Enterprise Register of the Republic of Latvia a reorganization project to transform the company into a joint stock company. The transformation of the company into a joint stock company will be carried out in the form of reorganization and it is considered that the process will last for about 4 months. In accordance with the legislation all relevant changes will be registered in the Enterprise Register of the Republic of Latvia.
SIA DelfinGroup's mission is to create and provide innovative and custom finance solutions to our clients. The company's management values are simplicity, mastery, accessibility, focus on client, respect ambition and progress.
The reorganization of the company into a joint stock company follows the announcement on the increase of the company's share capital to 4 million euros on 28/07/2020, which was registered in the Enterprise Register of the Republic of Latvia on 04/08/2020. Accordingly, after the reorganization, it is planed that the share capital of the joint stock company will consist of 40 million shares with a value of EUR 0.10 each. As before, the governing bodies of the joint stock company will be the council of the company and the board of the company.
Agris Evertovskis, Chairman of the Board and majority shareholder, explains the reasons for the plan to change the company's legal form to a joint stock company: “Changing the company's legal form to a joint stock company is a decision made with a forward looking view in the future. For example, a joint stock company allows employee stock options that would encourage the involvement of the wider team in achieving the company's goals and to reap the benefits of achieving those goals. I believe that the decision will also increase the company's hitherto high rating among existing and potential investors in the company's bonds. "
In connection with the bond issue prospectus ISIN LV0000802379, LV0000801322, LV0000802213, the reorganization of the company into a joint stock company has been determined as a permitted type of reorganization of the company.
SIA DelfinGroup has issued bonds that have been listed on the Nasdaq Riga stock exchange since 2014. The company's investors include both individuals and institutional investors from Latvia, Lithuania, Estonia and other countries.