Concerning the opinion of the Audit Committee

February 18, 2021 1:30 AM EST

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

Lithuanian electricity transmission operator LITGRID AB (company code 302564383, registered office address Viršuliškių skg. 99B 13, Vilnius, Lithuania) informs that on 15 February 2021, confirmation of National Energy Regulatory Council was received and announces the opinion of the Audit Committee of the parent company UAB EPSO-G (hereinafter - EPSO-G) regarding the intended transaction with the related party EPSO-G in relation to the reciprocal lending and borrowing agreement.

On 25 January 2021, the Audit Committee of EPSO-G considered the Transaction and issued an opinion:

1.1 After assessing all the information provided by LITGRID AB (hereinafter - LITGRID), the Audit Committee of EPSO-G, in accordance with Article 37 (2) of the Law on Companies of the Republic of Lithuania, provides an opinion on the intended transaction of LITGRID with EPSO-G on the reciprocal lending and borrowing agreement (hereinafter – Lending Transaction):

(i) The conclusion of the Lending transaction is in line with market conditions (the applicable interest rate falls within the range of arm’s length principle; the applicable fees are in line with market conditions under which LITGRID could enter into a similar transaction with credit institutions);
(ii) The Lending Transaction is fair and reasonable to LITGRID shareholders who are not parties to the Lending Transaction, as LITGRID could save up to 100-150 thousand euro per year by concluding the Transaction. Therefore, both LITGIRD and its non-counterparty shareholders would benefit.

1.2. The opinion issued in Point 1.1 will enter into force and may be made public only after the National Energy Regulatory Council confirms that it does not object to the connection of LITGRID's congestion income bank account to the Group's account.

The individual authorized by LITGRID AB to provide additional information on the material event:
Jurga Eivaitė
Communications Manager
tel. +370 613 19977 e-mail:

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Globe Newswire, Press Releases