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Jānis Buks elected as the Chairperson of the Management Board of JSC Olainfarm

on July 30, 2021

Today, on July 30, the Supervisory Council of JSC Olainfarm has elected Jānis Buks as the Chairperson of the Management Board. He has significant professional experience, which, together with the team of JSC Olainfarm, will contribute to the company’s growth, stability, and predictability. Jānis Buks was the Deputy Chairperson of the Supervisory Council of JSC Olainfarm from April 4, 2019 to June 17, 2021.

“JSC Olainfarm is a Latvian pharmaceutical success story, however, the conflicts of recent years have overshadowed the success. We need to ensure stability and predictability, both for future plans and for the group as a whole. It is time to restart Olainfarm and build back the company’s reputation, continue to grow and to be a stable and predictable partner and employer,” emphasizes Jānis Buks, Chairperson of the Management Board of JSC Olainfarm.

J. Buks graduated from the Faculty of Law of the University of Latvia, obtaining a bachelor’s degree in law. He improved his knowledge in the London Business School Strategic Leadership Program in London and the Management Development Program in Vienna. For seven years he was the Head of the Latvian branch of Nordea Bank AB Bank in Latvia and for a year he worked as a Member of the Management Board of AS Luminor Banka.

J. Buks does not own any shares of JSC Olainfarm or capital shares in other companies.

Board Members Janis Leimanis, Elena Bushberg, Signe Baldere-Sildedze and Raimonds Terentjevs continue to work in the Management Board of JSC Olainfarm.

Olainfarm, a part of Olainfarm Group, is one of the leading pharmaceutical companies in the Baltic States offering high quality medicine and chemical pharmaceutical products. The Group’s business strategy “FORWARD” highlights the main company’s vision – to become one of the TOP10 Central and Eastern European manufacturing companies by 2025.

With nearly 50 years of expertise, Olainfarm Group delivers sustainable healthcare products and services with added value to patients in more than 50 countries all over the world via its key subsidiaries – pharmaceutical company Olainfarm, food supplements & medical devices producer Silvanols, elastic & compression material producer Tonus Elast, pharmacy chain Latvijas Aptieka and healthcare & diagnostics centres DiaMed & OlainMed.

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Jānis Buks elected as the Chairperson of the Management Board of JSC Olainfarm

Information about mandatory offer of share repurchase

on July 16, 2021

Joint Stock Company “Olainfarm” hereby informs that on 19 July 2021 according to 14 July 2021 Financial Capital Market Commission decision and the official announcement of the publisher “Latvijas Vestnesis” on 16 July 2021, JSC AB CITY will begin the mandatory share repurchase offer process.

The following details of this mandatory share repurchase offer are being published in accordance with Article 73, Section 4 of the Financial Instruments Market Law (“FIML”):

Information about the offer

The Target Company: JSC Olainfarm,  registration number 40003007246; legal address: Rupnicu street 5, Olaine, LV-2114, Latvia, phone: +371 67013705, e-mail: olainfarm@olainfarm.com, webpage: www.olainfarm.com.

Offeror

JSC AB CITY, registered on 11.10.2018. with registration number 40203174414; legal address: Ganibu dambis 24D, Riga, LV-1005, Latvia. Offeror has acquired voting rights in the Target company’s shares based on indirect ownership that in total comprise 30.85% of the Target company’s total number of shares with voting rights.

One share repurchase price and methods used to determine the share price

Repurchase price is EUR 9.26 (nine euros and 26 cents) for one share.

To determine the repurchase price per share, the methods specified in Financial Instrument Market Law (FIML) Article 74, Section one. Repurchase price of one share is determined in accordance with the method specified in FIML Section 74, Section one, Paragraph three, that envisages to determine a price of one repurchased share by dividing the Target company’s net assets with total number of shares, net assets to be calculated by subtracting the shares held by the Target company and liabilities from total assets. Method determined in FIML Article 74, Section one, Paragraph three is used by evaluating Offering price compliance with all methods determined in FIML Article 74, Section one and by choosing the method which calculates the highest price for one share to be repurchased.

The share repurchase term and the term of the result announcement

The term for the mandatory share repurchase offer shall be 30 (thirty) days from the day when the Offeror, in accordance with FIML Article 73, Section four, publishes the information regarding the share repurchase offer via official publisher “Latvijas Vestnesis”.

On the last day of the offer maturity, shareholders of the Target Company may refer to the share repurchase offer until 16.00.

Within 5 (five) working days after the expiry of the term of the mandatory share repurchase offer, an offeror shall publish an official announcement via official publisher “Latvijas Vestnesis” regarding the offer results.

An offeror will submit a report regarding the results of the Offer to the Finance and Capital Market Commission, Nasdaq Riga and the Target Company wihin 5 (five) working days after the end of the term of the mandatory share repurchase offer.

Place and time where and when the prospectus can be familiarized

The prospectus will be published on Nasdaq Riga website in accordance with FIML regulations.

The dates of the offer ending, result announcement and settlement implementation

The offer ends on 17 August 2021.

The announcement on the offer result is on 24 August 2021.

Settlement implementation is on 24 August 2021.

Attachment: Joint Stock Company Olainfarm mandatory share repurchase offer prospectus of 30 June 2021 (in Latvian).

Additional information:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

 

Attachment: JSC Olainfarm mandatory share repurchase offer prospectus of 30 June 2021 (in Latvian)

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Information about mandatory offer of share repurchase

A long-term strategy and clear priorities are required for development in pharmacy

on July 13, 2021

When considering different aspects, it is clear that the health and pharmacy field requires a strategic national vision in order to develop and grow – Juris Bundulis, the new Chairman of the Supervisory Council of JSC Olainfarm, tells Dienas Bizness in an interview.

You have recently become the new Chairman of the Supervisory Council of JSC Olainfarm, you have been the Chairman of the Board of JSC Grindeks, and the Director of the Department of Pharmacy and Deputy State Secretary at the Ministry of Health for many years. What is the overall scene of the pharmaceutical and health sector like today?

The perspective of both sides gives me certain advantages – I have seen the sector from both a public and a private business point of view. Personally, I believe that we can be proud of the Latvian pharmaceutical industry. Even during this critical time, when we had to deal with difficult situations caused by the Covid-19 pandemic, it was the private sector that was able to take responsibility and also financial risks, and that helped the country to deal with various complex situations. Even overnight, the necessary supplies and various logistical issues related to vaccines were resolved. It was not easy to do everything at once and in a short time, but it was done. In crisis situations, it is important that people do not panic, and one of the first ones to reassure people were pharmacists. I would like to point out that they, of course in collaboration with other professionals in the field, did a tremendous job.

The manufacturers of medicine and the pharmaceutical industry!?

Despite the strict requirements, the drug manufacturers have managed to adapt to them. Pharmaceuticals is one of the most heavily regulated sectors. It could even be said that Latvia’s pharmaceuticals have managed to survive in the long term — the only country to do so among the three Baltic states. We have companies with local capital, which is a lot when you look at our immediate neighbours. Those companies have not only survived but continue to thrive and compete successfully.

If we look at pharmacies, which are also a part of the industry, they are often compared to retail outlets. Do you think this perception is valid?

Absolutely not. Pharmacy and pharmaceutical care are an integral part of healthcare. It cannot be seen in the same way as a convenience or a beverage store! It carries responsibility for people’s health. It is recognised worldwide that medication therapy is one of the most cost-effective approaches to health care. Of course, we should not forget prevention practices, because it is best not to get sick in the first place. However, once diagnosed, this is one of the cheapest ways to help cure the disease, as treating hospital-acquired, delayed in treatment diseases is a much more complex and expensive process.

There is a lot of talk at the moment about how many, when and where people are affected by Covid-19. It appears as though other diseases do not exist, or have they forgotten about them?

The focus on Covid-19 has indeed led to a conclusion that there might not be any other diseases, but that is not true. An increasing number of experts point out that there is a growing problem of oncological and cardiological diseases that have not been treated in a timely manner, and other chronic diseases that are getting worse.

So, it seems that they have forgotten to consider the bigger picture?

A strategic vision of the whole health segment, its development and the future growth of the pharmaceutical sector is very important. Paragraph 139 of Latvia’s government declaration states that a strategy for the pharmaceutical sector should be developed.

So, there is an understanding that we have a strategically important segment of the economy, a strategically important field, but no solution yet?

We are doing poorly regarding the practical side. It is declarative and very clear, but it is one thing to declare and quite another to clearly define the priorities that emerge from a given strategy.

What is important?

It is my understanding, and I would say that the understanding of many professionals in the sector, that two things are important: access to services and their quality. Of course, all of this comes at a cost, so public funding for access to the service is both a critical and highly sensitive matter. For example, the Latvian compensation system as a whole has been checked by various tests, both in terms of time and in the assessment of different experts. Currently, it is clear that an approach based on the gradation of severity of illness is the right way to set levels of compensation. It just needs to be resourced. This is similar to the blood circulation process in the body — if there is not enough blood, nothing else will work well.

Are you talking about reimbursing the purchase of medicine?

Yes, and the obvious problem, as the figures show, is that the medicine reimbursement system is too underfunded. Perhaps this is why, in order not to solve the problem, attention is paid to the prices of medicine, to the regulations, when this is not the essence of the issue. In countries where all prescription medicine is covered by a higher or lower percentage of public funding, and patient co-financing is relatively low, these topics are not an issue.

Can we say that medicine costs the same everywhere, but here the state covers a much smaller part of the price?

In Latvia, a large proportion of medicines is paid by families, not the state. If you look at the prices of state reimbursable medicine in Latvia, according to the regulation they are available in all Latvian pharmacies and are among the cheapest in the European economic area. Many European countries look at Latvian medicine prices as reference prices. As we know, these are almost always the lowest prices. So we have less access to medicine because people are unable to buy them.

When you look at the amount of money that is being distributed to deal with various emergencies and consequences, and when you see the figures, you have to ask: is it not possible to allocate 15% of all this to reimbursable medicine? The situation would improve drastically!

At the same time, every now and then some legislation is opened and amended. Unsuccessfully?

The laws are so intertwined that it is dangerous to pick one apart without seeing the big picture. Pharmaceuticals have proven their viability and also contribute to the country in terms of jobs, taxes and economic development. These are also innovations! Pharmaceuticals is one of the most innovation-intensive sectors. Without a clear vision, trying to yank this huge mountain of regulations around one corner can bring down the house of cards. The ill-considered handling of such individual cases is a drag on the whole sector and inhibits development. For example, the regulations regarding the opening of new pharmacies, which is now being done for the second time and submitted to the government for consideration, looks like a failed joke, at the same time it is also upsetting all professionals in the sector. In the end, no one understands what is really going on, and who benefits here. Declaratory objectives are fine, but the reality is that there is a desire to redistribute the market in favour of a particular player, rather than to improve access to services that would benefit every citizen.

Is this about rural pharmacies and pharmacists?

Given the limited number of specialists, if there is a redistribution of the market to the cities, it will be the rural areas that will suffer. If there is a desire to solve access to medicine while reducing other risks, then during the Covid-19 pandemic a good solution has been found — home delivery. This option has now been extended until the end of the year. This is one way to bring medicine closer to where people live, in places where pharmacies are not available. It is a question of strategy, where professionals can come together and agree on what is best. Thanks to modern technology, it is also possible to provide high-quality remote pharmacist consultations. This can be done! The Cabinet of Ministers draft Regulations Project proposed by the Ministry of Health does not solve the problem, it only raises many questions and uncertainties.

If we talk about the pharmaceutical sector as strategically important one, we have no shortage of strategic procurements that could be linked to this sector in the last year and a half. How do you see this state action? To ask this question directly — is it not true that more could have been ordered from local companies taking strategic action?

I would like to stress that the pharmaceutical sector is also an element of national security. In all kinds of crisis situations, what is it that people need most? Food, medicinal products, safe housing, heat, electricity, etc. Of course, it is different in countries where there is a strong national pharmaceutical industry, where it accounts for 40% of the market instead of 4% like in Latvia. The benefit is that local producers can be held accountable. On the same issue of vaccine supply, companies in other countries can simply say that they will not be able to provide enough vaccine supplies immediately because they may have another order that is more important. A similar issue could arise with painkillers, which can be in short supply in times of disaster.

Could vaccines be produced in Latvia?

Certain elements or components certainly can be. In regard to vaccine production, it is not a simple process. The requirements are much more serious from the viewpoint of safety. Quite recently, thanks to the activities of the Minister for Economics in Latvia and the European Commission’s vision to ensure that vaccines are available, these activities to ensure that countries have the capacity to produce vaccines have been on the agenda.

Currently this process is ongoing, and no decision has been taken. If we are moving forward in this area, it is important that we talk about a certain range of products and future possibilities. If we are talking about the current Covid-19 vaccines, there is definitely a demand. The capacity to provide them is limited. We have great opportunities in this area — not only because we have strong pharmaceutical companies, but also because we have strong pharmaceutical science. We have the Latvian Institute of Organic Synthesis, which is very experienced and has original products, and we have the Latvian Biomedical Research and Study Centre, which works on new technologies in medicine. If the science is there, if the development capacity is there, and if the production capacity is there, then of course such niches and new product groups should be developed. But this process is also cost-intensive. Supporting research programmes and bringing them to production is a matter of investment. If we work together with determination, we can make this happen. The short-term solution is to buy a licence to produce vaccines, but then you are dependent on another manufacturer. A full production cycle is needed, then it is possible to address the essence of the issue.

If we talk about traditional medicine, what are the opportunities for our national producers?

Olainfarm, Grindeks and other manufacturers have proven that they can deliver. If you know how to do it, if it has already been done for a traditional product, you can do it for more complex processes as well.

If I understand correctly, there are also companies in the Olainfarm family that can produce, for example, protective equipment, quality masks, perhaps even respirators. Other companies can do this and that as well.

If we can do this, individually or in partnerships, then why are we importing masks from China when we have doubts regarding their compliance? We can manufacture masks ourselves! It would be much easier to control the local producer, and non-compliances, if any, could be corrected more quickly.

Most definitely. In emergency situations for which nobody is fully prepared, when there is a huge uproar around the world and products are bought up immediately, I know that Latvian businesses have been approached with requests to sell protective equipment so that it can be taken out of the country. Yes, it is true that it is possible to monitor local producers, it is possible to control them, and it is possible to ensure that what is needed stays here. However, launching any new product is already a complex process. Even masks have to comply with certain regulations. It is clear that the Covid-19 crisis has been a good lesson for us. It is possible to produce the necessary goods. But to do this, everyone needs to move in the same direction, in a coordinated and coherent way. On the one hand, there are strict state regulations, competitions that take time, which the state itself monitors, and on the other hand there are producers who do not want to break them. A quick approach is needed for fast action. We need to decide how we can do it faster right here. It is possible to quickly understand what products are of strategic importance. Crisis situations are already sudden, when everybody needs something, but what might be needed can also be foreseen; the products that factories should suddenly produce if there is a need can also be predicted. It is also a question of planning and strategy.

Does Olainfarm have a strategic plan?

Yes, absolutely. It should go hand in hand with the needs of the country, as only then does it work smoothly.

You have become the new Olainfarm’s Chairman of the Supervisory Council. Is Olainfarm one of the companies of strategic importance for the country?

Most definitely.

I have written more than once in Dienas Bizness about Olainfarm shareholder disputes. What about now? Are you sure about the shareholders, their choice, is everything for sure?

I will not talk about legal issues, because there is a reason behind the saying that there is nothing more unstable than a perfectly stable situation. What I can tell you is that if I did not have confidence that the shareholders wanted the company to grow, I would not have taken the job. Shareholders are united in their vision to grow the company, and that is of utmost importance. A very difficult period has ended. Of course, there are legal nuances, but they do not apply to the company’s operations and its Supervisory Council. The lawyers will resolve the remaining disputes, and all proceedings will surely be concluded.

The most important thing for me is the shareholders’ vision and understanding that the value that has come into their hands cannot simply be jerked left and right, that it has to be developed purposefully and that all energy and resources have to be devoted to this task. There are opportunities for development — both new products and new markets. The company has an ambitious development strategy, and there are things that may still need to be fine-tuned, but there will be no fiddling and fidgeting. Half a year from now, we will assess how clearly we are moving in line with the objectives and principles set out in the strategy. We will determine whether there is room to do better, to do more. We must continue to work hard for a common goal.

Until now, Olainfarm did not have too many products of its own. Is this one of the areas for development?

Exactly. New products take time to develop and bring to market, but there are ways and opportunities to do it faster. In partnership, on a project-by-project basis. The second development direction is the registration of existing products in new markets. After all, it is important to load all production lines. The key word for development is staff. The company in Olaine has people who are loyal and committed to the company and have proven that, despite any fluctuations and crises, medicine is provided. There are positions where we need reinforcements, where we are looking for specialists. There are limited opportunities in Latvia, so we also look outside Latvia. These are the priorities to which the Olainfarm Supervisory Council will devote its attention and energy.

We have talked a lot about strategy and the industry as a whole, but what do you see as Olainfarm’s contribution to the country and what does the company need from the country; what do you expect? And specifically, for Olainfarm?

What we give to the country and to society, and can give even more of, is quality medicine that meets all European standards. This includes developing new medicine to meet national needs. If such wishes and needs exist. Market trends determine our choices, but we can and are also interested in participating in public procurements. We expect support from the state in science and innovation, which are very financially intensive issues. But if they can’t help us, they should at least not get in the way. This is, of course, not a good principle, because it is only by working together in a strategic sector that we can achieve what we want. We all have one main concern — people’s health. And it is also a national priority.

As a medicine manufacturer, people believe that pharmacists, both manufacturers and traders, only dream of selling more medicine. What about this business-related element?

Pharmaceutical professionals do their job with quality and professionalism. It is very important that people take their medicine correctly and responsibly — only then will the desired result be achieved. It is important that when people need medicine, they get it.

It is often pointed out that we have a lot of prescription medicine. Some people would like to buy medicine in supermarkets. Any comments?

In Europe, the market split — 70% prescription, 30% over-the-counter medicine — is very similar. In the case of prescription medicine, the prescribing doctor takes responsibility for what the patient is prescribed to take. In this way, in collaboration with the pharmacist, the patient is protected against overmedication, conflicting medicines, unjustified concomitant use of medicines with similar active substances and other risks.

In recent weeks, Latvia has been rejoicing over the allocation of funds from the European Union’s Recovery and Resilience Mechanism, and they are already being distributed. Even the healthcare field receives millions. We have borrowed substantial sums, almost a billion in half a year. This money has also paid for a lot of health care. How do you see this money being spent?

This money should be spent, as a caring leader should — in the interests of the people. It should not just be required, but also used economically. Latvia has borrowed half as much as the annual health budget. I remember how difficult it was to get additional funding from contingency funds when the need was 10 or 100 thousand. There was a real need, but it was very difficult to get the money. I do not fully understand this over-spending of money.

Original interview published in Latvian: “Dienas Bizness”, 06.07.2021.

Photo: Evija Trifanova/ LETA

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A long-term strategy and clear priorities are required for development in pharmacy

Uzņēmumu reģistrā reģistrētas izmaiņas AS “Olainfarm” padomē un valdē, akcionāri dividendēs saņems vairāk nekā 2 milj. eiro

on June 21, 2021

AS “Olainfarm” akcionāri 2021. gada 17. jūnijā ārkārtas sapulcē ievēlējuši jaunu uzņēmuma padomi piecu locekļu sastāvā, kā arī uzņēmuma valdē apstiprinājuši jaunu valdes locekli. Uzņēmumu reģistrs atbilstošas atzīmes par izmaiņām veicis 2021. gada 19. jūnijā.

Līdz ar šo, uz piecu gadu termiņu AS “Olainfarm” ir ievēlēts padomes priekšsēdētājs Juris Bundulis, priekšsēdētāja vietnieks Sandis Petrovičs un padomes locekļi Irina Maligina, Pēteris Rubenis un Andrejs Leibovičs.

AS “Olainfarm” valdē apstiprināts un darbu uzsācis Jānis Leimanis. Iepriekš J. Leimanis bijis SIA “Clean R” valdes priekšsēdētājs, atbildīgs par uzņēmuma stratēģisko attīstību un ikdienas vadību; SIA “Jēkabpils kokapstrāde” valdes priekšsēdētājs, kas atbildīgs par uzņēmuma stratēģisko attīstību, darbības reorganizāciju un akcionāru interešu nodrošināšanu. J. Leimanim ir Zvērinātu sertificētu grāmatvežu asociācijas ACCA kvalifikācija, Uzņēmumu reģistra mantisko ieguldījumu novērtēšanas eksperta kvalifikācija aizdevumu kapitalizācijā, biznesa, finanšu aktīvu un saistību novērtēšanā.

“Jāņa Leimaņa pieredze un spējas būs būtisks pienesums jaunajai vadībai uzņēmuma izaugsmes mērķu sasniegšanā. Tuvākajā laikā uzņēmuma vadības kapacitātes stiprināšanai “Olainfarm” valdē piesaistīsim vēl papildu speciālistus,” norāda AS “Olainfarm” padomes priekšsēdētājs Juris Bundulis.

Līdz ar veiktajām izmaiņām uzņēmuma padomē un valdē, ir novērsti bijušo amatpersonu un to partneru ilgstošie centieni graut AS “Olainfarm” stabilitāti. Lai nodrošinātu akcionāru sapulces leģitimitāti, 17. jūnija ārkārtas akcionāru sapulcē piedalījās arī Finanšu un kapitāla tirgus komisijas pārstāvji.

Kā jau ziņots iepriekš, 18. jūnija AS “Olainfarm” ārkārtas akcionāru sapulcē tika nolemts uzņēmuma akcionāriem izmaksāt dividendes vairāk nekā 2,39 miljonu eiro apmērā. Par pēdējo darba dienu pirms ieraksta datuma akcionāri noteica 8. jūliju, dividenžu ieraksta datumu – 9. jūliju un par dividenžu maksājuma datumu – 12. jūliju.

AS “Olainfarm”, daļa no “Olainfarm” grupas, ir viens no vadošajiem farmācijas uzņēmumiem Baltijas valstīs, kas piedāvā augstas kvalitātes medikamentus un ķīmiskos farmaceitiskos produktus. Uzņēmuma biznesa stratēģija “UZ PRIEKŠU” iezīmē tā vīziju – kļūt par vienu no TOP10 Centrālās un Austrumeiropas ražotājiem līdz 2025. gadam. 2020. gadā koncerna apgrozījums bija 122 157 tūkst. EUR, tīrā peļņa bija 9 478 tūkst. EUR.

Ar gandrīz 50 gadu ekspertīzi “Olainfarm” grupa piegādā ilgtspējīgus veselības aprūpes produktus un pakalpojumus ar pievienoto vērtību vairāk nekā 50 valstīm visā pasaulē. Grupā ietilpst – farmācijas uzņēmums “Olainfarm”, uztura bagātinātāju un medicīnisko iekārtu ražotājs “Silvanols”, elastīgo un kompresijas materiālu ražotājs “Tonus Elast”, aptieku ķēde “Latvijas aptieka”, veselības aprūpes un diagnostikas centri “DiaMed” un “OlainMed.”

Papildu informācija:

Ieva Lapiņa-Ennīte

tel. 29375689

Ieva.Lapina-Ennite@olainfarm.com

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Uzņēmumu reģistrā reģistrētas izmaiņas AS “Olainfarm” padomē un valdē, akcionāri dividendēs saņems vairāk nekā 2 milj. eiro

News about JSC Olainfarm Supervisory Council and Management Board

on June 18, 2021

Juris Bundulis has been elected as a Chairperson of the Supervisory Council of JSC Olainfarm and Sandis Petrovičs has been elected as a Deputy Chairperson.

Supplementing previously published information about members of JSC Olainfarm Supervisory Council it is disclosed that Irina Maligina indirectly owns 1 097 051 shares of JSC Olainfarm.

The Supervisory Council of JSC Olainfarm approved Janis Leimanis as a Member of the Management Board. Board members Elena Bushberg, Signe Baldere-Sildedze and Raimonds Terentjevs continue to fulfil their duties at the Management Board of JSC Olainfarm.

Since 2020 Jānis Leimanis is a Member of the Supervisory Board of Latvijas Valsts Radio un Televīzijas Centrs and Rīgas Namu Pārvaldnieks Ltd. Since 2004 Member of the Management Board of JL Index Ltd, Private Ltd, responsible for business development and operational management. From February 2019 to February 2020, Member of the Management Board of CatchSmart Ltd, responsible for business development and operational management, implementation of the launch of programming services for public institutions and ministries. From 2016 to 2018, he was Chairman of the Management Board of Clean R Ltd, responsible for the strategic development and day-to-day management. From 2015 to present J. Leimanis is the Chairman of the Management Board of Jēkabpils Kokapstrāde Ltd, responsible for the strategic development of the company, reorganisation of operations, and ensuring the interests of shareholders.

Jānis Lemanis holds an Engineer’s Degree in Engineering and Industrial Management as well as Bachelor’s Degree from the Riga Technical University. He has the Association of Chartered Certified Accountants (ACCA) qualification. In addition, he is an authorised valuation expert of business interests, debt and equity instruments by the Register of Enterprises of Latvia. He has graduated from the Mini MBA program of Stockholm School of Economics in Riga (SSE Riga). He is also a Member of the Baltic Institute of Corporate Governance.

Janis Leimanis indirectly owns 10 521 shares of JSC Olainfarm.

Additional information:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

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News about JSC Olainfarm Supervisory Council and Management Board

RESOLUTIONS of the Extraordinary General Meeting Of Shareholders of JSC “Olainfarm” held on June 17th, 2021

on June 17, 2021

1.   Amendments of the Joint Stock Company “Olainfarm” Articles of Association, in Article 5

Decision:
To amend the Article 5 of the Joint Stock Company “Olainfarm” Articles of Association and express Article 5 in the following wording:
“The Company’s Council shall consist of seven members of the Council.”.

Voting resultswith majority of the votes proposal to amend the Article 5 of the Statues has been rejected.

2.   Recall of the Council and election of the new Council

Resolution:
2.1.    To recall the members of the Council of the joint stock company “Olainfarm”.

Voting resultsthe decision is taken with the required majority of votes.

2.2.    To elect the Council of JSC “Olainfarm” consisting of the following members for the term of five years:

1) Juris Bundulis
2) Andrejs Leibovičs
3) Pēteris Rubenis
4) Sandis Petrovičs
5) Irina Maligina

Voting resultsthe decision is taken by dividing votes.

2.3.    To set the total monthly remuneration of the members of the Council in the amount of EUR 21 000.00.

Voting results: the decision is taken with the required majority of votes.

3.   Election of the new Audit committee

Resolution:
3.1.    To elect JSC “Olainfarm” Audit Committee consisting of the following members for the term of two years:

1) Viesturs Gurtlavs
2) Sandis Petrovics
3) Arnis Gulbis

Voting results: the decision is taken by dividing votes.

3.2.  To set the total monthly remuneration of the Audit Committee members in the amount of EUR 11 500.00.

Voting results: the decision is taken with the required majority of votes.

4.   Approval of the Remuneration Policy for Council and Management board of the Joint Stock Company “Olainfarm” in a new revision

Resolution:
To approve the Remuneration Policy for Council and Management board of the Joint Stock Company “Olainfarm” in a new revision.

Voting results: the decision is taken with the required majority of votes.

5.   Annulment of the resolution of the meeting of shareholders

Decision:
To annul Clause 2 of the resolution of the extraordinary shareholders’ meeting of Joint Stock Company “Olainfarm” April 1, 2019, in part which provided a compensation to a member of the Council due to premature removal of the member of the Council by a decision of the shareholder meeting, in the amount of 12 months fixed remuneration (Subsection 3). The decision shall enter into force on the date of its adoption.

Voting resultswith majority of the votes proposal to annul of the resolution of the meeting of shareholders has been rejected.

6.   Amendments of the Joint Stock Company “Olainfarm” Articles of Association, in Section 6.3.

Decision:
To exclude Section 6.3. of the Joint Stock Company “Olainfarm” Articles of Association.

Voting resultswith majority of the votes proposal to amend the Section 6.3. of the Statues has been rejected.

Additional information:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

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RESOLUTIONS of the Extraordinary General Meeting Of Shareholders of JSC “Olainfarm” held on June 17th, 2021

JSC Olainfarm & Adalvo to launch a new urology product in 17 countries in 2022-2023

on June 16, 2021

Following the five-year strategy and developing one of the main therapeutic areas, JSC Olainfarm and Adalvo have signed a licensing and supply agreement to launch a new product in the urology segment which is targeted to be the 1st to market opportunity in all of these markets. The prescription product will help millions of patients in 17 different countries to regain ease and quality of life.

In partnership Olainfarm will manage product regulatory affairs, distribution and promotion in Latvia, Russia, Kazakhstan, Belarus, Ukraine, and other countries of current presence and Adalvo will be responsible for development, manufacturing and will support Olainfarm for its market access activities in all the markets. Currently, Olainfarm has established a sustainable business model in the EU and CIS countries with more than 300 medical and marketing professionals. Full commercialization of this prescription product is expected to be in 2022-2023.

“We are very pleased to be in this partnership with Adalvo! Regardless of age, gender, or ethnicity, a person can experience urologic problems. Acute and recurrent urological problems in men and women require immediate attention from healthcare professionals and in such situations, doctors need to use modern and effective medical therapy. Urology has always been in the focus of our development and marketing activities, and we believe that our new offering will help doctors to treat their patients safely and effectively,” says Elena Bushberg, Member of the Management Board of JSC Olainfarm, CEO of Olainfarm, a part of Olainfarm Group companies.

“Adalvo is delighted to partner with such a strong regional player like Olainfarm for one of Adalvo’s first to market urology asset which is currently being manufactured in our facilities located in the U.S. Olainfarm’s focus on urology space and tremendous outreach in their markets will guarantee the best possible coverage and will ensure this differentiated product to reach millions of patient in the region” says Anil Okay, CEO of ADALVO – a part of Alvogen Group Companies.

JSC Olainfarm, a part of Olainfarm Group, is one of the leading pharmaceutical companies in the Baltic States offering high quality medicine and chemical pharmaceutical products. The business strategy “FORWARD” highlights the company’s main vision – to become one of the TOP10 Central and Eastern European manufacturing companies by 2025.

Adalvo, a part of Alvogen Group, is one of the leading B2B pharmaceutical companies in Europe. Adalvo is fueled by its passion for relentless commitment to the partner network we serve and living with its mission to be Always on Target!

Additional information:  
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

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JSC Olainfarm & Adalvo to launch a new urology product in 17 countries in 2022-2023

Recording of the Fourth Quarter 2020 Investor Conference Webinar

on May 27, 2021

On March 2, 2021 JSC Olainfarm organized its Investor Conference Online Webinar. During the webinar Chairperson of Management Board Jeroen Weites and member of the management board Zane Kotāne analyzed the financial results of fourth quarter and 12 months 2020 and informed about other recent activities within the company.

The recorded webinar is available online: https://bit.ly/3kBxkw4; and the presentation, demonstrated during the webinar, is available in the attachment. Methodology for alternative performance indicators is disclosed in Annual report for 2020 (page 15).

Olainfarm thanks all participants, who joined the webinar, and encourages everybody to follow company’s announcements to get information on the next webinar!

JSC Olainfarm, a part of Olainfarm Group, is one of the leading pharmaceutical companies in the Baltic States offering high quality medicine and chemical pharmaceutical products. The business strategy “FORWARD” highlights the company’s main vision – to become one of the TOP10 Central and Eastern European manufacturing companies by 2025.

With nearly 50 years of expertise, Olainfarm Group delivers sustainable healthcare products and services with added value to patients in more than 50 countries all over the world via its key subsidiaries – pharmaceutical company JSC Olainfarm, food supplement & medical device producer Silvanols, elastic & compression material producer Tonus Elast, pharmacy chain Latvijas Aptieka and healthcare & diagnostics centres DiaMed & OlainMed.

 

Additional information:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

 

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Recording of the Fourth Quarter 2020 Investor Conference Webinar

Notification on convocation of the Joint Stock Company Olainfarm Extraordinary General Meeting of Shareholders

on May 18, 2021

The Management Board of joint stock company Olainfarm, registration number: 40003007246, legal address: Rūpnīcu iela 5, Olaine, LV-2114, Latvia (hereafter – the Company) based on the request of the shareholder SIA “OLMAFARM”, registration number: 40003283699, legal address: Tērbatas iela 74A, Rīga, LV-1001, Latvia which represents: 42.56% from the Company’s share capital, calls up and announces that Extraordinary General Meeting of Shareholders of the Company will take place on June 17, 2021 at 11.00 am at the territory of the Company at Rūpnīcu iela 5, Olaine, LV-2114, Latvia and using electronic means of communication.

Agenda:

  1. Recalling of the Supervisory Council and election of the new Supervisory Council.
  2. Election of the Audit Committee.

The record date for participation at the Extraordinary General Meeting of Shareholders of the Company is June 9, 2021. Only those persons who are shareholders on the record date with the amount of the shares they own on the record date have rights to participate at the Extraordinary General Meeting of Shareholders of the Company to be held on June 17, 2021.

Voting prior the shareholders meeting

Considering the Covid-19 pandemic with the aim to preserve health of shareholders, the Company’s employees as well as public in general, the Management Board of the Company encourages all shareholders to attend the meeting in a written remote mode, by filling in a voting form which is available by e-mail upon request starting from June 3, 2021 (by sending the request to the e-mail: 17.06.2021_akcionaru.sapulce@olainfarm.com). The voting form will be also available on the website of the Company www.olainfarm.com, on website of the central storage of regulated information – www.oricgs.lv and website of joint stock company “Nasdaq Riga” – www.nasdaqbaltic.com .

We kindly ask completed voting form to be sent to:

• electronically signed with a qualified secure electronic signature which contains a time-stamp to the Company’s e-mail address 17.06.2021_akcionaru.sapulce@olainfarm.com; or

• in paper form signed to the postal address of the Company: Rūpnīcu iela 5, Olaine, LV-2114, Latvia. In this case, the signature on the voting form should be notarized and the shareholder’s/proxy’s certified copy of passport or personal identification card and contact information (telephone number and email addresses) attached in order to let the Company’s Management Board to identify the shareholder.

A shareholder who has voted prior to the shareholders meeting may request the Company to confirm receipt of the voting form. The Company shall send the shareholder confirmation without delay after receiving the shareholder’s voting form.

All duly completed voting forms received by the Company till June 16, 2021 will be taken into account.

Shareholders meeting

The shareholders meeting in presence will be held respecting restrictions set out by the government of Republic of Latvia due to the Covid-19 pandemic and whereas by electronic means of communication using Microsoft Teams online solution.

In order to register for participation in the shareholders’ meeting, a shareholder shall submit an application which is available by e-mail upon request starting from June 3, 2021 (by sending the request to the e-mail: 17.06.2021_akcionaru.sapulce@olainfarm.com) and attach to it copy of his/her/proxy passport or personal identification card. The application will be also available on the website of the Company www.olainfarm.com, on website of the central storage of regulated information – www.oricgs.lv and website of joint stock company “Nasdaq Riga” – www.nasdaqbaltic.com.

We kindly ask the completed application with attached copy of passport or personal identification card to be sent to:

• electronically signed with the qualified secure electronic signature which contains a time-stamp to the Company’s e-mail address 17.06.2021_akcionaru.sapulce@olainfarm.com or

• in paper form signed to the postal address of the Company: Rūpnīcu iela 5, Olaine, LV-2114, Latvia.

Shareholders shall be registered for the participation in the meeting if they duly apply for participation until June 16, 2021 12.00. Shareholders will receive access information to the online meeting via e-mail indicated in the application. Before the meeting the Board of the Company will carry out identification of the shareholder based on submitted copy of passport or personal identification card comparing it with original of the document shown by the shareholder or the representative. Voting during the meeting will be possible by electronic means of communication using Microsoft Teams online solution.

Shareholders rights

Shareholders have right to participate in the meeting (including filling and submitting the voting form) in person or by mediation of their legal representatives or authorized persons. The authorized person should attach to the voting form the power of attorney or present it in the presence, legal representatives of foreign legal persons should attach to the voting form the document proofing representation rights or present it in the presence. The form of a written power of attorney is also available on website the Company – www.olainfarm.com, on website of the central storage of regulated information – www.oricgs.lv and website of joint stock company “Nasdaq Riga” – www.nasdaqbaltic.com .

Within 7 days after the notification about convocation of shareholders’ meeting is released, shareholders representing at least 1/20 of the Company’s share capital have rights to require the institution, which convenes the shareholders’ meeting, to include additional items in the agenda of the meeting. The additional issues of the agenda together with the draft resolutions on the issues, or an explanation on the issues where no resolution is planned for adoption, shall be submit to the Management Board of the Company.

Shareholders have rights to submit draft resolutions on the issues included in the agenda of the shareholders’ meeting within 7 days after the notification about convocation of shareholders’ meeting is released. Shareholders have rights to submit draft resolutions on the issues included in the agenda of the shareholders’ meeting during the meeting, if all the draft resolutions submitted to the shareholders’ meeting have been reviewed and rejected.

If a shareholder submits a written requisition to the Board at least 7 days before the shareholders’ meeting, the Board shall give him the required information on the issues included in the agenda at least 3 days before the shareholders’ meeting. Upon request of shareholders, the Board shall provide to the shareholders’ meeting information about the Company’s economic situation to such an extent as necessary to objectively review and adopt a resolution on the respective issue on the agenda.

Shareholders of the Company can get acquainted with the draft decisions starting from June 3, 2021

on the website of the Company www.olainfarm.com, on website of the central storage of regulated information – www.oricgs.lv and website of joint stock company “Nasdaq Riga” – www.nasdaqbaltic.com.

Information on the shareholders’ meeting and shareholders rights is also available on the website of the Company www.olainfarm.com, on website of the central storage of regulated information – www.oricgs.lv and website of joint stock company “Nasdaq Riga” – www.nasdaqbaltic.com.

The total amount of shares and total amount of the shares with voting rights of the company is 14 085 078.

The Management Board of the Joint Stock Company “Olainfarm”

Additional information:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

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Notification on convocation of the Joint Stock Company Olainfarm Extraordinary General Meeting of Shareholders

Announcement About Convening of the Extraordinary General Meeting of Shareholders of Joint Stock Company Olainfarm

on April 7, 2021

Management Board of the Joint Stock Company Olainfarm, unitary registration number: 40003007246, registered  address: Rupnicu iela 5, Olaine, LV-2114, announces that on March 22nd, 2021, request to convene an extraordinary general meeting of shareholders with following agenda – 1) Internal auditing of JSC Olainfarm; 2) Other issues, has been received from shareholder OLFIM OÜ, registration number: 14601045, registered  address: Harju maakond, Kuusalu vald, Pudisoo küla, Männimäe, 74626, Estonia, representing 7.79% of the share capital of Joint Stock Company Olainfarm.

Management Board of Joint Stock Company Olainfarm based on the shareholder’s request hereby convenes and announces that Extraordinary General Meeting of shareholders of Joint Stock Company Olainfarm will be held on June 18th, 2021, at 11:00 at the  premises of JSC Olainfarm in Olaine, Rupnicu iela 5, observing the national epidemiological safety measures to limit the spread of Covid-19 infection.

For the purpose not to hold separate meetings of shareholders in a short period of time, the Management Board has decided to supplement the Agenda of the Extraordinary General Meeting of shareholders with the issues to be considered at the Annual Meeting of shareholders: 1) Approval of Annual Report for year 2020; 2) Distribution of profit; 3) Election of the Auditing committee and determination of remuneration for Auditing committee; 4) Election of certified auditor for the audit of the Annual Report for 2021, 2022, 2023 and determination of remuneration.

Agenda:

  1. Internal auditing of JSC Olainfarm.
  2. Other issues.
  3. Report of the Management Board, Council and conclusion of certified auditor.
  4. Approval of Annual Report for year 2020.
  5. Distribution of profit.
  6. Election of the Auditing committee and determination of remuneration for Auditing committee.
  7. Election of certified auditor for the audit of the Annual Report for 2021, 2022, 2023 and determination of remuneration.

Registration of the shareholders will take place on the day of the meeting, i.e. June 18th, 2021,  – from  10:00  until 10:45 on the venue.

The total number of shares and the total number of the voting shares of JSC Olainfarm is 14 085 078.

Date of the record for participation of the shareholders in the Extraordinary General Meeting of shareholders is June 10th, 2021. Only those who are the shareholders at the date of record have the right to participate in the Extraordinary General Meeting of shareholders on June 18th, 2021, with the  number of shares held by them at the date of record as well as to vote in writing before the Extraordinary General Meeting of shareholders.

Shareholders may participate in the Extraordinary General Meeting of shareholders as well as to vote in writing before the Extraordinary General Meeting of shareholders either in person or with a legal representative or represented through a power of attorney:

  • Upon registration the shareholders must present either the passport or other identity document;
  • Upon registration the representatives of the shareholders must present the passport or  other identity document, submit a written power of attorney issued by the represented shareholder (the  form of the power of attorney is available at JSC Olainfarm website  http://www.olainfarm.com, website of the system of Central Storage of Regulated Information https://csri.investinfo.lv and at website   of JSC  NASDAQ Riga http://www.nasdaqbaltic.com) or the legal representative has to present a document confirming the authorization.
  • The shareholder has the right to vote in writing by filling in the voting form before the Extraordinary General Meeting of shareholders, which will be available at least 14 days before the Extraordinary General Meeting of shareholders at JSC Olainfarm website  http://www.olainfarm.com, website of the system of Central Storage of Regulated Information https://csri.investinfo.lv and at website   of JSC  NASDAQ Riga http://www.nasdaqbaltic.com.

Please send the completed voting form electronically to the e-mail address of JSC Olainfarm which will be announced 14 days before Extraordinary General Meeting of shareholders at JSC Olainfarm website  http://www.olainfarm.com, website of the system of Central Storage of Regulated Information https://csri.investinfo.lv and at website   of JSC  NASDAQ Riga http://www.nasdaqbaltic.com, if it is signed with a valid secure electronic signature or to the postal address of JSC Olainfarm Rupnicu street 5, Olaine, Olaines novads, LV-2114, if it is signed and notarized in paper form.
All votes received by the JSC Olainfarm till June 17th, 2021 will be taken into account in the Vote.

Shareholders have the following rights:

  • shareholders that represents at least 1/20 of the share capital of the JSC Olainfarm have the right within 7 days after the announcement is published to request the Management Board of JSC Olainfarm to include additional issues in the agenda. Shareholders who request inclusion of additional issues in the agenda of the Extraordinary General Meeting of shareholders must submit to the Management Board of JSC Olainfarm draft decisions on the issues to be included in the agenda upon their request or  explanations on issues, which are not subject to decisions;
  • within 7 days after the publishing of this announcement, submit draft decisions on issues of agenda.  Shareholders have the right to submit draft decisions on the issues included in the agenda of the Extraordinary General Meeting of shareholders during the meeting, if all draft resolutions already submitted to the Extraordinary General Meeting of shareholders have been reviewed and rejected;
  • the shareholder should submit request at least 7 days before the Extraordinary General Meeting of shareholders, the Management Board shall at least 3 days before the Extraordinary General Meeting of shareholders provide the requested information about the issues included in the agenda;
  • A shareholder who has voted before the Extraordinary General Meeting may ask the JSC Olainfarm to confirm the receipt of vote. The JSC Olainfarm shall send a confirmation to the shareholder immediately upon receipt of the shareholder`s vote.

Shareholders may see the draft resolutions of the Extraordinary General Meeting of shareholders from June 04th, 2021, on the webpage of JSC Olainfarm http://www.olainfarm.com, webpage of the system of Official Central Storage System of Regulated Information http://csri.investinfo.lv and the webpage of JSC „NASDAQ Riga” http://www.nasdaqbaltic.com, but on the day of the Extraordinary General Meeting – at the venue.

The form of the power of attorney is available at webpage of JSC Olainfarm http://www.olainfarm.com, webpage of the system of Official Central Storage System of Regulated Information http://csri.investinfo.lv and the webpage of JSC „NASDAQ Riga” http://www.nasdaqbaltic.com.

Shareholders are advised to be responsible and to respect the national epidemiological safety measures to limit the spread of Covid-19 infection, as well as to read the information published on the website of JSC Olainfarm www.olainfarm.com about the safety measures which will be applied during the Extraordinary General Meeting of shareholders to limit the spread of the Covid-19 infection.

JSC Olainfarm informs that upon remaining into force of State prohibition on gather in person or upon entry into force other restrictions which does not allow the conduct of the Extraordinary General Meeting of shareholders by gather in person, JSC Olainfarm and its shareholders are obliged to act in accordance with applicable laws and regulations.

In Olaine, on April 6th, 2021

Management Board of Joint Stock Company Olainfarm

 

Additional information:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

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Announcement About Convening of the Extraordinary General Meeting of Shareholders of Joint Stock Company Olainfarm