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Statement by Irina Maligina, Member of the Supervisory Council at JSC Olainfarm: “In close cooperation with the Board of directors, we have resumed work on the development of the company and this should be continued”

on October 1, 2018

The new Supervisory Council of JSC Olainfarm in cooperation with the company’s Board has resumed the implementation of the company’s development and growth plan in order to realize Valery Maligin’s vision of Olainfarm as a leader in the constantly growing pharmaceutical industry in the region. Stability and predictability are two very important elements vital to such growth, which is why the desire of the two heirs to convene an extraordinary general meeting with agenda items such as the cancellation of the Council and the alleged withdrawal of losses from the company’s management can only negatively affect the development of the company.

Irina Maligina, co-owner of the board of Olmafarm Ltd and co-owner of JSC “Olainfarm”: “During the last few weeks, we can observe constant attacks by two minority shareholders on JSC Olainfarm and its management, with the desire to denigrate the company, and to disrupt the work of its council and board. The objectively verifiable results of the company show that all of the most significant financial and other indicators of the company are improving, in a very short time the new Council has restarted several measures to promote openness and management of the company, which was neglected by the previous Council. I invite all the company’s shareholders, who care for successful company development, to come up with their ideas and proposals, because good ideas can’t be too many. Signe Baldere-Sildedze, while a member of the company’s board, had particular opportunities to offer her vision for development, however, unfortunately, she has chosen now to influence the company’s work with destructive rather than constructive methods. This is definitely not the company’s development path, that our father would wish for our company. “

Being a shareholder and a representative of Olmafarm, I fully trust and support the Council of the company and would like to invite others to avoid the influence of unjustified announcements and unrealized ambitions and to contribute their work and attitude to ensure stability and continuity.  Council elected on September 4th, is acting in a very professional manner, and as I pointed out before, in less than one month first improvements can be seen in a number of areas. During this short period of time the negotiations have been restarted regarding acquisition of a company in Western Europe, which may result agreement in a very near future, serious consideration is given to several offers to acquire pharmacies in Latvia and Belarus, veterinary pharmacy has been identified as yet another possible area of development. As I work with this team on a daily basis, I come to appreciate their expertise, energy and effort, the factors that are crucial to stable operations and planned development, so that Olainfarm could grow into a pharmaceutical company of European scale. This is exactly how ambitious goals this team is able to achieve.

Let me emphasize again, that despite destructive actions of some heirs of V.Maligins, management of Olainfarm will continue implementing development ideas created by my father.  I have rejected and will reject all acquisition bids.  I will continue working in the company to ensure that the new Council and the Board can attain the goals that were set for Olainfarm by Valery Maligins, who was not only a co-owner of the company, but a true leader.

It has become public and confirmed by media that one of the heirs intends to sell the inherited shares, despite the five year limitation set forth in the Testament and the last will.  This also leads to conclusions that recent attacks on the Company and its management might be part of some share sale negotiations and therefore are both, unjustified and destructive.”

SIA Olmafarm owns 42% of share capital of AS Olainfarm and is the largest shareholder.

Additional information:

Irina Maligina,
Olmafarm LTD CEO
Tel.: +371 67013705
Address: Rupnicu str 5,
Olaine, Olaines novads, Latvia

Statement by Irina Maligina, Member of the Supervisory Council at JSC Olainfarm: “In close cooperation with the Board of directors, we have resumed work on the development of the company and this should be continued”