AB SNAIGE shareholders will consider the adjusted restructuring plan

Additional information for the Ordinary General Meeting of Shareholders of AB "Snaige" (hereinafter referred to as the "Meeting") to be convened on 28 April 2023 at 10 a.m.

The Company's shareholders are invited to participate in the Ordinary General Meeting of Shareholders and to vote on the items on the agenda of the Meeting by submitting duly completed general voting ballot to the Company (at Pramones g. 6, Alytus, Lithuania) in advance. The ballot paper must be accompanied by a document confirming the right to vote.

The Company’s shareholders will discuss the adjusted restructuring plan. AB Snaige made technical corrections taking into account some comments of the Kaunas District Court. They did not influence the essence of the restructuring plan, nor the goals pursued, nor the means to achieve them, nor the term of validity, etc.

In the adjusted restructuring plan, the company provided non-personalized lists of its creditors and debtors. In the first version of the plan, protecting the confidentiality of debtors and creditors, this was not done, but both creditors and debtors were disclosed to the court in a separate document. The company's mortgage creditors are also named in the plan. Also added (calculated) the financial requirements covered by the second stage (which was not disclosed in the previously submitted restructuring plan).

The company did not agree with other comments of the Kaunas District Court. AB SNAIGE appealed the court's decision not to approve its restructuring plan to the Lithuanian Court of Appeal. In the opinion of AB SNAIGES, such a decision of the district court represents the interests of only one - the main mortgage creditor and ignores other non-mortgage creditors, most of whom support the company's restructuring plan.

Failure to approve the restructuring plan leads to the closure of a functioning company that pays taxes and salaries to its employees on time. More than 350 SNAIGE employees may be out of work. Employees of those companies that serve SNAIGE will also lose their jobs. According to the mayor of Alytus, Nerijus Cesiulis, AB SNAIGE is one of the largest employers not only in Alytus but also in the entire region, its closure will threaten the Alytus region with a social catastrophe, as neither the city of Alytus nor the region will be able to offer so many jobs.

In the opinion of AB SNAIGE General Director Mindaugas Sologubas, the company's shareholders will undoubtedly approve the adjusted restructuring plan, as its essence, goals and measures remained unchanged. "Our plan is a real and reasonable opportunity not only to solve temporary financial difficulties, to settle with creditors, but also to continue to create and develop the segment of refrigeration equipment, to export, to create added value," said Mindaugas Sologubas.

Attached:

1. AB "Snaige” restructuring plan (adjusted)

General manager
Mindaugas Sologubas
Phone no. +370 652 11997

Attachment

• Restructuring_Plan_EN