| Avia Solutions Group AB, company code 302541648, registered address at Smolensko str. 10, Vilnius, Lithuania (hereinafter referred to as the Company or Avia Solutions Group), completed a buy-back of 49% of the share capital in its subsidiary, Baltic Aviation Academy UAB, company code 300618099, registered address at Dariaus ir Girėno str. 21, Vilnius, Lithuania (hereinafter referred as the Subsidiary or Baltic Aviation Academy) from an unrelated third party (hereinafter referred as the Seller). In June 2014 the Seller purchased 49 percent stake in the Subsidiary, however was not unable to fulfill certain condition subsequent relating to business development. As a result the Company exercised call option and bought back entire shareholding in Baltic Aviation Academy at consideration received during the sale of this entity that amounted to EUR 1,28 million. Following the acquisition Avia Solutions Group is the sole shareholder of Baltic Aviation Academy. | |
