Company

For Media

Dec 20, 2013
On submittance of AS Reverta Unaudited Financial Statement for the 2013
AS Reverta hereby informs that the Company’s Unaudited Financial Statements for the year 2013 are planned to be submitted to NASDAQ OMX RIGA between 24 February and 28 February 2014.

Additional information:
Reverta is the largest distressed assets manager in Baltic countries. Between August 1, 2010, and September 30, 2013, Reverta recovered more than EUR 483 million in the handling and sale of such assets.
To learn more about JSC Reverta, please visit our company web page www.reverta.lv.

For more information, contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv
Dec 20, 2013
AS Reverta Financial Calendar for 2014
AS Reverta hereby informs that the Company’s Financial Statements for the 6 month ended 30 June 2014 are planned to be submitted to NASDAQ OMX RIGA between 25 August and 31 August 2014, and the 12 month ended 30 December 2014 are planned to be submitted between 22 February and 28 February 2015.

Additional information:
Reverta is the largest distressed assets manager in Baltic countries. Between August 1, 2010, and September 30, 2013, Reverta recovered more than EUR 483 million in the handling and sale of such assets.
Dec 20, 2013
Solvita Deglava elected Chairperson of the Management Board of Reverta
Reverta’s Chairman of the Management Board Christopher Gwilliam has accepted a new professional challenge outside Latvia and is resigning on 31 December 2013.

„I would like to thank everyone who has been part of the Company’s great achievements –Supervisory Board, employees and partners,” says Christopher Gwilliam.

As before, Reverta’s Member of the Management Board and Senior Vice-President Ruta Amtmane will continue her work as a Member of the Management Board.

“Work in Reverta is a big challenge for the management and the employees of the Company, because the approved Restructuring Plan prescribes that by the end of 2017 we must be able to repay the most optimum amount of the State Aid. We will continue our work on loan restructuring and debt recovery, as well as management and realisation of real estate properties, which are generating more and more revenue,” says Michael Bourke, Chairman of Reverta’s Supervisory Board.

Solvita Deglava has proved herself to be a high-level professional in company management, business deals, restructuring, finances, accounting and other significant spheres. Since the takeover of the former Parex banka by the State, she has worked in several top-level positions and has participated in the restructuring process of the bank as a Member of the Management Board. She has many years of experience as an auditor with the international audit company PricewaterhouseCoopers. She has worked as vice-president and a member of the board of Latvian Shipping Company. Solvita Deglava has studied at the University of Latvia (Bachelor’s degree in economics) and the BA school of Business and Finance (diploma in bank management). She has the professional qualification of the Association of Chartered Certified Accountants.

In accordance with the Commercial Law, the Management Board is elected for five years.
Nov 29, 2013
Reverta pays EUR 27.1m to the State Treasury
During the reporting period, Reverta has paid EUR 27.1m over to the State Treasury, of which EUR 19.1m was interest on the State Aid. Shortly after the end of the reporting period EUR 30.2m more was paid to the Treasury thus getting ahead of the plan of 2013 by EUR 11.8m.  Overall, since 01 August 2010 to the end of the reporting period, Reverta has repaid a total of EUR 157.8m to the Treasury, the State guaranteed syndicated loan in the amount of EUR 234m, with additional EUR 10.6m interest on the syndicated loan.

„Thanks to professionalism of our specialists and their ability to work in such complex situation, we were able to start repayment of the State Aid a year earlier than envisaged by the Restructuring Plan. The stabilising economic situation has also had its positive impact.  All this has allowed receipts from disposal of real estate properties to reach EUR 20.9m by 30 September 2013, as compared to EUR 5.3m in the same period last year,” explains Reverta’s Chairman of the Management Board Christopher Gwilliam.

Reverta’s Chairman of the Management Board explains that overall development of distressed assets asks for more and more specific skills and knowledge to be employed, because the less complex assets of Reverta’s portfolio have already been realised into cash whereas the remaining assets are tied up in insolvency process with demanding legal complications.

The real estate portfolio with more than 1000 properties in Latvia and Lithuania is a considerable portion of Reverta’s total assets.  Trends of the previous reporting period continued, and again an increasing proportion of total recoveries were earnings from disposal of these real estate properties.

Additional information:
AS Reverta is the largest manager of toxic assets in the Baltic States.  Between August 1, 2010, and September  30, 2013, Reverta recovered more than EUR 483  million in the handling and sale of such assets.

To learn more about JSC Reverta, please visit our company web page www.reverta.lv
 
For additional information contact:
Marita Ozoliņa
Head of Communication and Marketing Department 
Tel. 67779142 or 29287169
Nov 13, 2013
Reverta has Repaid Money to State Treasury ahead of Schedule
Since August 1, 2010, Reverta has repaid EUR 157,8 million to the State Treasury, repaid the state-guaranteed syndicated loan of EUR 234 million, and paid EUR 10,6 million in interest in relation to the syndicated loan.

Reverta Chairman of the Management Board Christopher Gwilliam: “For the most part the recoveries come from the restructured loans that were issued in the past by the Parex Bank. However, because of economic changes, there is a need for our specialists in Reverta to use ever more specific skills and experience in dealing with cases in Latvia and abroad. We can say that it is clear that many of these cases are very complicated. Nevertheless, we have always demonstrated positive trends in our work, and we are satisfied that, due to the high level of professionalism and experience of our employees in this specific industry, we have been able to achieve these substantial results and to repay more funds to the State Treasury during the period than envisaged in Restructuring plan.”

Reverta’s debt portfolio is split between the Baltic States and CIS countries (mostly Russia), although 60% of debts are recovered in Latvia. Significant part of Reverta’s assets comprise real estate portfolio, which includes more than 1,000 properties in Latvia and Lithuania.

Additional information:
AS Reverta is the largest manager of distressed assets in the Baltic States. Between August 1, 2010, and June 30, 2013, Reverta recovered more than EUR 460 million from work-out and sales of distressed assets.
Oct 25, 2013
Auction of Skonto Stadium Cancelled, other ways of selling the property will be looking

There had been active interest in the auction in the past, but no one applied for the auction by the afternoon of October 24.  Investors had to pay a security fee of 10% of the specified value of the real estate to the organiser of the auction, SIA NIF Projekts 5, the fee being set at a level of EUR 1.25 million.
In organising the auction, Reverta tried to inform as many potential investors as possible, and now other ways of selling the

property will be looking. Given the advantageous location and geographic placement of the stadium, the cancellation of the auction is not  any kind of disaster, because the value of the object will not decline.  Indeed, it may increase, and that will be determined by the development of the real estate market and the financial capacities of potential buyers.

Information about further plans in this regard will be found at www.reverta.lv.

The Skonto Stadium was taken over two years ago because of its debt obligations by its leading secured creditor, AS Reverta, and the starting price for the auction was set at a level of EUR 12.5 million.  The property consists of a plot of land with a multi-functional athletic arena, a stadium, 34,906 m2 of warehouse facilities, and three vacant plots of land at a size of 4,337, 4,300 and 2,390 m2 respectively.

The Parex Bank issued a loan for the purchase and development of the Skonto Stadium, and after a long period during which the relevant obligations were not fulfilled by the borrower, the property was taken over in 2011 by the leading secured creditor in the process, Reverta.  Its job is to recover loans that were issued by the Parex Bank in the past and to repay them to the state.  Reverta did sign an agreement on the use of the stadium for football matches through the 2013 season so as to support sports professionals and enthusiasts in Latvia.
 

Aug 29, 2013
Recovery of economy and real estate properties help to recover more funds for the State budget

Semi-annual performance data of 2013 compiled by Joint-Stock Company Reverta show that recovery of economy brings an ever increasing proportion of total recoveries from disposal of real estate portfolio objects, which has reached historically highest mark during the reporting period – EUR 14m. At the same time, Reverta is still forced to fight for recovery of particularly complicated debts in Russia and to pay interest on subordinated loans to the former owners of Parex banka and their family members – these payments amounted to EUR 2.3m during the first half of the Year 2013.

Semi-annual performance data of 2013 compiled by Joint-Stock Company Reverta once again show ability of the Company to work in line with aims and tasks set out and approved by the Restructuring Plan. The only measure of Company’s performance is the amount of funds recovered for the State budget, and, in accordance with the Restructuring Plan, no profit can be expected in future.

Although the distressed loans recovery process becomes more complicated because of various circumstances, Reverta has recovered EUR 35.8m during the reporting period. Like in previous periods, funds necessary to repay the State Aid were mostly recovered from restructured loans. Whereas income from sales of real estate properties during the reporting period has reached EUR 14m (compared to EUR 3m at the same period last year).  

Christopher Gwilliam, Chairman of the Management Board of Reverta says: “The decision to form Reverta’s own team of real estate sales specialists has fully proved itself to be right, and it has allowed for a significant return from the real estate portfolio. Recovery of economy has also had a positive impact on our performance. But, in spite of the positive signals we see, our largest challenges are those of recovering bad debts in Russia, as well as our complicated obligations towards former owners of Parex banka and their family members, which are causing losses not only to Reverta but also the State.”

Reverta’s distressed loans portfolio, EUR 387.8m as of 30 June 2013, consists of Baltic and CIS debts. Approximately 60% of all debts are those of Latvian origin. A particularly complicated matter is that of recovering some debts of notable amount in Russia, for example, in the matter of Severorgsintez, where the amount of outstanding liabilities is USD 108m, and Reverta has encountered a grave discrimination of foreign investors and violation of laws, which causes heavy losses to Reverta, the total amount of which cannot be established yet.

Since 01 August 2010, Reverta has made payments of EUR 127.6m to the Treasury and has paid State guaranteed syndicated loan in the amount of EUR 234m, as well as EUR 10.6m interest on the above loan.
 

Aug 15, 2013
Reverta repays more than EUR 14m to the Treasury

In August 2013, Joint Stock Company “Reverta”, following the terms of the approved Restructuring Plan, repaid EUR 14.1m to the Treasury. A considerable proportion of this sum, EUR 6.1m, was paid as interest on the State Aid to “Parex banka”, whereas EUR 8m was paid to cover the principal debt.  

Overall, since 01 August 2010, „Reverta” has transferred EUR127.6m to the State Treasury, has repaid the State guaranteed syndicated loan in the amount of EUR 234m, and has paid a EUR 10.6m interest on the above loan.  

Like in previous periods, most of the funds necessary to repay the State Aid were recovered from restructured loans. Because of growing activities in the real estate market, an increasing proportion of revenue is made from disposal of real estate portfolio objects.    

„It is too early to speak of a rapid or total recovery of Latvia’s economy, but there are some signs of positive tendencies that we observe in our work: with micro- and macro-economics improving slowly, our earnings from sales of real estate properties are growing considerably. The attitude of borrowers is also starting to change gradually – some of them have understood that it is of more benefit to co-operate and look for mutually acceptable solutions, avoiding any additional financial and reputation losses that way.  But there are others who, unfortunately, continue active counteractions by all legal and illegal means, thus wasting their own and our resources uselessly,” said Christopher Gwilliam, Chairman of the Management Board of “Reverta”.

For additional information:
JSC “Reverta” is the largest distressed assets manager in Baltic countries. The main competencies of the Company are loan restructuring, debt recovery and real estate management. Since 01 August 2010, “Reverta” has recovered more than EUR 450m from development and sales of distressed assets.

Aug 1, 2013
Chairman of the Supervisory Board of Reverta Elected

Today, on 01 August 2013, the new management of the Supervisory Board of Joint-Stock Company Reverta was elected. Michael Joseph Bourke, Chairman of the Supervisory Board, was re-elected to the post, and Kaspars Āboliņš, Member of the Supervisory Board, was elected Deputy Chairman of the Board. Mary Ellen Collins and Andris Ozoliņš will serve as Members of the Supervisory Board.

“In the coming years, we are going to continue active work on loan restructuring and debt recovery, paying particular attention to management and disposal of our real estate portfolio. The amount of funds recovered by now, EUR450m, shows that our strategy has been chosen and decisions have been made correctly,” stressed the Chairman of the Supervisory Board Michael Bourke. „By the end of 2017, we have to be able to repay the maximum possible amount of the State Aid. This is a really great challenge both for the management of the company and its employees,” said Michael Bourke.
" In the next three years in the life of the newly elected Supervisory Board, we will focus our efforts on the continued recovery of loans both through the Courts and legal processes and through Loan restructuring. The amount of loans recovered by now - Eur 450m shows that correct strategy has been chosen and followed through with the right decisions have been made correctly,”stressed the Chairman of the Supervisory Board Michael Bourke. According to the EU approved Restructuring Plan for Reverta, by the end of 2017, we have to be able to repay the maximum possible amount of the State Aid. This is a really great challenge both for the management of the company and its employees,” said Michael Bourke.

s it has been already announced before, Reverta’s Supervisory Board was re-elected on 26 July 2013 in an extraordinary Shareholders’ Meeting due to the end of the term of office of the Supervisory Board elected on 01 August 2010. Michael Bourke and Mary Ellen Collins were re-elected to the Board, and there are two newcomers – Kaspars Āboliņš and Andris Ozoliņš. The two newly elected members of the Supervisory Board have gained a considerable experience in the financial sector:  Kaspars Āboliņš has served as the Treasurer at the Treasury of the Republic of Latvia and as Director on the Board of Directors of Nordic Investment Bank, whereas Andris Ozoliņš for more than 13 years worked for DNB Bank, eight of those as the President of the bank, headed the Council of the Association of Commercial Banks of Latvia and worked in the field of financial counselling.   

According to the Articles of Association of Reverta, the Supervisory Board is elected for the term of three years.   

 

Jul 26, 2013
AS „Reverta” DECISIONS of Extraordinary Shareholders Meeting held on July 26, 2013
1.    On election of the Supervisory Board of joint-stock company „Reverta”

To elect for the office of the member of joint-stock company „Reverta” Supervisory Board for the term of 3 (three) years, starting on 1 August 2013:
1.    Michael Joseph Bourke,
2.    Mary Ellen Collins,
3.    Kaspars Āboliņš,
4.    Andris Ozoliņš.

Voting results:  decision is taken by dividing the votes.

To determine monthly remuneration (gross) for the members of joint-stock company „Reverta” Supervisory Board as follows:
1)    Chairman of Supervisory Board LVL 3000;
2)    Deputy Chairman of Supervisory Board LVL 2500;
3)    Member of Supervisory Board LVL 2000.

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

2.    On approval of the new edition of rules of procedure of Audit Committee of joint-stock company “Reverta”

To approve the new edition of rules of procedure of Audit Committee of joint-stock company “Reverta” (enclosed).

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

The experience of newly elected council members of AS Reverta over the past years:

Kaspars Āboliņš  has significant experience in the financial sector.  He has worked for institutions such as the Latvian Ministry of Finance and the State Real Estate Agency.  In 2006 he became governor of the National Treasury, and since 2011 he has been board director of the Nordic Investment Bank.

Andris Ozoliņš has extensive experience in bank management. He was board chairman and president of the DNB Bank from 2004 until 2012 and a board member at the bank from 1999 until 2004.  From 2008 until 2011 he was council chairman of the Latvian Association of Commercial Banks.

The members of the Supervisory Board  have no shares of the JSC “Reverta” .
Jul 12, 2013
DRAFT RESOLUTIONS of Extra -ordinary GMS of AS "Reverta"
Approved in the meeting of the Management Board of JSC „Reverta”
on 4 July 2013
and revised in the meeting of the Supervisory Council of JSC „Reverta”
on 8 July 2013

DRAFT RESOLUTIONS
of Extra-ordinary General Meeting of Shareholders
of joint stock company „Reverta” to be held on 26 July 2013

I.    On election of the Supervisory Board of joint-stock company „Reverta”*
1.    To elect for the office of the member of joint-stock company „Reverta” Supervisory Board for the term of 3 (three) years, starting on 1 August 2013:
1.    _________________, personal identity code or date of birth _________________, address: _______________________.
2.    _________________, personal identity code or date of birth _________________, address: _______________________.
3.    _________________, personal identity code or date of birth _________________, address: _______________________.
4.    _________________, personal identity code or date of birth _________________, address: _______________________.
5.    _________________, personal identity code or date of birth _________________, address: _______________________.
2.    To determine monthly remuneration (gross) for the members of joint-stock company „Reverta” Supervisory Board as follows:
1)    Chairman of Supervisory Board LVL ______________;
2)    Deputy Chairman of Supervisory Board LVL ______________;
3)    Member of Supervisory Board LVL ______________.

* The candidates of the Supervisory Board of joint-stock company „Reverta” will be nominated and the monthly remuneration for the members of the Supervisory Board will be determined at the extra-ordinary shareholders meeting.

II.    On approval of the new edition of rules of procedure of Audit Committee of joint-stock company “Reverta”
To approve the new edition of rules of procedure of Audit Committee of joint-stock company “Reverta”.
 
Jun 26, 2013
Notification on calling of joint stock company “Reverta” Extra-Ordinary General Meeting of shareholders

Management Board of JSC “Reverta” (unified registration number: 40003074590, legal address: Republikas laukums 2A, Riga, Latvia LV-1522) calls up and announces that Extra-Ordinary General Meeting of shareholders of JSC “Reverta” will take place on July 26, 2013 at 10.00 a.m. at 5th floor conference room No 5.3.55 of JSC “Citadele banka”, Republikas laukums 2A, Riga, Latvia.

Agenda:
1. On election of the Supervisory Board of JSC “Reverta”.
2. On approval of the new edition of rules of procedure of Audit Committee of JSC “Reverta”.

Shareholder registration will be open from 09.00 a.m. till 10.00 a.m. on the day of meeting – July 26, 2013 - at the venue of the meeting. Shareholders have rights to participate in the meeting in person or by mediation of their legal representatives or authorised persons:

  • upon registration, shareholders shall present a passport or other personal identification document;
  • upon registration, representatives and authorised persons of shareholders shall present a passport or other personal identification document, and shall submit written power of attorney of the represented shareholder issued according to legislative acts, or legal representatives shall present a document certifying the authorisation.


Shareholders of JSC “Reverta” can get acquainted with draft decisions on the items included in the Agenda of Meeting of shareholders of JSC “Reverta” starting from 12 July, 2013 till 25 July, 2013 at premises of JSC “Reverta”, Republikas laukums 2A, Riga, Latvia on all business days from 10.00 a.m. till 16.00 p.m., arranging appointment on the previous day by the phone number +371 67779178 and at registration on the meeting day.

May 31, 2013
Reverta: too lengthy litigations lead to impairment of the value of loan portfolio
Financial reports of the 1st Quarter 2013 of Joint-Stock Company Reverta continue to show positive results – the Company has met its target and has made a EUR 7.1m interest payment on State Aid to the State Treasury. Overall, EUR 16.5m, was recovered during the reporting period from development and sales of distressed assets, and another payment of EUR 5.9m was made shortly after the end of the reporting period.

Thus, there is reason to believe that the approved action strategy and business management decisions taken have proved to be suitable for achieving the best possible performance in the given circumstances. As before, mostly the sums available to repay to the State Treasury were recovered because of loan restructuring and sales of separate claim rights activities. At the end of the reporting period there were 2386 credit cases under supervision of the Company filed for enforcement activities to be launched.

While enjoying accomplishments, Christopher Gwilliam also points out to the fact that it becomes more and more difficult to recover State Aid: „With every restructured and recovered distressed loan, proportion of particularly difficult-to-recover loans requiring considerable resources, including those of people and time, is increasing. Besides, too lengthy and, therefore, often inefficient litigations lead to impairment of the value of Company’s loan portfolio, and this means less amounts of money recovered.”

The amount of money collected from sales of real estate properties has significantly increased since the end of the last Quarter 2012. Third parties have bid for 120 real estate properties for the total amount of EUR 3.3m at auctions where properties pledged in favour of the Company or properties encumbered with collection rights were sold. Overall, the Company has participated in 362 auctions of real estate properties during the reporting period. At the end of it, there were approximately 370 real estates with the total market value of EUR 30m put on sale after carrying out all necessary maintenance works.

Regular provisions for unsecured debts and the excess of interest expense over interest income are the main items in the loss section of the Company’s financial report. Though, it should be reminded that these items do not affect the actual performance of the Company or its cash flow, and the purpose of the Company (which is recovery of distressed loans once granted by Parex banka) and resulting operation model cannot be measured by the standards applied to companies of other spheres, including credit institutions.

The distressed assets portfolio of JSC Reverta consists of debts in Baltic and the CIS countries, and approximately 60% of all debts are to be recovered in Latvia.
Apr 26, 2013
AS "Reverta” DECISIONS of ordinary shareholders meeting held on April 26, 2013
AS "Reverta” DECISIONS of ordinary shareholders meeting held on April 26, 2013

I.    On approval of the Annual report of JSC „Reverta” for the year 2012
To approve JSC „Reverta” Annual report for the year 2012 (enclosed) submitted by the Management Board of JSC „Reverta” and revised by the Supervisory Board.

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

II.    On report of the Audit Committee of JSC „Reverta” for the year 2012
To approve the report of the Audit Committee of JSC „Reverta” for the year 2012 (enclosed).

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

III.    On election of chartered auditor of JSC „Reverta” for the year 2013
1.    To elect SIA „ERNST & YOUNG BALTIC”, reg.No 40003593454, licence No.17 as chartered auditor of JSC „Reverta” to review Annual report of JSC „Reverta” for the year 2013.
2.    To authorise Management Board of JSC „Reverta” to conclude the agreement with SIA „ERNST & YOUNG BALTIC” on review of Annual report of JSC „Reverta” for the year 2013, by stating that amount of remuneration of chartered auditor shall be coordinated with Supervisory Board of JSC „Reverta”.

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

IV.    On Audit Committee of JSC “Reverta”
1.    To elect Guna Kalniņa – Priede, personal identity No 231268-13050, a Member of the Audit Committee of JSC „Reverta” for the period of 3 (three) years.
2.    To delegate Chairman of the Supervisory Board of JSC „Reverta” to conclude an agreement with Guna Kalniņa – Priede on performance of duties as a Member of the Audit Committee.

Voting results:  decision was not approved.

V.    On Remuneration Principles for JSC „Reverta” Management Board members
To approve Remuneration Principles for JSC „Reverta” Management Board members (enclosed).

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

Appendixes:
- General principles of remuneration
- Report of the Audit Commitee
- Report of the Audit Commitee - Action Plan


Riga, April 26, 2013

JSC „Reverta” Management Board
Apr 12, 2013
DRAFT RESOLUTIONS of Ordinary General Meeting of Shareholders of joint stock company „Reverta” to be held on April 26, 2013

Approved in the meeting of the Management Board of JSC „Reverta”

on 9 April 2013 
and revised in the meeting of the Supervisory Council of JSC „Reverta”
on 11 April 2013 

DRAFT RESOLUTIONS
of Ordinary General Meeting of Shareholders
of joint stock company „Reverta” to be held on April 26, 2013

 

  1. On approval of the Annual report of JSC „Reverta” for the year 2012

To approve JSC „Reverta” Annual report for the year 2012 submitted by the Management Board of JSC „Reverta” and revised by the Supervisory Board.

 

  1. On report of the Audit Committee of JSC „Reverta” for the year 2012

To approve the report of the Audit Committee of JSC „Reverta” for the year 2012.

 

  1. On election of chartered auditor of JSC „Reverta” for the year 2013
  1. To elect SIA „ERNST & YOUNG BALTIC”, reg.No 40003593454, licence No.17 as chartered auditor of JSC „Reverta” to review Annual report of JSC „Reverta” for the year 2013.
  2. To authorise Management Board of JSC „Reverta” to conclude the agreement with SIA „ERNST & YOUNG BALTIC” on review of Annual report of JSC „Reverta” for the year 2013, by stating that amount of remuneration of chartered auditor shall be coordinated with Supervisory Board of JSC „Reverta”.

 

  1. On Audit Committee of JSC “Reverta”
  1. To elect Guna Kalniņa – Priede a Member of the Audit Committee of JSC „Reverta” for the period of 3 (three) years.
  2. To delegate Chairman of the Supervisory Board of JSC „Reverta” to conclude an agreement with Guna Kalniņa – Priede on performance of duties as a Member of the Audit Committee.

                     

  1. On Remuneration Principles for JSC „Reverta” Management Board members

To approve Remuneration Principles for JSC „Reverta” Management Board members.

 

 

Apr 3, 2013
Notification on clarification of agenda of joint stock company “Reverta” Annual General Meeting of shareholders

28 March 2013, Riga

No _________

 

Notification on clarification of agenda of joint stock company “Reverta” Annual General Meeting of shareholders

Management Board of JSC “Reverta” (unified registration number: 40003074590, legal address: Republikas laukums 2A, Riga, Latvia LV-1522) clarify the agenda of JSC “Reverta” Annual General Meeting of Shareholders called on April 26, 2013 at 11.00 a.m. by adding the item On Audit Committee of JSC “Reverta” to the agenda mentioned in 27 March 2013 Notification on calling of joint stock company “Reverta” Annual General Meeting of shareholders.

Clarified agenda:

  1. On approval of the Annual report 2012 of JSC “Reverta”.
  2. On report of the Audit Committee of JSC “Reverta” for the year 2012.
  3. On election of chartered auditor of JSC “Reverta” for the year 2013.
  4. On Audit Committee of JSC “Reverta”.
  5. On Remuneration Principles for JSC “Reverta” Management Board members.

 

Yours sincerely,

JSC “Reverta” Management Board

Apr 2, 2013
Notification on clarification of agenda of joint stock company “Reverta” Annual General Meeting of shareholders
Management Board of JSC “Reverta” (unified registration number: 40003074590, legal address: Republikas laukums 2A, Riga, Latvia LV-1522) clarify the agenda of JSC “Reverta” Annual General Meeting of Shareholders called on April 26, 2013 at 11.00 a.m. by adding the item On Audit Committee of JSC “Reverta” to the agenda mentioned in 27 March 2013 Notification on calling of joint stock company “Reverta” Annual General Meeting of shareholders.

Clarified agenda:
1. On approval of the Annual report 2012 of JSC “Reverta”.
2. On report of the Audit Committee of JSC “Reverta” for the year 2012.
3. On election of chartered auditor of JSC “Reverta” for the year 2013.
4. On Audit Committee of JSC “Reverta”.
5. On Remuneration Principles for JSC “Reverta” Management Board members.
Apr 2, 2013
Notification on convocation of joint stock company “Reverta” Annual General Meeting of shareholders

27 March 2013, Riga

No _________

 

Notification on convocation of joint stock company “Reverta” Annual General Meeting of shareholders

Management Board of JSC “Reverta” (unified registration number: 40003074590, legal address: Republikas laukums 2A, Riga, Latvia LV-1522) calls up and announces that Annual General Meeting of Shareholders of JSC “Reverta” will take place on April 26, 2013 at 11.00 a.m. at 3rd floor conference hall of JSC “Citadele banka”, Republikas laukums 2A, Riga, Latvia.

Agenda:

  1. On approval of the Annual report 2012 of JSC “Reverta”.
  2. On report of the Audit Committee of JSC “Reverta” for the year 2012.
  3. On election of chartered auditor of JSC “Reverta” for the year 2013.
  4. On Remuneration Principles for JSC “Reverta” Management Board members.

Shareholder Registration will be open from 10.00 a.m. till 11.00 a.m. on the day of meeting – April 26, 2013 - at the venue of the meeting.

Shareholders have rights to participate in the meeting in person or by mediation of their legal representatives or authorised persons:

  • upon registration, shareholders shall present a passport or other personal identification document;
  • upon registration, representatives and authorised persons of shareholders shall present a passport or other personal identification document, and shall submit written power of attorney of the represented shareholder issued according to legislative acts, or legal representatives shall present a document certifying the authorisation.

Shareholders of JSC “Reverta” can get acquainted with draft decisions as well as additional information and give their suggestions and proposals on the Agenda starting from 12 April, 2013 till 25 April, 2013 at premises of JSC “Reverta”, Republikas laukums 2A, Riga, Latvia on all business days from 10.00 a.m. till 16.00 p.m., arranging appointment on the previous day by the phone number +371 67779178 and at Registration on the meeting day.

Yours sincerely,

JSC “Reverta” Management Board

Mar 28, 2013
Reverta: We are on the Right Path in Recovering of Debts
Reverta’s audited financial report of 2012 shows clearly positive trend – overall, since 01st August 2010, almost EUR 0.5bn has been recovered through loan restructuring and sales of separate claim rights, and EUR 89.7m has been repaid to the State Treasury in 2012. Despite difficult market conditions, part of the recovered funds was even repaid ahead of the Restructuring Plan schedule.

Since 01st August 2010, EUR 100.5m has been repaid to the Treasury. In addition to that, in 2011, Reverta also repaid State guaranteed syndicated loan in the amount of EUR 234m.

Chairman of the Management Board of Reverta Christopher Gwilliam has pointed out that current economic situation has its impact on distressed assets management and debt recovery as well: „In spite of the difficult situation, the results achieved clearly show the suitability of the chosen strategy. According to the Restructuring Plan, our main goal is not that of making profit but that of recovering loans issued and minimising losses. Besides, 40% of all debts have to be recovered abroad, which means that there are specific situations and different judicial systems to be considered. Lengthy litigations and the general macroeconomic situation of Latvia lead to decrease in value of our properties, which automatically means that less amounts of money are recovered.”

Reverta ended the year with a EUR 137.7m loss, of which, 77% was related to losses in values of loans. Currently there are more than 1000 real estate items in the real estate portfolio of the Company. Reverta’s debt portfolio consists of Baltic and CIS (mostly Russian) debts, and 60% of all debts are those of Latvian origin.

For additional information:
Reverta is the largest distressed assets manager in Baltic countries. The main competencies of the Company are loan restructuring, debt recovery and real estate management. Reverta has recovered more than EUR 450m from development and sales of distressed assets between 01st August 2010 and 28th February 2013.
Feb 28, 2013
Reverta has Repaid EUR 89.7m to the State Treasury
Thanks to the efficient management in the existing difficult market situation, Reverta’s performance during 2012 has been in line with the approved Restructuring Plan and the Company has managed to meet the key target of the year repaying to the Treasury EUR 89.7m. Of that, EUR 28.5m was paid as interest on State Aid, and EUR 61.2m was used to repay the principal amount of the State Aid.
Overall, since 01st August 2010, EUR 100.5m has been repaid to the Treasury. In addition to that, in 2011, Reverta also repaid State guaranteed syndicated loan in the amount of EUR 234m.
“The results achieved clearly show the suitability of the chosen strategy and the ability of Reverta to achieve optimum results in complex and even extreme situations. It should be noted that repossession and sales of real estates are taking up a more and more important part of Reverta’s business, but the general macroeconomic situation, the purchasing capacity of people, deficiencies of certain laws and especially lengthy litigations are considerably influencing the performance of the Company. The lengthy litigations make it impossible to sell pledged properties in a timely manner. As a result, quite often, the value of the repossessed objects has decreased even by 70%,” says Christopher Gwilliam, Chairman of the Management Board of Reverta.
The limited possibilities to realise distressed assets affects the level of the Company’s losses. Reverta ended the year with a EUR 137.7m loss, of which, 77% was related to losses in values of loans. Losses were already envisaged by the Restructuring Plan for the whole duration of the Company. It should be noted that the measure of the activities of Reverta is the amount of funds recovered – according to the specifics of the Company’s activities no revenue is to be expected, only recovery of funds in most optimum amounts.
At the end of 2012, the repossessed real estate portfolio had increased up to more than 1000 items. Notwithstanding the many negative factors, overall Reverta has recovered EUR 107m from its distressed assets portfolio by the end of the reporting period, and more than EUR 419m since August 2010.

Additional information:
Reverta is the largest distressed assets manager in Baltic countries. The main competencies of the Company are loan restructuring, debt recovery, and real estate management. Reverta has recovered more than EUR 450m from development and sales of distressed assets between 01st August 2010 and 28th February 2013.
 
Jan 8, 2013
Reverta meets the goal of 2012 – EUR 89.7m repaid to the Treasury