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Nov 27, 2015
Reverta pays additional EUR 22.5 million to the State Treasury

Reverta pays additional EUR 22.5 million to the State Treasury In the first nine months of 2015 joint stock company Reverta has repaid EUR 22.5 m to the State Treasury, of which EUR 14.5 m was interest on the State aid and EUR 8 m was the repayment of the principal amount. In 2015 the biggest challenges for Reverta were the unfavourable market conditions caused by the new geopolitical situation. From the viewpoint of loan workout and recovery, and asset disposal this has been the most difficult and complicated period in Reverta’s life since August 2010 when the recovery of State aid paid to Parex banka was commenced.

Solvita Deglava, the Chairperson of the Management Board of Reverta, stresses: `During the reporting period, Reverta’s performance, including the amount of funds to be repaid to the State Treasury, was largely dependent on the completion term of several big deals. As a result of increased caution exercised by investors it has become more difficult to find buyers for large real estate objects and, besides, evaluation process of deals has become more meticulous and time consuming than before. As Reverta has already disposed of the largest portion of its investment projects in the last five years, the remaining deals require complex and individual approach to be completed.’

Since 1 August 2010 Reverta has recovered a total of EUR 639.5 m. The State has received from Reverta a total of EUR 580.8 m in the form of various payments, of which EUR 336 m was paid to the Treasury.

Although Latvian real estate market does not show any significant increase of activity, deals, though mostly with low value properties, are being concluded and within nine months Reverta received EUR 11.2 m from sales of real estate properties. Transaction amounts vary from several thousand euros for land properties to 30 to 100 thousand euros for dwelling properties. As planned, Reverta’s real estate portfolio has significantly decreased and the most attractive properties have been already disposed of, therefore Reverta is working actively to arouse interest of buyers. At the end of the reporting period, there were approximately 255 objects put on sale, part of which are land properties.

During the first nine months of this year, Reverta’s loss did not exceed the plan and was in the amount of EUR 32.6 m, as compared to EUR 31 m in the first nine months of 2014. As previously, the loss comprised, first, interest expense on issued bonds (EUR 6.7 m) and, second, provisions for the impairment in asset value. According to the Restructuring Plan, loss was always to be part of Reverta’s operation.

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. Since 1 August 2010 Reverta has recovered EUR 639.5 m from development and sales of distressed assets.

To learn more about Reverta, please visit the company’s web page: www.reverta.lv

For additional information contact:
Marita Ozoliņa
Head of Communications and Marketing Department
Phone: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv

Aug 28, 2015
Reverta: the most difficult and complicated period in loan recovery

During the first six months of 2015 Joint-Stock Company Reverta has recovered EUR 20.6m from difficult loans. EUR 9.7m was paid to the State Treasury during the first half of the year and another EUR 12.8m was paid after the end of the reporting period – in August 2015. 

“Since 1 August 2010, when Reverta commenced recovery of state aid paid to Parex banka, this has been the most difficult and complicated period with respect to loan workout and recovery. The Russian-Ukrainian conflict, the unstable geopolitical situation, as well as the economic situation in Latvia and the world have significantly decreased the value of assets and encumbered possibility of recovery. Nevertheless, we are pressing for every cent to decrease state loss as much as possible. Our performance shows that we can solve even seemingly hopeless situations”, says Solvita Deglava, Chaiperson of the Management Board of Reverta. 

Since 1 August 2010 to the end of the reporting period Reverta has recovered a total of EUR 625.5m and the State has received a total of EUR 569m in the form of various payments, including direct payments to the Treasury in the amount of EUR 323.2m. 

During the reporting period Reverta’s activities were still being affected by unfavourable external conditions, especially Russian-Ukrainian conflict, as a result of which the amount of funds recovered from the CIS portfolio has sharply decreased. Recession of Russian economy and devaluation of rouble made it difficult for clients based in Russia and other CIS countries to repay their loans, besides, often borrowers used the situation to their advantage by trying to hoard their assets and ceasing payments. 

Similarly to previous years, the loan recovery process is being significantly encumbered by the overloaded and inefficient Latvian court system. Average period of disposal of a case is 5-7 years, during which the value of the pledged objects significantly decreases along with the amount recovered from their sales. The lengthy proceedings also consume a considerable amount of human resources: at the end of the reporting period there were 2440 court proceedings in various stages and 2009 credit card cases on Reverta’s agenda. During the first half of the year Reverta has participated in 621 court hearings. 

During the reporting period Reverta continued energetic sales of real estate properties and decreased the amount of the real estate portfolio from approximately 584 objects at the beginning of this year to 390 objects at the end of the reporting period. 125 properties were sold during the first half of the year as compared to 254 deals concluded in the same period last year. The decrease in the number of sales deals is due to the current structure of Reverta’s real estate portfolio – the liquid properties have been already sold whereas the remaining ones do not belong to the segment of the most demanded properties. A total proceeds from the sales of real estate properties during the reporting period was EUR 5.7m. 

On 30 June 2015 Reverta’s total assets were EUR 194.9m, of which EUR 134.7m was made up by loan portfolio. 

For more information contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv

Jul 30, 2015
Reverta re-elects Solvita Deglava the Chairperson of Management Board

The Supervisory Board of AS Reverta has re-elected Solvita Deglava who took the office on January 1, 2013 the Chairperson of Management Board. Re-election of chairperson was required as Solvita Deglava’s powers of member of Management Board are to expire on July 31. 

Ruta Amtmane and Edgars Miļūns will remain on the Management Board of Reverta.

Under The Commercial Law of the Republic of Latvia, Management Board is elected for a period of five years.

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 1 August 2010 to 31 March 2015 Reverta has recovered more than EUR 614 m from the restructuring of distressed loans and disposal of real estate properties.

To learn more about Reverta, please visit the Company’s 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

Jun 3, 2015
Michael Bourke Re-elected to the Post of Chairman of the Supervisory Board of Reverta

Today, on 3 June 2015, the Supervisory Board of Joint-Stock Company Reverta re-elected Michael Joseph Bourke to the post of the Chairman of the Supervisory Board, whereas Līga Kļaviņa was elected Deputy Chairperson of the Board.

As announced before, Reverta’s Supervisory Board was re-elected on 28 May 2015 at the Annual General Meeting of Shareholders due to the resignment of the previous Deputy Chairman Kaspars Āboliņš on 1 February 2015. The Shaereholders elected to the Supervisory Board Michael Bourke, Mary Ellen Collins, Līga Kļaviņa, and Artūrs Neimanis.

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

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 1 August 2010 to 31 March 2015 Reverta has recovered more than EUR 614m from the restructuring of distressed loans and disposal of real estate properties.

To learn more about Reverta, please visit the Company’s 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

May 28, 2015
Resolutions of AGM of Shareholders of JSC „Reverta” May 28,2015

RESOLUTIONS
of Annual General Meeting of Shareholders
of joint stock company „Reverta” held on May 28, 2015

I    On approval of Annual report of joint stock company Reverta for the year 2014
To approve joint stock company “Reverta” Annual report for the year 2014 submitted by the Management Board of joint stock company “Reverta” and revised by the Supervisory Board.

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

II    On report of the Audit Committee of joint stock company “Reverta” for the year 2014
To approve the report of the Audit Committee of joint stock company “Reverta” for the year 2014.

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

III    On election of Supervisory Board  of joint stock company „Reverta”
1.    Considering that Kaspars Āboliņs has resigned from the office of the member of Supervisory Board, to dismiss Michael Joseph Bourke, Mary Ellen Collins and Andris Ozoliņš from the office of the member of the Supervisory Board.

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

2.    To elect for the office of the member of joint-stock company „Reverta” Supervisory Board for the term of 3 (three) years, starting on 29 May 2015:
1)    Michael Joseph Bourke,
2)    Mary Ellen Collins,
3)    Līga Kļaviņa,
4)    Artūrs Neimanis.

Voting results:  decision is taken by dividing of votes.

Work experience of past three years of the newly elected members of the board of Reverta:

Līga Kļaviņa has been Deputy State Secretary on Financial Policy Issues at the Ministry of Finance since March 2013. From 2011 till 2013 she was the Director of the Financial Market Policy Department. She has previously held various managerial positions relating to finances and legal issues at the Ministry of Finance. Ms.Kļaviņa has obtained a master’s degree in finance from the BA School of Business and Finance, a master’s degree in law from the International Relations Institute of the University of Latvia, and she is a graduate of the Faculty of Law of the Latvian Police Academy.

Artūrs Neimanis has been Adviser on Administrative, Financial and Personnel Policy Issues to the Minister of Welfare since January 2014. Since April 2015 he is also a member of the board of joint stock company “Latvijas kuģniecība” (Latvian Shipping Company). Before that he worked at “GE Money Bank”, holding various managerial positions related to security. Mr.Neimanis has obtained a bachelor’s degree in business management from the Information Systems Management Institute (ISMA) and professional qualification as a lawyer from the Latvian Police Academy.

IV On the Audit Committee of joint stock company “Reverta”

The item was left without consideration.

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


For more information, contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv

May 28, 2015
RESOLUTIONS of Annual General Meeting of Shareholders of joint stock company „Reverta” held on May 28, 2015

RESOLUTIONS
of Annual General Meeting of Shareholders
of joint stock company „Reverta” held on May 28, 2015

I On approval of Annual report of joint stock company Reverta for the year 2014 
To approve joint stock company “Reverta” Annual report for the year 2014 submitted by the Management Board of joint stock company “Reverta” and revised by the Supervisory Board.
Voting results: decision is taken with the required majority of votes.

II On report of the Audit Committee of joint stock company “Reverta” for the year 2014
To approve the report of the Audit Committee of joint stock company “Reverta” for the year 2014.
Voting results: decision is taken with the required majority of votes.

III On election of Supervisory Board of joint stock company „Reverta”
1. Considering that Kaspars Āboliņs has resigned from the office of the member of Supervisory Board, to dismiss Michael Joseph Bourke, Mary Ellen Collins and Andris Ozoliņš from the office of the member of the Supervisory Board. 
Voting results: decision is taken with the required majority of votes.

2. To elect for the office of the member of joint-stock company „Reverta” Supervisory Board for the term of 3 (three) years, starting on 29 May 2015:
1) Michael Joseph Bourke,
2) Mary Ellen Collins,
3) Līga Kļaviņa,
4) Artūrs Neimanis.

Voting results: decision is taken by dividing of votes.

Work experience of past three years of the newly elected members of the board of Reverta:

Līga Kļaviņa has been Deputy State Secretary on Financial Policy Issues at the Ministry of Finance since March 2013. From 2011 till 2013 she was the Director of the Financial Market Policy Department. She has previously held various managerial positions relating to finances and legal issues at the Ministry of Finance. Ms.Kļaviņa has obtained a master’s degree in finance from the BA School of Business and Finance, a master’s degree in law from the International Relations Institute of the University of Latvia, and she is a graduate of the Faculty of Law of the Latvian Police Academy.

Artūrs Neimanis has been Adviser on Administrative, Financial and Personnel Policy Issues to the Minister of Welfare since January 2014. Since April 2015 he is also a member of the board of joint stock company “Latvijas kuģniecība” (Latvian Shipping Company). Before that he worked at “GE Money Bank”, holding various managerial positions related to security. Mr.Neimanis has obtained a bachelor’s degree in business management from the Information Systems Management Institute (ISMA) and professional qualification as a lawyer from the Latvian Police Academy.

IV On the Audit Committee of joint stock company “Reverta”
The item was left without consideration.

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

For more information, contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv

May 26, 2015
Notification on convocation of joint stock company “Reverta” Annual General Meeting of shareholders
Agenda:
1. On approval of Annual report of joint stock company “Reverta” for the year 2014.
2. On report of the Audit Committee of joint stock company “Reverta” for the year 2014.
3. On election of Supervisory Board of joint stock company “Reverta”.
4. On the Audit Committee of joint stock company “Reverta” (included upon request from shareholder SJSC “Privatizācijas aģentūra”).

The Shareholders can get acquainted with the audited Annual report of joint stock company “Reverta” for the year 2014 on the website of joint stock company “Reverta” http://www.reverta.lv at Investors section under subsection Financial information.

The shareholders who represent at least 1/20 part of the company’s share capital, have the right within 7 days after the publication of the notification to require the institution which convenes the shareholders meeting, to include additional items on the agenda of the meeting. The shareholders, who propose to include additional items on the agenda of the shareholders’ meeting, are obliged to submit a draft resolution on the issues that are proposed by them for inclusion on the agenda or an explanation on the issues where no resolution is planned to be taken to the institution which convenes the shareholders’ meeting. The shareholders have the right to submit draft resolutions on items included on the agenda of the shareholders’ meeting within 7 days after the notification about convocation of the shareholders’ meeting is released. The shareholders have the right to submit draft resolutions on the items included on the agenda of the shareholders’ meeting during the meeting, if all the draft resolutions that have been submitted to the shareholders’ meeting have been reviewed and rejected. If a shareholder submits a written requisition to the Management Board at least 7 days before the shareholders’ meeting, the Management Board is obliged to give him/her the required information on the issues included on the agenda at least 3 days before the shareholders’ meeting. Upon request of the shareholders, the Management Board is obliged to provide information to the shareholders’ meeting about the company’s economic situation to such an extent that is necessary to objectively review and adopt a resolution on the respective issue on the agenda.

The total amount of joint stock company “Reverta” shares is 4’425’519’666 and the total amount of joint stock company “Reverta” shares with voting rights is 3’569’749’708.

The registration of shareholders will be open from 1.00 p.m. till 2.00 p.m. on the day of the meeting – May 28, 2015 - at the venue of the meeting.

The shareholders have the right to participate at 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 a written power of attorney of the shareholder represented or legal representatives shall present a document certifying the authorisation. The shareholders can get acquainted with the form of a written power of attorney on joint stock company’s “Reverta” website http://www.reverta.lv at Investors section.

Shareholders of joint stock company “Reverta” can get acquainted with draft decisions as well as additional information and give their suggestions and proposals on the Agenda starting from 14 May, 2015 till 27 May, 2015 at premises of joint stock company “Reverta”, Brīvības iela 148A-1, Riga, Latvia, on any business day from 10.00 a.m. till 16.00 p.m., by arranging an appointment on the previous day by phone +371 67779102 or +371 67779103 and at the Registration on the day of meeting.

Yours sincerely,
Joint stock company “Reverta” Management Board
May 26, 2015
DRAFT RESOLUTIONS of Annual General Meeting of Shareholders of joint stock company „Reverta” to be held on May 28, 2015

I On approval of Annual report of joint stock company Reverta for the year 2014
To approve joint stock company “Reverta” Annual report for the year 2014 submitted by the Management Board of joint stock company “Reverta” and revised by the Supervisory Board.

II On report of the Audit Committee of joint stock company “Reverta” for the year 2014
To approve the report of the Audit Committee of joint stock company “Reverta” for the year 2014.

III On election of Supervisory Board of joint stock company „Reverta”
1. Considering that Kaspars Āboliņs has resigned from the office of the member of Supervisory Board, to dismiss Michael Joseph Bourke, Mary Ellen Collins and Andris Ozoliņš from the office of the member of the Supervisory Board.
2. * To elect for the office of the member of joint-stock company „Reverta” Supervisory Board for the term of 3 (three) years, starting on 29 May 2015:
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: _______________________.

* The candidates of the Supervisory Board of joint-stock company „Reverta” will be nominated at the Annual shareholders meeting.

IV *On the Audit Committee of joint stock company “Reverta”
1. To elect ____________, personal identity code _____________, as a member of the Audit Committee of joint stock company “Reverta” for a period of 3 (three) years.
2. To elect ____________, personal identity code _____________, as a member of the Audit Committee of joint stock company “Reverta” for a period of 3 (three) years.
3. To delegate the Chairman of Supervisory Board of joint stock company “Reverta” to conclude the agreements on performance of duties of members of the Audit Committee.

* The candidates of the Audit Committee of joint-stock company „Reverta” will be nominated at the Annual shareholders meeting. Item on the agenda and the draft decision is proposed by the shareholder SOJSC “Privatization agency”.

For more information, contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv

May 14, 2015
DRAFT RESOLUTIONS of AGM of Shareholders of JSC „Reverta” to be held on May 28,2015
Approved in the meeting of the Management Board of joint stock company „Reverta”
on 27 April 2015
and revised in the meeting of the Supervisory Board of joint stock company „Reverta”
on 28 April 2015

DRAFT RESOLUTIONS
of AGM of Shareholders
of JSC „Reverta” to be held on May 28,2015

I    On approval of Annual report of joint stock company Reverta for the year 2014
To approve joint stock company “Reverta” Annual report for the year 2014 submitted by the Management Board of joint stock company “Reverta” and revised by the Supervisory Board.

II    On report of the Audit Committee of joint stock company “Reverta” for the year 2014
To approve the report of the Audit Committee of joint stock company “Reverta” for the year 2014.

III    On election of Supervisory Board  of joint stock company „Reverta”
1.    Considering that Kaspars Āboliņs has resigned from the office of the member of Supervisory Board, to dismiss Michael Joseph Bourke, Mary Ellen Collins and Andris Ozoliņš from the office of the member of the Supervisory Board.
2.    * To elect for the office of the member of joint-stock company „Reverta” Supervisory Board for the term of 3 (three) years, starting on 29 May 2015:
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: _______________________.

* The candidates of the Supervisory Board of joint-stock company „Reverta” will be nominated at the Annual shareholders meeting.

IV *On the Audit Committee of joint stock company “Reverta”

1.    To elect ____________, personal identity code _____________, as a member of the Audit Committee of joint stock company “Reverta” for a period of 3 (three) years.
2.    To elect ____________, personal identity code _____________, as a member of the Audit Committee of joint stock company “Reverta” for a period of 3 (three) years.
3.    To delegate the Chairman of Supervisory Board of joint stock company “Reverta” to conclude the agreements on performance of duties of members of the Audit Committee.

* The candidates of the Audit Committee of joint-stock company „Reverta” will be nominated at the Annual shareholders meeting. Item on the agenda and the draft decision is proposed by the shareholder SOJSC “Privatization agency”.

For more information, contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv
May 14, 2015
Over the course of its operation “Reverta” has recovered EUR 323,5 million for the State Treasury
Since 1 August 2010 joint stock company “Reverta” has paid EUR 323,5 million into the State Treasury, with the last payment in May of this year totalling EUR 5 million. Together with other payments since 2010 “Reverta” has already paid the state more than half a billion euros.

Solvita Deglava, Chairperson of the Management Board at “Reverta”, says: “Over the course of its operation “Reverta” has paid into the State Treasury a significant amount of financing that can be channelled to such areas as health care, education or road maintenance. Considering the politico-economic situation and challenges that the sector faces our specialists have achieved nearly the maximum possible results, but we remain realistic. We have done everything in our power to minimise potential losses for the state; the assets we received from the previous shareholders after the splitting of “Parex” were of low quality and changes in the economic situation have also had an effect, therefore we accept that losses will have to be acknowledged.”

Due to the fact that “Reverta” recovers loans not only in the Baltic States, but also in Russia and Ukraine, the Russia-Ukraine crisis, which began in 2014, and the subsequently weakened economies of both states continues to have a negative impact on “Reverta’s” performance indicators. At the moment loan recovery is becoming increasingly complicated and the amount recovered in CIS countries in the first quarter of this year has fallen. However, recent improvements in the judicial system in Latvia providing support in problematic court proceedings have had a positive effect.

Over all from 1 August 2010 till 31 December 2014 the state has received over half a billion euros from “Reverta”. This amount is constituted by payments of EUR 323,5 million to the State Treasury, as well as repayment of the syndicated loan guaranteed by the state together with interest totalling EUR 244,6 million. Furthermore, approximately EUR 15 million have been paid to the state in various taxes and fees. Since 1 August 2010 EUR 17,2 million have been paid in subordinated liabilities.

Additional information:

Reverta is the largest distressed assets manager in the Baltic countries. The main competencies of the Company are loan restructuring, debt recovery and real estate management. As of 1 August 2010 Reverta has recovered more than EUR 614.9m from development and sales of distressed assets.
Apr 28, 2015
Notification on convocation of JSC Reverta Annual General Meeting of shareholders
The Management Board of joint stock company “Reverta” (unified registration number: 40003074590, legal address: Brīvības iela 148A-1, Riga, Latvia, LV-1012) convenes the Annual General Meeting of Shareholders of joint stock company “Reverta” and announces that it will take place on May 28, 2015 at 2.00 p.m. at 7th floor conference room No 7.17 of joint stock company “Reverta”, Brīvības iela 148A-1, Riga, Latvia.
 
Agenda:
1.    On approval of Annual report of joint stock company “Reverta” for the year 2014.
2.    On report of the Audit Committee of joint stock company “Reverta” for the year 2014.
3.    On election of Supervisory Board of joint stock company “Reverta”.
4.    On the Audit Committee of joint stock company “Reverta” (included upon request from shareholder SJSC “Privatizācijas aģentūra”).

The Shareholders can get acquainted with the audited Annual report of joint stock company “Reverta” for the year 2014 on the website of joint stock company “Reverta” http://www.reverta.lv at Investors section under subsection Financial information.
 
The shareholders who represent at least 1/20 part of the company’s share capital, have the right within 7 days after the publication of the notification to require the institution which convenes the shareholders meeting, to include additional items on the agenda of the meeting. The shareholders, who propose to include additional items on the agenda of the shareholders’ meeting, are obliged to submit a draft resolution on the issues that are proposed by them for inclusion on the agenda or an explanation on the issues where no resolution is planned to be taken to the institution which convenes the shareholders’ meeting. The shareholders have the right to submit draft resolutions on items included on the agenda of the shareholders’ meeting within 7 days after the notification about convocation of the shareholders’ meeting is released. The shareholders have the right to submit draft resolutions on the items included on the agenda of the shareholders’ meeting during the meeting, if all the draft resolutions that have been submitted to the shareholders’ meeting have been reviewed and rejected. If a shareholder submits a written requisition to the Management Board at least 7 days before the shareholders’ meeting, the Management Board is obliged to give him/her the required information on the issues included on the agenda at least 3 days before the shareholders’ meeting. Upon request of the shareholders, the Management Board is obliged to provide information to the shareholders’ meeting about the company’s economic situation to such an extent that is necessary to objectively review and adopt a resolution on the respective issue on the agenda.
 
The total amount of joint stock company “Reverta” shares is 4’425’519’666 and the total amount of joint stock company “Reverta” shares with voting rights is 3’569’749’708.
 
The registration of shareholders will be open from 1.00 p.m. till 2.00 p.m. on the day of the meeting – May 28, 2015 - at the venue of the meeting.

The shareholders have the right to participate at 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 a written power of attorney of the shareholder represented or legal representatives shall present a document certifying the authorisation. The shareholders can get acquainted with the form of a written power of attorney on joint stock company’s “Reverta” website http://www.reverta.lv at Investors section.
 
Shareholders of joint stock company “Reverta” can get acquainted with draft decisions as well as additional information and give their suggestions and proposals on the Agenda starting from 14 May, 2015 till 27 May, 2015 at premises of joint stock company “Reverta”, Brīvības iela 148A-1, Riga, Latvia, on any business day from 10.00 a.m. till 16.00 p.m., by arranging an appointment on the previous day by phone +371 67779102 or +371 67779103 and at the Registration on the day of meeting.
 
Joint stock company “Reverta” Management Board


For additional information contact:
Marita Ozolina
Head of Communications and Marketing Department
Phone: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv
Apr 28, 2015
JSC Reverta audited Annual Report 2014 and Report of Corporate governance
Joint stock company (JSC) Reverta has closed 2014 with stable operational results, having paid to the State Treasury EUR 85.2m during the reporting period, which is by EUR 27.3m more than the previous year. Of this sum EUR 60m is the principal amount and EUR 25.2m is interest on State Aid.

Solvita Deglava, Chairperson of the Board at JSC Reverta, highlights: “Considering the serious challenges, the macroeconomic indicators and the politically economic situation in the country, the accomplishments of the Reverta team last year are extremely valuable and extensive. I could even say that everything possible has been done, pushing the limits of capability and achieving good results. At the same time, we must be realistic as losses will have to be acknowledged.”

Reverta’s performance was positively affected by the activities on the real estate market and in the Latvian economy in general that were observed during the first half of 2014. Thus, for example, one of the most complicated and largest real estate deals in Latvia was concluded by Reverta Reverta selling the Skonto Sports Complex for EUR 13.8m, which covered not only the whole loan commitment but also the maintenance costs of the object.

In the second half of the year Reverta felt the effects of declining macroeconomic indicators caused by Russia and the Russia-Ukraine crisis with the devaluation of the rouble encumbering the loan repayment capacity of clients in Russia and other CIS countries. In addition, the Latvian economy and real estate market were negatively affected by unforeseen changes to the Latvian legislation regarding the procedure for receiving non-residents’ permits, as well as the planned introduction of the walkaway principle that gave rise to opposition from banks and sharply decreased the number of issued mortgage loans.  

Reverta’s total assets as of 31 December 2014 were EUR 228.8m, as compared to EUR 339.5m a year before. Since 1 August 2010 to 31 December 2014, the State has received from Reverta a total of more than half a billion euros. This sum comprised payments to the State Treasury in the amount of EUR 313.4m and repayments of the Syndicated Loan (which was State guaranteed) and the accrued interest on the loan in the amount of EUR 244.6m. Approximately EUR 15m has been paid in addition to the State in the form of various taxes and duties. Starting from 1 August 2010 Reverta has paid a total of EUR 17.2m under subordinated liabilities.


Additional information:

Reverta is the largest distressed assets manager in the Baltic countries. The main competencies of the Company are loan restructuring, debt recovery and real estate management. As of 01 August 2010 Reverta has recovered more than EUR 605 m from development and sales of distressed assets between 01 August 2010 and 01 August 2013.
 

For additional information contact:
Marita Ozolina
Head of Communications and Marketing Department
Phone: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv
 
Mar 26, 2015
On change of legal address of AS Reverta

We would like to inform that with effect from 28 March 2015 AS Reverta's new legal address will be Brivibas Street 148A, Riga, LV-1012.
 
Telephone numbers and e-mail addresses remain the same.


Additional information:

Reverta is the largest distressed assets manager in the Baltic countries. The main competencies of the Company are loan restructuring, debt recovery and real estate management. As of 01 August 2010 Reverta has recovered more than EUR 604.9m from development and sales of distressed assets between 01 August 2010 and 01 August 2013.
To learn more about Reverta, please visit the Company’s web page: www.reverta.lv.
 

For additional information contact:
Marita Ozolina
Head of Communications and Marketing Department
Phone: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv

Mar 2, 2015
„Reverta” Valsts kasei pērn atmaksājusi 85,2 miljonus eiro
Akciju sabiedrības „Reverta” valdes priekšsēdētāja Solvita Deglava uzsver: „Ņemot vērā spēcīgos izaicinājumus, makroekonomiskos rādītājus un politekonomisko situāciju, pērn visa „Reverta” komanda ir paveikusi ārkārtīgi vērtīgu un apjomīgu darbu. Varētu pat teikt, ka uz spēju robežas ir izdarīts maksimāli iespējamais, sasniedzot labus rezultātus. Tai pašā laikā ir jābūt reālistiem, jo zaudējumi būs jāatzīst.”

Pērn gada pirmajā pusē „Reverta” rezultātus pozitīvi ietekmēja gan kopējie Latvijas ekonomiskie rādītāji, gan vērojamā aktivitāte nekustamo īpašumu jomā, piemēram, „Reverta” realizēja vienu no sarežģītākajiem un lielākajiem nekustamā īpašuma darījumiem Latvijā. Tika pārdots sporta komplekss „Skonto”, valstij atgūstot 13,8 miljonus eiro, kas pilnībā nosedza ne vien kredītsaistības, bet arī objekta uzturēšanas izmaksas.

Gada otrā puse „Reverta” iezīmējās ar pašas Krievijas un Krievijas–Ukrainas krīzes ietekmēto makroekonomisko rādītāju pasliktināšanos, rubļa devalvācijai apgrūtinot Krievijas un citu NVS valsts klientu kredītu atmaksas iespējas. Tāpat Latvijas ekonomiku un nekustamo īpašumu tirgu negatīvi ietekmēja neprognozētās izmaiņas Latvijas likumdošanā par nerezidentu uzturēšanās atļauju saņemšanas kārtību, kā arī plānotā „nolikto atslēgu” principa ieviešana, kas izsauca asu banku pretestību un strauji samazināja izsniegto hipotekāro kredītu skaitu.

„Reverta” kopējie aktīvi 2014.gada 31.decembrī veidoja 228,8 miljonus eiro, salīdzinot ar 350,7 miljoniem eiro gadu iepriekš. Kopš 2010.gada 1.augusta līdz pērnā gada 31.decembrim valsts no „Reverta” kopumā ir saņēmusi vairāk nekā pusmiljardu eiro. Šo summu veido maksājumi Valsts kasei 313,4 miljonu eiro apmērā, kā arī valsts galvotā sindicētā aizdevuma un uzkrāto procentu atmaksa 244,6 miljonu eiro apmērā. Savukārt dažādu nodokļu un nodevu maksājumos valsts ir saņēmusi aptuveni 15 miljonus eiro. Par subordinētajām saistībām kopš 2010.gada 1.augusta kopumā samaksāti 17,2 miljoni eiro.

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 460m from development and sales of distressed assets between 01 August 2010 and 01 August 2013. 

To learn more about Reverta, please visit the Company’s web page: www.reverta.lv.

For additional information contact:
Marita Ozolina
Head of Communications and Marketing Department
Phone: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv
Feb 2, 2015
Member of the Supervisory Board of AS Reverta Kaspars Āboliņš resigns

The composition of the Supervisory Board of Reverta is following – Chairman of the Supervisory Board Michael Joseph Bourke, SB members Mary Ellen Collins and Andris Ozoliņš.

Under the Articles of Association of Reverta, the Supervisory Board is elected for a period of three years.

Since 1997, Kaspars Āboliņš has worked for the State Treasury and since 2006 has been the governor thereof. Mr Āboliņš chairs the board of directors of the Nordic Investment Bank and regularly works with Latvian security investors and senior officials from international financial institutions.

 

For additional information: 
The main competencies of the JSC Reverta are loan restructuring, debt recovery and real estate management. Since 1 August 2010 to 31 December 2014, Reverta has recovered more than EUR 591 m from the development and sales of distressed assets.
 
For additional information contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel. 67779142 or 29287169