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Nov 30, 2016
In the first nine months of 2016 Reverta repays the State Treasury EUR 42.7 m

In the first nine months of 2016 joint-stock company Reverta recovered EUR 54.3 m through the restructuring and sales of distressed assets, as compared to EUR 34.6 m at the same period last year. State Treasury received EUR 42.7 m, which is twice as much as during the same period in 2015.

„The better than expected outcome can be explained by the completion of several large and complex deals in Latvia and abroad. We have been fighting hard for the completion of these projects already since 2010 and have encountered both counteractions by clients and slowness and deficiencies of the Latvian judicial system. Consequently, I can say that in 2016 we are gathering fruit of many years of hard work,” stresses Solvita Deglava, Chairperson of the Management Board of Reverta.

Between 1 August 2010 and 30 September 2016, Reverta has recovered EUR 720.4 m from the restructuring of distressed loans, sales of bonds, and disposal of real estate properties, of which EUR 409.3 m was direct payments to the State Treasury. In addition to that, Reverta has disbursed term deposits, interest on subordinated capital and other big volume payments. Overall, in the form of various payments the State has received from Reverta EUR 653.3 m.

Reverta’s losses in the first nine months of this year were in the amount of EUR 26.8 m, as compared to EUR 32.6 m at the same period last year. As before, the loss comprises provisions for the impairment in distressed asset value and large interest payments to the State Treasury on the State aid provided for Parex Banka. During the nine months of 2016 Reverta’s interest payments to the Treasury amounted to EUR 12.7 m.

On 30 September 2016 Reverta’s total assets were EUR 91.1 m.

For additional information:
Reverta is a distressed assets manager, the main competencies of which are loan restructuring, debt recovery and real estate management.
 

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

Sep 29, 2016
Reverta pays State Treasury another 8.5 million euros

Today, on 29 September 2016, joint-stock company Reverta paid the State Treasury another 8.5 million euros in addition to 4.1 million euros paid in August. Overall, during 2016 Reverta has repaid to the Treasury 42.7 million euros which is more than twice the figures for last year.

“This year we are enjoying fruits of our sustained labour as several large and very complex projects in Russia and the Baltic countries, development of which required six years of hard work, have come to a close,” says Solvita Deglava, Chairperson of the Management Board of Reverta.

Overall, since 1 August 2010 the state has received from Reverta more than EUR 653 m in the form of various payments, of which EUR 409.3 m was paid directly to the State Treasury. In addition to that, Reverta has in due time disbursed term deposits, interest on subordinated capital and other big volume payments.

“According to the Restructuring Plan approved by the Cabinet of Ministers, Reverta’s operations have to be discontinued by the end of 2017, and therefore we are intensively working on recovery of the residual assets and sales of real estate properties,” says Solvita Deglava.

As reported before, following the recommendation of a selection board Reverta has signed an agreement with KPMG Baltics for receiving expert’s advice on the sales process of its loan and real estate portfolios. In order to continue the work that already has been done and to maximise proceeds from already commenced workout processes, the workout of separate portfolio items will be carried on until the final sale of the remaining portfolio.


For additional information:
Reverta is a distressed assets manager, the main competencies of which are loan restructuring, debt recovery and real estate management.

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

Sep 20, 2016
Reverta appeals in cassation and asks for intervention of European Commission regarding EUR 15 m case of Rems Kargins

Joint-stock company Reverta has appealed in cassation instance to annul the judgement of the Supreme Court of 14 June 2016 by which the claim of Rems Kargins, the son of the former shareholder of Parex Bank Valerijs Kargins, was satisfied and a payment of more than 15 million euros was enforced upon Reverta. The latter has also asked for the intervention of the European Commission.

Having acquainted himself with the full judgement of the Supreme Court, the representative of Reverta, attorney at law Agris Bitāns says: “The judgement shows that the court not only has not examined most of the arguments submitted by Reverta but has not mentioned them either. For example, the court has not taken into account the significant amendments to the Law on Control of Aid for Commercial Activity or the Constitutional Court judgement which clearly states that 15 million euros claimed by R.Kargins is a subordinated liability and thus can be fulfilled only after a full repayment of the state aid.”

If the judgement remains in force as is, more than 15 million euros from funds recovered by Reverta will be paid to the family of the former shareholder of Parex banka instead of being deposited into the state budget. Seeing that such payment would appear to result in a misuse of state aid, Reverta has informed the European Commission of the judgement. It is expected that the EC will recognise the 15 million euro payment to be a blatant violation of the state aid which might result in serious sanctions against Latvia.

It should be reminded that since the restructuring of Parex Bank and until the moment the aforementioned amendments of law were passed Reverta has paid 18.6 million euros of interest on subordinated loans. These payments were mostly made to persons associated with the former Parex Bank and their family members.

Already the abbreviated judgement was a cause of astonishment to the attorney at law Agris Bitāns because the amendments to Law on Control of Aid for Commercial Activity that came into effect on 1 July 2014 forbade any payments to the holders of subordinated obligations before a full repayment of the state aid. In addition to this, A.Bitāns pointed out to another significant condition – two of the judges reviewing the case of R.Kargins were also among those adjudicating and fully dismissing an identical claim by Ņ.Kondratjeva.

For additional information:
Reverta is a distressed assets manager, the main competencies of which are loan restructuring, debt recovery and real estate management.
According to the approved Restructuring Plan completion of the workout of Reverta’s portfolio and closing of all operations has to be completed by the end of 2017.
Since 1 August 2010 Reverta has recovered EUR 704.3 m from the restructuring and sales of distressed assets which is more than 63 % of all distressed assets in its portfolio.

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

Aug 30, 2016
In H1 Reverta recovers EUR 38,1 m – nearly twice as much as last year

H1 2016 financial statement of joint-stock company Reverta shows recovery of EUR 38.1 m during the period, as compared to EUR 20.6 m last year. Overall, since 1 August 2010 Reverta has recovered EUR 704.3 m from the restructuring and sales of distressed assets which is more than 63 % of all distressed assets in its portfolio.

“On average, the value of real estate properties in the market has decreased by approximately 50 % as compared to 2007/2008; whereas real estate properties in Reverta’s portfolio often have lost even up to 90 per cent of their initial market value. Thus, we can assert that the recovered 63 per cent can be regarded as a very positive outcome,” points out Solvita Deglava, Chairperson of the Management Board of Reverta.

During H1 2016 Reverta has paid the State Treasury EUR 30.2 m which is three times as many as in the same period last year. Of this sum, EUR 21.5 m was used to repay the principal amount and EUR 8.7 m was used to repay the interest.

As Reverta has already informed, the first half of 2016 was marked by the completion of several large and complex deals in Latvia, Russia, Lithuania, and Estonia. For example, Reverta has concluded a large and complex project in Russia, which had continued for eight years, and has become a lawful owner of a 1000 m2 commercial space on the prestigious Frunzenskaya Naberezhnaya in Moscow, Russia. Reverta has also successfully completed the largest and most complex loan project in Lithuania for the total deal amount of EUR 10.6 m.

Since 1 August 2010, when Parex banka was restructured, the state has received from Reverta more than EUR 641 m in the form of various payments, of which EUR 397 m (as at 30 June 2016) was paid directly to the State Treasury. In addition to that, Reverta has in due time disbursed term deposits, interest on subordinated capital and other big volume payments.

Notwithstanding the slow development of the real estate market of Latvia, Reverta’s proceeds from the sales of real estate properties were EUR 12.9 m during the first half of the year, thus exceeding the results of the last year by EUR 7.2 m. The reason for this was the reconstruction, lease and subsequent sale of the airBaltic headquarters. The sales figures also benefited from the regular revision of property prices.

As a result of the effective workout of assets, on 30 June 2016 Reverta’s total assets were EUR 104.5 m, as compared to EUR 194.9 m at the same period last year.

After the reporting period, in August 2016 Reverta maid another regular payment to the State Treasury in the amount of EUR 4 m, thus a total of EUR 401 m has been already paid to the Treasury.

For additional information:
Reverta is a distressed assets manager, the main competencies of which are loan restructuring, debt recovery and real estate management.
In order to implement the EC approved Restructuring Plan which envisages completion of the workout of Reverta’s portfolio and closing of all operations by the end of 2017, Reverta has signed an agreement with KMPG Baltics for receiving expert’s advice on the sales process of its loan and real estate portfolios.
In order to continue the work that already has been done and to maximise proceeds from already commenced workout processes, the workout of separate portfolio items will be carried on along with the overall sales process until the final sale of the remaining portfolio.

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

Aug 17, 2016
Reverta repays 4 m to the State Treasury

In August 2016, Joint Stock Company Reverta  has made another regular interest payment to the State Treasury in the amount of EUR 4 m, thus already EUR 34.2 m has been paid to the Treasury this year, which is by EUR 11.5 m more than in the same period last year.

The amount of funds repaid to the State Treasury to a great extent depends on the completion terms of large deals; and in the first half of this year Reverta’s work was marked by the conclusion of deals of noteworthy scope in Latvia, Russia, Lithuania, and Estonia. Also proceeds from the sale of real estate properties have increased during H1 2016 – the total amount was EUR 12.9 m, which is by EUR 7.2 m more than the previous year. The reason for this was the reconstruction, lease and subsequent sale of the airBaltic headquarters for the total amount of EUR 6.2 m. The sales figures also benefited from the regular revision of property prices.

Since 1 August 2010, the state has received from Reverta more than EUR 641 m in the form of various payments, of which EUR 397 m was paid directly to the Treasury. In addition to that, Reverta has in due time disbursed term deposits, interest on subordinated capital and other big volume payments.

For additional information:
Joint-stock company Reverta is one of the largest distressed asset managers in the Baltic countries. Since 1 August 2010 Reverta has recovered more than EUR 704.3 m from the restructuring and sales of distressed assets.

To implement the EC approved Restructuring Plan which envisages completion of the workout of Reverta’s portfolio and closing of all operations by the end of 2017, Reverta has signed an agreement with KMPG Baltics for receiving expert’s advice on the sales process of its loan and real estate portfolios.
In order to continue the work that already has been done and to maximise proceeds from already commenced workout processes, the workout of separate portfolio items will be carried on along with the overall sales process until the final sale of the remaining portfolio.

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

Aug 5, 2016
The agreement concluded with KPMG Baltics

In accordance with a recommendation of the Consultant Selection Commission the joint stock company Reverta has concluded an agreement with LLC KMPG Baltics on provision of consultations in the process of sales of Reverta credit portfolios and real estate portfolios. The work on the assessment of opportunities for sales of Reverta portfolios and organization of sales process will be commenced immediately.
During the selection process, proposals submitted by four applicants were examined and, after a detailed assessment, the Commission recognized the proposal of KPMG Baltics as the economically most beneficial option. The Commission was composed by representatives of the State Treasury, Reverta and LLC Hiponia, and was managed by the Chairman of the Board of SJSC Privatizācijas aģentūra Vladimirs Loginovs. The Consultant Selection Commission was established in accordance with the decision of the Cabinet of Ministers on selection of a consultant for organization of sales process of credit portfolios and real estate portfolios of Reverta and Hiponia.
The requirements determined for applicants involved experience in sales of problematic asset and real estate portfolios in Central and Eastern Europe, moreover, the value of portfolios had to be at least 50 million euros. Applicants could receive additional points for successfully completed sales transactions of problematic assets and real estate in the Baltics.
The agreement concluded with KPMG Baltics on organization of sales process of credit portfolios and real estate portfolios provides for fixed and success remuneration, which will be paid after full execution of sales transactions. A precise amount of remuneration will be known after completion of transactions.

Additional information:

The activities of the joint stock company Reverta are focused in three main directions: loan restructuring, debt recovery, and real estate management and sales. From 1 August 2010 to 30 June 2016, Reverta has recovered 704.3 million euros from the development and sales of problematic assets, which constitutes 63% of all problematic assets left in Reverta.

According to the EC approved Restructuring Plan for Parex Bank, the operation of Reverta is terminated at the end of 2017. Reverta has to complete the development of its portfolio and close all operations by the end of this term.

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

Jul 6, 2016
In H1 2016 Reverta repays the Treasury thrice as much as in the same period last year

Joint-Stock Company Reverta has made another regular payment to the State Treasury in the amount of EUR 5.5 m, thus in first six months of 2016 Reverta has paid the Treasury a total of EUR 30.1 m – thrice as much as in the same period last year.

„Notwithstanding the fact that top distressed assets have been already disposed of in the previous six years of Reverta’s operation, performance results of June have been excellent as demonstrated by the recovery of EUR 9.5 m from the workout of loan portfolio”, points out Solvita Deglava, Chairperson of the Management Board.

„The funds were recovered from several complex deals concluded in Latvia, Russia, Lithuania, and Estonia after a many year struggle to overcome the energetic counteractions by clients. Their opposition manifested itself both in the form of legal challenge and, in certain cases, also as open threat”, says Solvita Deglava.

One of the deals was the conclusion of a large and complex project that had spanned eight years and finally has resulted in the takeover of a real estate property – a commercial space of approximately 1000 sq. m at the prestigious Frunzenskaja Naberezhnaya, Moscow, Russia. Another achievement was the conclusion of the largest and most complex loan project in Lithuania – on 29 June 2016 Reverta received the remaining EUR 550 k of the total EUR 10.6 m for the concluded assignment deal.

Overall, since 1 August 2010 till 31 May 2016 Reverta has recovered EUR 695.8 m from the restructuring of distressed loans, sales of bonds, and disposal of real estate properties.

Additional information:
The activities of Reverta are focused in three main directions: loan restructuring, legal recovery, and real estate management and sales.
According to the EC approved Restructuring Plan for Parex Bank, Reverta has to complete the workout of its portfolio and close all operations by the end of 2017.
Reverta has commenced selection of an Advisor to ensure sales process of its loan and real estate portfolios. Regulations for Selecting an Advisor are available upon request via e-mail – please apply to tenderRH@pa.gov.lv indicating the company name and registration number of the Applicant. Applications will be accepted by 15:00 on 14 July 2016 at the latest.

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

Jun 28, 2016
On selection of an Advisor

JSC Reverta commences selection of an Advisor to ensure sales process of its loan and real estate portfolios. Regulations for Selecting an Advisor are available upon request via e-mail – please apply to tenderRH@pa.gov.lv indicating the company name and registration number of the Applicant. Applications will be accepted by 15:00 on 14 July 2016 at the latest.

May 30, 2016
Changes to the Management Board of JSC Reverta

Joint Stock Company Reverta informs that its Management Board Member, Senior Vice-President Edgars Miļūns has decided to make a career move to another company and will resign as of 1 June 2016.

During the six years with Reverta, Edgars Miļūns has proved himself an excellent manager and expert in the field of real estate development, management and sales, especially in what regards complex high value projects. Reconstruction, lease and subsequent sale of the Air Baltic headquarters for the total amount of EUR 6.19 m was one of his most recent successful projects.

In order to reduce administrative costs and also in view of thelanned termination of Reverta’s operations by the end of next year, Reverta’s Supervisory Board has supported the proposal of the management to continue with a two person Management Board. The work will be carried on by the President, Chairperson of the Management Board Solvita Deglava and Senior Vice-President, Member of the Management Board Ruta Amtmane.

According to Reverta’s Articles of Association, the Management Board can take decisions with as few as two members.


Additional information:

The activities of Reverta are focused in three main directions: loan restructuring, legal recovery, and real estate management. In accordance with the Restructuring Plan for Parex Bank approved by the European Commission, Reverta’s operation has to end by the conclusion of 2017. By that term Reverta has to complete the workout of its portfolio and discontinue all actions.


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

May 16, 2016
In 2016 Reverta repays EUR 24.6 m to the Treasury

This May joint stock company Reverta has made another payment to the State Treasury in the amount of EUR 20.1 m. Thus, in 2016 Reverta has paid the Treasury a total of EUR 24.6 m, which is by EUR 15 m more than during the same period last year. As reported before, a payment of EUR 4.5 m was made in February 2016.
Overall, the state has received from Reverta more than EUR 635 m in the form of various payments, of which EUR 391.2 m was paid directly to the Treasury. In addition to that, Reverta has in due time disbursed term deposits, interest on subordinated capital and other big volume payments. In view of the substantial impact made by changes in the economic situation, the unstable geopolitical circumstances, as well as the low quality of assets received from the previous shareholders of Parex Bank, Reverta’s specialists have achieved the most optimum results in the five years of their operation.
In accordance to the Restructuring Plan for Parex Bank approved by the European Commission, Reverta’s operation has to end by the conclusion of 2017. By that term Reverta has to complete the workout of its portfolio and discontinue all operations. At the moment, there are only the most complex and time-consuming workout assets left in Reverta’s portfolio; all other relatively less distressed assets have been already restructured and disposed of in the previous five years of Reverta’s operation. One recently and successfully concluded key project was the reconstruction, lease and subsequent sale of the Air Baltic headquaters for the total amount of EUR 6.19 m.
Overall, Reverta has recovered more than EUR 680 m from the restructuring of distressed loans, sales of bonds, and disposal of real estate properties.

Additional information:
The activities of Reverta are focused in three main directions: loan restructuring, legal recovery, and real estate management. The experience of our professional team and its knowledge in the areas of corporate finance, asset management, legal and security issues facilitates the rehabilitation of distressed assets and an increase of their value.

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

May 12, 2016
Draft Resolutions of AGM of Shareholders of JSC „Reverta”

Approved in the meetings of the Management Board of joint stock company „Reverta”
on 21 April 2016 and 5 May 2016
and in the meetings of the Supervisory Board of joint stock company „Reverta”
on 26 April 2016 and 9 May 2016

DRAFT RESOLUTIONS
of Annual General Meeting of Shareholders
of joint stock company „Reverta” to be held on May 26, 2016

I On approval of Annual report of joint stock company Reverta for the year 2015
To approve joint stock company “Reverta” Annual report for the year 2015 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 2015
To approve the report of the Audit Committee of joint stock company “Reverta” for the year 2015.

III On election of chartered auditor of joint stock company Reverta for the year 2016
To elect SIA „PricewaterhouseCoopers”, registration No 40003142793, licence No. 5, as chartered auditor of joint stock company “Reverta” to review Annual report of joint stock company “Reverta” for the year 2016.
To authorise Management Board of joint stock company “Reverta” to conclude an agreement with SIA „PricewaterhouseCoopers” on review of Annual report of joint stock company “Reverta” for the year 2016, by stating that amount of remuneration of chartered auditor shall be coordinated with Supervisory Board of joint stock company “Reverta”.


For more information, contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: (+ 371) 67779142 or (+ 371) 29287169
E-mail: marita.ozolina@reverta.lv

Apr 29, 2016
JSC Reverta audited Annual Report 2015

JSC Reverta audited financial results for 2015 comply with the unaudited financial results published on 26 February 2016. 

The unaudited financial report of joint-stock company Reverta shows that the company has succeeded in overcoming obstacles created by unfavourable external conditions and in completing the year 2015 with good performance results. Reverta has repaid EUR 53 m to the State Treasury, of which EUR 30.7 m was the repayment of the principal amount and EUR 22.3 m was interest on the State aid provided for Parex Banka. In 2015 Reverta recovered EUR 61.3 m from the restructuring and sale of distressed assets. 

In line with the Restructuring Plan, which envisages termination of all Reverta’s operations by the end of 2017, during the reporting period the company continued persistent work on the restructuring of the distressed assets portfolio. As a result of this, at the end of 2015 Reverta’s total assets were EUR 144.6 m, as compared to EUR 220.3 m on 31 December 2014. 

The Chairperson of the Management Board of Reverta Solvita Deglava points out: “Reverta’s operation is being gradually downsized and amended to suit the reducing assets, including, the staff numbers have been decreased two times since the beginning of Reverta to ensure that the company’s high efficiency is retained. Calculations show that each employee has recovered from the distressed assets approximately EUR 6 m.” 

Since 1 August 2010, the State has received from Reverta a total amount of EUR 610.8 m in the form of various payments, of which EUR 366.6 m was paid directly to the State Treasury. In addition to this, Reverta has also disbursed term deposits, interest on subordinated capital and other big volume payments. 

Solvita Deglava underlines: “We continue to do our best to recover as much State money as possible. It is not an easy task in view of the significant impact made both by the Russian crisis and the economic situation in Latvia and Europe. Besides, only the most complicated assets are left in our portfolio as all other distressed assets have been already restructured and disposed of during the five years of Reverta’s operation.” 

Overall, Reverta has rcovered EUR 666.2 m from the restructuring of distressed loans, sales of bonds, and disposal of real estate properties. 

For additional information:
Joint-stock company Reverta is one of the largest distressed asset managers in the Baltic countries. Since 1 August 2010 Reverta has recovered more than EUR 666.2 m from the restructuring and sales of distressed assets. 

To learn more about Reverta, please visit our web page: http://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

Apr 26, 2016
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 26, 2016 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 2015.
2. On report of the Audit Committee of joint stock company “Reverta” for the year 2015.
3. On election of chartered auditor of joint stock company Reverta for the year 2016.

The Shareholders can get acquainted with the audited Annual report of joint stock company “Reverta” for the year 2015 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 26, 2016 - 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 May 12, 2016 till May 25, 2016 at premises of joint stock company “Reverta”, Brīvības iela 148A-1, Riga, Latvia, on any business day from 10.00 a.m. till 4.00 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


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

Feb 26, 2016
Reverta: asset restructuring continues, EUR 61.3 m recovered in 2015

The unaudited financial report of joint-stock company Reverta shows that the company has succeeded in overcoming obstacles created by unfavourable external conditions and in completing the year 2015 with good performance results. Reverta has repaid EUR 53 m to the State Treasury, of which EUR 30.7 m was the repayment of the principal amount and EUR 22.3 m was interest on the State aid provided for Parex Banka. In 2015 Reverta recovered EUR 61.3 m from the restructuring and sale of distressed assets.

In line with the Restructuring Plan, which envisages termination of all Reverta’s operations by the end of 2017, during the reporting period the company continued persistent work on the restructuring of the distressed assets portfolio. As a result of this, at the end of 2015 Reverta’s total assets were EUR 144.6 m, as compared to EUR 220.3 m on 31 December 2014.

The Chairperson of the Management Board of Reverta Solvita Deglava points out: “Reverta’s operation is being gradually downsized and amended to suit the reducing assets, including, the staff numbers have been decreased two times since the beginning of Reverta to ensure that the company’s high efficiency is retained. Calculations show that each employee has recovered from the distressed assets approximately EUR 6 m.”

Since 1 August 2010, the State has received from Reverta a total amount of EUR 610.8 m in the form of various payments, of which EUR 366.6 m was paid directly to the State Treasury. In addition to this, Reverta has also disbursed term deposits, interest on subordinated capital and other big volume payments.

Solvita Deglava underlines: “We continue to do our best to recover as much State money as possible. It is not an easy task in view of the significant impact made both by the Russian crisis and the economic situation in Latvia and Europe. Besides, only the most complicated assets are left in our portfolio as all other distressed assets have been already restructured and disposed of during the five years of Reverta’s operation.”

Overall, Reverta has rcovered EUR 666.2 m from the restructuring of distressed loans, sales of bonds, and disposal of real estate properties.

For additional information:
Joint-stock company Reverta is one of the largest distressed asset managers in the Baltic countries. Since 1 August 2010 Reverta has recovered more than EUR 666.2 m from the restructuring and sales of distressed assets. 

Following a request by the Latvian Privatisation Agency, KPMG Baltics is currently analysing the situation in the distressed asset market in order to provide recommendations on future disposal strategy of Reverta, including potential sales strategies along with a justified opinion on whether there are grounds to reconsider the existing sales strategy. 

To learn more about Reverta, please visit our web page: http://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

Feb 17, 2016
Reverta repays 4.5 m to the State Treasury

In February 2016, joint-stock company Reverta repaid EUR 4.5 m to the State Treasury. This was interest calculated on the State aid to Parex Banka.

Since 1 August 2010, the State has received from Reverta a total of EUR 610.8 m in the form of various payments, of which EUR 366.6 m was paid directly to the Treasury.

As more than once noted before, the amount of funds repaid to the State Treasury considerably depends on completion terms of several large deals in the process of development. As a result of the increasing caution exercised by investors, the process of finding buyers for the large real estate properties has become much more difficult and time consuming than before, and therefore Reverta’s performance is still being affected by the unstable and unpredictable cash flow. Nevertheless, notwithstanding the unfavourable situation, last year Reverta repaid EUR 53 m to the State Treasury.

In line with the Restructuring Plan, which envisages termination of Reverta’s operation by the end of 2017, a continuous work on loan restructuring is going on, and by the end of 2015 the total amount of Reverta’s assets was EUR 144.6 m, as compared to EUR 220.3 m on 31 December 2014.

For additional information:
Joint-stock company Reverta is one of the largest distressed asset managers in the Baltic countries. Since 1 August 2010 Reverta has recovered more than EUR 666.2 m from the restructuring and sales of distressed assets. Following a request by the Latvian Privatisation Agency, KPMG Baltics is currently analysing the situation in the distressed asset market in order to provide recommendations on future disposal strategy of Reverta, including potential sales strategies along with a justified opinion on whether there are grounds to reconsider the currently approved sales strategy.

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

Jan 20, 2016
Reverta: EUR 53 m paid to the State Treasury last year

In 2015 joint stock company Reverta has paid a total of EUR 53 m to the State Treasury, of which EUR 22.5 m was paid in the first nine months of the year and EUR 30.5 m – at the end of the year.

Since 1 August 2010, the state has received from Reverta a total of EUR 612.4 m in the form of various payments, of which EUR 366.6 m was paid to the Treasury. Reverta has recovered EUR 666.2 m since 1 August 2010.

Solvita Deglava, the Chairperson of the Management Board of Reverta, points out: ʽAt the end of 2015, we disposed of several high value real estate properties and also were able to carry out successful restructuring and recovery of large liabilities. As a result of this, Reverta recovered significant amount of money, some of which was received at the very end of year and the rest is expected in the first half of 2016.

As mentioned before, Reverta’s performance and the amount of funds to be repaid to the State Treasury were largely dependent on the completion term of several big deals under development. The macroeconomic and unstable geopolitical situations have made investors more cautious, and therefore the process of finding buyers for large real estate objects has become more difficult and time consuming than before.

The total asset portfolio of Reverta continues to decrease and currently it is EUR 108.8 m.

Additional information:
Reverta is the one of the largest distressed assets managers 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 666.2 m from development and sales of distressed assets.

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