
The Ministry of Communication and the Council of airBaltic have agreed to terminate the authority of the acting Council from 11 February. This is reported in the distributed Monday, 20 January, the evening of the Ministry’s announcement.The Company’s Council comprises Klavs Vasks, Andris Liepins, Kaspars Ozolins and Lars Toussaint. The First three of those will continue their work in the Council. It was planned that the performance of the Council would be evaluated on Tuesday, January 21, at the called meeting of airBaltic shareholders, but on the eve of this event the Ministry of Communications disseminated a release
on the termination of the relationship. The agreement between the parties provides that the current council will continue to perform its responsibilities until the next meeting of shareholders 11 February, to ensure “a responsible and organized
transition in the management of the company”. The February meeting of shareholders is planned to
elect the new composition of the Council. Agreement on the termination of authority is signed by Chairman of airBaltic Vasks and Members of the Council Ozolins and Liepins. “I expect that in the next weeks the process of attracting a strategic investor will be completed. With the side of the shareholder
has completed all necessary legal actions to successfully complete the process. After concluding this deal airBaltic will begin the next phase of development, for
which the new council of the company will be responsible,” – commented on the situation the state secretary of the Ministry of communication (Andulis Zydkovs. Klavs Vasks noted that the outgoing Council has done significant work, helping to prepare airBaltic for the next stage of activities, which will begin with the investment of the Council.Our primary goal
was to attract capital to implement the business plan of the company and ensure its future growth. The work of the Council ensured
that the principles of good corporate governance were observed, ensuring transparency and protecting the interests of all involved parties. “The Shareholder and the Council have provided all necessary preparations for the successful transaction with the strategic investor,” – Added
Vasks. The Ministry of Communication has already begun the process of selecting the new council to continue the progress
and support the strategic objectives of airBaltic.” Minister of Caspars Briskens (Progressives) has said earlier that negotiations with the strategic investor
airBalticarenotaboutthesaleofacontrollingpackageofshares,but rather about acquiring a minority stake in the PIPObeforeIPOorintheIPO,andpossiblyaboutparticipatingintheIPO itself.Bloomberg, citinginformedsources,reportedthatGermannationalairlineLufthansaisconsideringthepossibilityofpurchasingsharesofairBaltic.Latvianstateowns97.97%ofairBaltic shares,andfinancialinvestor,DanishentrepreneurLarsTusenthroughAircraftLeasing1.97%-2.03%.AirBaltic’sownershipinvestorLarsTusenthroughAircraftLeasing1.-2.03%.