Riga Stock Exchange                                                       20.12.2005



JSC “Preiļu siers” Management Board opinion on the share buyback offer



While determining the share price for the purposes of mandatory buyback offer, the price was 

set according to Article 74 of the Law on Financial Instruments Market. Item 1 of Part 1 could 

not be applied; nor could Item 2 of Part 1 be applied, because there has not been one single 

transaction in a regulated market since the company’s listing on the stock exchange. Consolidated 

Annual Report for 2004 as well as consolidated 2005 9-months financial statement served as a 

basis for calculating the buyback price. The share value calculated from the 2005 9-months 

financial statement is by 12% higher compared to that in 2004 Annual Report, therefore, the 

highest of the two, namely, LVL 2.11 per share, is taken as the buyback price. 

Management Board believes that the price is fair and in the best interests of shareholders. 

“Preiļu siers” Management Board fully supports the buyback and delisting from regulated market. 

No changes in the company management or any cut on jobs are expected to take place in after delisting. 



Unofficial translation by RSE