Dear BTV Shareholders,
On 8 September 2021, BTV's senior management was notified by the Latvian regulator of the decision to impose financial penalties on BTV, its CEO, and instruct Nasdaq Baltic to delist the company's shares.
This decision was unexpected to BTV's management, its supervisory board and legal advisors. The main issue of contention was about how intangible assets were reflected in BTV's interim financial statements for H1 2020. We are preparing to contest this decision in accordance with the applicable laws, following all relevant administrative procedures. Since BTV is the first listed venture capital firm in the Baltics, we always aim to adhere to the highest standards of corporate governance and transparency, following the recommendations of our accountants and auditors.
At this point, our main priority is to safeguard the company and preserve shareholder value. We are taking the following steps to address the above:
1. Sent a formal request to the regulator to review their findings and allow BTV to respond to their allegations; calling on international experts for an independent opinion where required
2. Preserve BTV as a going concern and continue its core business as a private joint-stock company, with shares registered with Nasdaq CSD (Latvian central securities depository). BTV has a portfolio of 12 companies, many of them doing very well and increasing in value
3. Evaluate the possibility of continuing with the capital increase as an unlisted company, as a private placement since we have already identified an investment pipeline of 10+ startups with excellent growth potential
4. BTV has been approached by several potential strategic investors with an interest to buy the entire company and its assets; we intend to evaluate these opportunities when formal proposals are received
Please send us (info@baltictechventures.com) your direct contact information, recent statement with an indication of a number of BTV shares owned so we can communicate directly with you regarding any future developments.
Name:
Email:
Tel:
Number of shares:
(statement enclosed)
We will update you on any material developments as more information is coming to light and as BTV's management and advisors formulate a clear strategy for the company's future with the objective of preserving and growing shareholder value.
Sincerely
Gene Zolotarev
CEO
Baltic Technology Ventures