AS PRFoods (hereinafter "PRFoods”) hereby notifies that it has on 16.12.2024 entered into an agreement for the disposal of shares in the company AS TFTAK (Toidu- ja Fermentatsioonitehnoloogia Arenduskeskus, registry code 11930972; hereinafter the "Company”).
The field of activity of the Company is research and experimental development in biotechnology and the main business activity is the sale of research-development projects and applied research to cooperation partners, with a focus on the development and market introduction of innovative food and biotechnology technologies and products.
PRFoods is transferring all of its shareholding in the Company, totalling 11,250 shares with a nominal value of EUR 0.70 per share (i.e. with total nominal value of EUR 7,875), which constitutes 20% of the total share capital of the Company. The value of the transaction is EUR 280,000.
The balance sheet value of the Company in the accounts of PRFoods is EUR 418,000. The amount payable under the transaction is EUR 280,000 which corresponds to the valuation conducted by a third-party valuator. The outcome of the transaction in PRFoods' consolidated and unconsolidated statements is one-off loss in the amount of EUR 138,000. The amount of the outcome also correspondingly reduces the balance sheet total of PRFoods.
In connection with the disposal of shares, the shareholder of PRFoods Amber Trust II S.C.A. has also released the pledge established in its favour (PRFoods has published a notification regarding the establishment of the pledge on 14.11.2024: https://view.news.eu.nasdaq.com/view?id=bdc91ea5f348a35a131805647284334ca&lang=en).
The described transaction does not qualify as a transaction beyond the scope of day-to-day operations, or as a transaction of significant importance, or as a transaction with an associated person within the meaning of rules under "Requirements for Issuers” of Nasdaq Tallinn Stock Exchange.
AS PRFoods announces that Kuldar Leis has submitted his resignation from the position of a member of the Supervisory Board of AS PRFoods, effective from 16 December 2024.
The company would like to express its gratitude to Kuldar for his dedication and contributions during his tenure.
Kristjan Kotkas
Member of the Management Board
