Vilnius, January 30. Small investors, united by WFIC member Investors Association (Lithuania), ask the court to return money, paid for unregistered share issue of bankrupt Lithuanian bank Snoras. On January 30, 2012, 410 investors submitted a case to the Vilnius Regional Court, asking back ERU 2.4 million.

"After successful process uniting investors seeking higher price in Lifosa squeeze-out process, we managed to gather an even larger group, which asks for the return of deposited funds for unregistered Snoras shares. We hope that the group action will facilitate a more efficient court process, because instead of 400 claims there is only one — with a record number of applicants in Lithuania," said Investors Association (Lithuania) Board member Tomas Pilipavicius. Investors also ask the court to apply for interim measures and seize the money paid for subscribed, but unregistered shares.

"Under the Lithuanian Banking Act, after the subscription of shares, money is deposited in a special account opened at another credit institution and may be used by the bank only after registering amendments to the Statutes relating to the share capital increase. This means that cash paid by investors does not belong to Snoras assets and must be returned to investors," said the Investors Association member of the Board and the AAA Baltic Service Company attorney Daiva Usinskaite-Filonoviene. According to her, after initiation of the process, Snoras bankruptcy administrator should refrain from taking action on small investors' money.

Snoras shareholders decision to issue new EUR 110 million shares was adopted on 21st December 2011. Most new shares were subscribed by former Snoras majority shareholders Vladimir Antonov (EUR 58.1 million) and Raimondas Baranauskas (EUR 21.6 million) and a fund managed by Jubilee Financial Products (EUR 23.2 million). Small investors subscribed to approximately EUR 7.3 million worth of shares.

On 16th November, 2011, the Lithuanian government seized Snoras shares from private owners, and on 22nd November, the central Bank of Lithuania refused to issue a permit to register Snoras amendments to the Statutes of the capital increase. On 7th December, 2011, Snoras was declared bankrupt by the court. Russian businessman Vladimir Antonov and Lithuanian businessman Raimondas Baranauskas are accused of an asset-stripping operation that is the alleged cause of the collapse of Snoras.

Thanks to WFI's member organizations, we have been able to compile statistics on the number of individual shareholders in the larger markets. In the USA approximately 21 million American households (20%) own individual shares of stock. In Germany the number of individual shareholders (including employee shares holders) is estimated at 4 thousand (2007 data). In Sweden there are approximately 2.2 million individual shareholders, and according to the statistics from 2005-2006, the average male director shareholder owns 15,392 shares, and the average female shareholder owns 4,129 shares. In Poland in 2009, there were 254 thousand active individual shareholders on the stock market.

Thanks to WFI's member organizations, we have been able to compile statistics on the number of individual shareholders in the larger markets. In the USA approximately 21 million American households (20%) own individual shares of stock. In Germany the number of individual shareholders (including employee shares holders) is estimated at 4 thousand (2007 data). In Sweden there are approximately 2.2 million individual shareholders, and according to the statistics from 2005-2006, the average male director shareholder owns 15,392 shares, and the average female shareholder owns 4,129 shares. In Poland in 2009, there were 254 thousand active individual shareholders on the stock market.

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Forty members of the Swedish Shareholders Association visited the USA to attend the Annual Meeting of Berkshire Hathaway (BERK.A – NYSE) and hear the annual address by its founder, "The Oracle of Omaha", Warren Buffett. Colleagues from NAIC/BetterInvesting (USA) arranged for the Swedish visitors to also attend presentations by investor representatives from Citrix Systems (CTXS – NAASDAQ) and Tupperware (TUP – NYSE).

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As part of our expanded membership services, WFIC is introducing a cycle of shareholders' fairs, the purpose of which are to provide information about high-potential, listed companies across industry sectors and in various countries. These fairs have proven to be a great opportunity to exchange information, create valuable contacts and learn about investment opportunities throughout the world.

 

Note: WFIC provides opportunities for company information and investor education, it does not recommend specific investments.

Details about the first event will be available soon.

As part of our expanded membership services, WFI is exploring a variety of alternative shareholders' fairs, the purpose of which are to provide information about high-potential, listed companies across industry sectors and in various countries. In the past, our member organizations from Brazil and France have incorporated their investor fairs as hosts for our annual meetings. NAIC-BetterInvesting from the U.S. is co-producing a virtual Retail Investor Fair on the Internet (see separate article). While from Brazil, TradeNetwork, an organizer of conferences and money shows, has teamed up with the biggest Brazilian media–TV Global in plans for virtual venture fairs. Fairs have proven to be a great opportunity to exchange information, create valuable contacts and learn about investment opportunities throughout the world.

Note: WFI provides opportunities for company information and investor education, it does not recommend specific investments.

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BetterInvesting, the US National Association of Investors Corporation/BetterInvesting (NAIC), has experienced continued success with the Online Stock Study events organized by volunteer educators for the association's members.

The monthly webinar features an analysis of the stock of a publicly traded company. The volunteer educators use investment analysis tools such as the Association's Stock Selection Guide and IClub's Tool Kit software. The sessions, which allow questions and rankings from the on-line audience, have consistently drawn 600-900 participants.

BetterInvesting, the US National Association of Investors Corporation/BetterInvesting (NAIC), has experienced continued success with the Online Stock Study events organized by volunteer educators for the association's members.

The monthly webinar features an analysis of the stock of a publicly traded company. The volunteer educators use investment analysis tools such as the Association's Stock Selection Guide and IClub's Tool Kit software. The sessions, which allow questions and rankings from the on-line audience, have consistently drawn 600-900 participants.

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Vilnius, January 30. Small investors, united by WFI member Investors Association (Lithuania), ask the court to return money, paid for unregistered share issue of bankrupt Lithuanian bank Snoras. On January 30, 2012, 410 investors submitted a case to the Vilnius Regional Court, asking back ERU 2.4 million.

"After successful process uniting investors seeking higher price in Lifosa squeeze-out process, we managed to gather an even larger group, which asks for the return of deposited funds for unregistered Snoras shares. We hope that the group action will facilitate a more efficient court process, because instead of 400 claims there is only one — with a record number of applicants in Lithuania," said Investors Association (Lithuania) Board member Tomas Pilipavicius. Investors also ask the court to apply for interim measures and seize the money paid for subscribed, but unregistered shares.

"Under the Lithuanian Banking Act, after the subscription of shares, money is deposited in a special account opened at another credit institution and may be used by the bank only after registering amendments to the Statutes relating to the share capital increase. This means that cash paid by investors does not belong to Snoras assets and must be returned to investors," said the Investors Association member of the Board and the AAA Baltic Service Company attorney Daiva Usinskaite-Filonoviene. According to her, after initiation of the process, Snoras bankruptcy administrator should refrain from taking action on small investors' money.

Snoras shareholders decision to issue new EUR 110 million shares was adopted on 21st December 2011. Most new shares were subscribed by former Snoras majority shareholders Vladimir Antonov (EUR 58.1 million) and Raimondas Baranauskas (EUR 21.6 million) and a fund managed by Jubilee Financial Products (EUR 23.2 million). Small investors subscribed to approximately EUR 7.3 million worth of shares.

On 16th November, 2011, the Lithuanian government seized Snoras shares from private owners, and on 22nd November, the central Bank of Lithuania refused to issue a permit to register Snoras amendments to the Statutes of the capital increase. On 7th December, 2011, Snoras was declared bankrupt by the court. Russian businessman Vladimir Antonov and Lithuanian businessman Raimondas Baranauskas are accused of an asset-stripping operation that is the alleged cause of the collapse of Snoras.

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Vilnius, January 30. Small investors, united by WFIC member Investors Association (Lithuania), ask the court to return money, paid for unregistered share issue of bankrupt Lithuanian bank Snoras. On January 30, 2012, 410 investors submitted a case to the Vilnius Regional Court, asking back ERU 2.4 million.

"After successful process uniting investors seeking higher price in Lifosa squeeze-out process, we managed to gather an even larger group, which asks for the return of deposited funds for unregistered Snoras shares. We hope that the group action will facilitate a more efficient court process, because instead of 400 claims there is only one — with a record number of applicants in Lithuania," said Investors Association (Lithuania) Board member Tomas Pilipavicius. Investors also ask the court to apply for interim measures and seize the money paid for subscribed, but unregistered shares.

"Under the Lithuanian Banking Act, after the subscription of shares, money is deposited in a special account opened at another credit institution and may be used by the bank only after registering amendments to the Statutes relating to the share capital increase. This means that cash paid by investors does not belong to Snoras assets and must be returned to investors," said the Investors Association member of the Board and the AAA Baltic Service Company attorney Daiva Usinskaite-Filonoviene. According to her, after initiation of the process, Snoras bankruptcy administrator should refrain from taking action on small investors' money.

Snoras shareholders decision to issue new EUR 110 million shares was adopted on 21st December 2011. Most new shares were subscribed by former Snoras majority shareholders Vladimir Antonov (EUR 58.1 million) and Raimondas Baranauskas (EUR 21.6 million) and a fund managed by Jubilee Financial Products (EUR 23.2 million). Small investors subscribed to approximately EUR 7.3 million worth of shares.

On 16th November, 2011, the Lithuanian government seized Snoras shares from private owners, and on 22nd November, the central Bank of Lithuania refused to issue a permit to register Snoras amendments to the Statutes of the capital increase. On 7th December, 2011, Snoras was declared bankrupt by the court. Russian businessman Vladimir Antonov and Lithuanian businessman Raimondas Baranauskas are accused of an asset-stripping operation that is the alleged cause of the collapse of Snoras.