Regarding publicly available information about “Novaturas” attracted financial support - Seite 2

This year, “Novaturas” has agreed with the State Investment Management Agency on EUR 10 million investment in company bonds for a period of six years. This agreement allows the company to implement planned strategic initiatives and provides financial protection against possible future changes that may occur due to the changing dynamics of the coronavirus.

These funds reach the company through mixed financial instruments, i.e. issuing convertible and ordinary bonds. The fund has agreed to purchase convertible bonds issued by the company worth EUR 5 million and ordinary bonds, which are also worth EUR 5 million. The financing is granted for 6 years period, after which the Company undertakes to redeem the bonds. The Company also has the possibility to redeem all or part of issued bonds before the term of the agreement.

EUR 410 thousand of subsidies received

• EUR 346 thousand of partial salary compensation
• EUR 32 thousand of innovation subsidy
• EUR 32 thousand of repatriation subsidy. This service cost the company over EUR 260 thousand.

The company is classified as a large, therefore “Novaturas” did not apply for such subsidies as rent compensation, loan interest compensation, reimbursement of part of the employment related tax paid in 2019. Also, we did not applied to the state’s first business support package. As for the possibility of attracting investment from the State Investment Management Agency, the state last week opened the possibility for all companies with more than 50 employees and whose activities are affected by Covid-19 to apply for assistance from the fund.

“Last year, the company put a lot of effort and time into searching and evaluating all the opportunities to ensure business continuity. The financial partners also appreciated our efforts and provided support in entrusting Novaturas potential. Before signing the deal with the State Investment Management Agency, their specialists impartially assessed our business model, its sustainability, and the potential of the sector. Such an objective assessment of the efforts made by our team and the belief shown in the potential of the tourism sector show that we are moving in the right direction. We feel a responsibility to take care of all travelers, both when traveling safely and by providing all the information when planning a vacation, as well as taking care of fair compensation. Therefore, we will continue to do our best to achieve this goal in a transparent and fair manner”, – says A. Keinytė.