Energijos Skirstymo Operatorius (ESO), a subsidiary of Lithuania's state-owned energy group Ignitis Group, has appealed against a court's decision to temporarily suspend the delisting of its shares from the Nasdaq Vilnius Stock Exchange.
ESO appeals against suspension of delisting
© DELFI / Karolina Pansevič

Vilnius City District Court ordered the suspension on December 31 as an interim measure after several minority shareholders took legal action, asking the court to annul the resolutions of ESO's shareholder meeting of December 4 that gave the green light for delisting the company's shares.

ESO said in a statement on Tuesday that "the real reason" behind the legal action was to "dispute the purchase price of ESO shares which is not the subject of the extraordinary general meeting of shareholders".

In early November 2019, Ignitis Group announced plans to delist two subsidiaries, ESO and Ignitis Gamyba, from Nasdaq Vilnius. The plans were approved by the two companies' shareholders at their general meetings in early December.

At minority shareholders' request, Vilnius City District Court temporarily suspended Ignitis Gamyba's delisting process on January 3, too. The ruling has not been appealed yet.

Ignitis Group, which is wholly owned by the state, holds 96.82 percent of shares in Ignitis Gamyba and 94.79 percent in ESO. Both subsidiary companies are listed on the blue-chip Main List of the stock exchange.

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