New Hanza Capital, AS Changes Its Name to Pillar Capital, AS

On 3 July 2020, a meeting of shareholders of New Hanza Capital, AS (hereinafter – the Company) took place, where a decision was made about changing the name of the Company, as well as Company’s audited financial report of 2019 was approved and decision made about distribution of profits.

Shareholders of the Company made a decision to change the name of the Company’s firm from New Hanza Capital, AS to Pillar Capital, AS. Changing the name of the company is based on the need to promote the recognition of the group of the Company and their projects, their positioning on the market, as well as to add more sense of belonging to the group for the Company, at the same time retaining the emphasis on the specification of the Company’s operation. Change of the name does not affect the bondholders of the Company and the fulfilment of the obligations arising from the bonds.

As reported earlier, at the end of 2019 the Company merged with the companies of Pillar group, which enabled the Group to ensure full cycle of real estate development, starting from generating ideas, drafting a business plan and fundraising, up to developing design of the project, managing construction stages, managing the property, attracting tenants and selling properties.

At the full meeting of shareholders there were also Company’s group consolidated (the Company and its subsidiaries) and Company’s separate annual reports approved for the year that ended on 31 December 2019. As reported, thanks to the well-developed operational strategy, the Company was performing well in 2019. According to the audited financial results, the profit of the Company before taxes last year amounted to EUR 135.57 thousand, while the group closed the year at a profit before taxes of EUR 4.75 million. The group’s results comply with the performance estimated by the management. The shareholders decided to keep the profit of 2019 undistributed.

At the full meeting of shareholders it was decided to assign the functions of the audit committee of the Company to the council consisting of the following members: Ernests Bernis, Edgars Pavlovičs, Māris Kannenieks, Ivans Marjasovs and Kaspars Bajārs for the entire term of their office.

New Hanza Capital, AS is a company founded in 2006. The objectives of its operation include investing own and third party funds in commercial real estate objects to achieve sustainable increase in income from renting the premises and enlarging of the value of properties.