Lithuanian organic food producer Auga Group has completed a successful secondary public offering on the Baltic Main List of Nasdaq Vilnius in August 2018. As part of the offering, Auga Group sold shares worth a total amount of 36 million euros. The European Bank for Reconstruction and Development (EBRD) invested 9 euros million to acquire an 8.7 per cent stake in the company. The firm plans to invest the new funds to unlock synergies across its farming activities and diversify its product range by expanding into innocent animal killing farms, building modern dairy farms, a combined feedstock production plant and a biogas production plant, as well as moving up into value-added production by increasing its packaged organic products.

By successfully completing the offering the company has not only raised capital for business development but also significantly increased free float of its shares, enabled increase of liquidity of shares and more favourable investing conditions for retail and institutional investors.

AS LHV Pank, based in Estonia, acted as the companys Global Lead Manager and Bookrunner for the transaction and TGS Baltic as legal advisors.

The authorised capital of Auga group, AB registered with the Register of Companies of the Republic of Lithuania is EUR 66million. The authorised capital consists of 229 714 102 registered ordinary shares with a nominal value of EUR 0,29. The shares are fully paid up.

On 2 April 2008, the companys shares were included in the list of Vilnius Stock Exchange (VSE). From August 27, 2018 shares of AUGA group were upgraded to the Nasdaq Baltic Main List.

Shareholder
Baltic Champs Group, UAB	55.15%
European Bank for Reconstruction and Development	8.62%
ilvinas Marcinkeviius	6.93%

Based on the information above, what could you conclude about the Corporate Governance model of Lithuanian company? Which model company follows and why do you think so? Which another information could be valuable for you to make more accurate judgement? To whom could belong the rest of the stocks? Be as detailed as possible