Schobert owns 44.8% of the company, while his wife owns 43%.

The shares were listed 18 months ago at Ft 990. After levying fines on several occasions because Norbi update failed to make public information that it was required to, the MNB suspended trading of the shares a few weeks ago, when the price was Ft 252. Ultimately, the company made its financial report public on May 31.

Shares of the shareholders who rejected going private will be purchased at Ft 440, Schobert said.

Schobert underlined that he will not answer questions about the future of the company at its AGM, but will present a written response within eight days.

Norbi Update suffered a Ft 344 million loss in 2015.

The shares will be cancelled by the BSE on October 31, the AGM approved.

Source: Hungary Around the Clock

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