Statement by Lubomir Minchev, co-founder and major shareholder

Dear fellow investors in TBS Group, At the recent digital event dedicated to the preliminary results of TBS Group for 2022, CEO Ivan Zhtiyanov shared his intention to propose the removal of the obligation to distribute as dividend of at least 50% of its profit, with a view to its reinvestment in acquisitions and other investment initiatives for the development and expansion of TBS Group.

Considering the potential of these initiatives to catalyze the Company’s growth, I intend to support the proposal for waiving minimal dividend distributions, after it has been duly addressed to the general meeting of shareholders of TBS Group.

Nonetheless, I also recognize the fact that the application of cash generated by the Company towards expansion initiatives represents a strategy of different potential returns and risk profile.

Past announcements have made known to the public my general readiness for new offerings of TBS shares on the floor of the BSE, creating possibilities for risk diversification and new investors.

In the present context, I intend to offer on the floor of the BSE a minority share package in the next few months, while preserving a majority stake in the Company and continuing to support its accelerated growth prospects in the years to come.

Kind regards,
Lubomir Minchev,
majority shareholder in TBS Group AD