The Board of JSC Latvijas Gaze (RISE:GZE1R) agreed to spin off JSC "Conexus Baltic Grid" on March 4, 2016. Each shareholder is eligible for as many shares in the new company as they hold in Latvijas Gaze. Shares may be obtained free of charge, and shareholders may retain shares of both Latvijas Gaze and Conexus Baltic Grid. The spin off was approved by the Board of Latvijas Gaze on March 4, 2016. On March 22, 2016, majority shareholders of Latvijas Gaze resolved to approved the spin off. Latvijas Gaze's shareholders meeting will be held on September 2, 2016 and the record date for participation at the extraordinary shareholders' meeting is August 25, 2016. The foundation meeting of Conexus Baltic Grid to approve its articles of association, council etc. is due to be held in late 2016. The legal separation will be completed by April 3, 2017. The transaction has been approved by shareholders of Latvijas Gaze on September 2, 2016. As on December 22, 2016, the foundation meeting of Conexus Baltic Grid held. The share capital of the new company is €39 million. The Board of JSC Latvijas Gaze (RISE:GZE1R) completed the spin off JSC "Conexus Baltic Grid" on January 5, 2017.