Decisions taken by JSC “Olainfarm” the Annual general meeting

31/07/2006

The following decisions have been taken by the JSC „Olainfarm” AGM convened on July 31st, 2006:


 

1. Accept to the knowledge report of the Management Board concerning results of activity in year 2005.

2. To approve the JSC “Olainfarm” audited Annual Report for year 2005.

3. To approve the JSC “Olainfarm” audited Consolidated Annual Report for year 2005.

4. To direct profit of JSC “Olainfarm” of year 2005 in amount of Ls 346 424 to cover the losses of the previous years.

5. To elect SIA „Ernst & Young Baltic” to be the certified auditor of JSC „Olainfarm” for year 2006 (license No.17).

6. Accept to the knowledge report of the Management Board concerning budget and activity plan of JSC “Olainfarm” for year 2006, which presupposes that the turnover of the Company in year 2006 will reach 16,1 mln. Ls, but profit of the Company will amount to 0,95 mln. Ls.

7. Accept to knowledge report of the Management Board concerning results of issue of shares.

8. To approve the Amendments of JSC „Olainfarm” Statutes and the new edition of the Statutes.

9. To recall Zigurds Jeromanovs from the position of the JSC „Olainfarm” Council member.

10. Elect the Council of JSC “Olainfarm” for the following three years term, authorization term of the Council starting on July 31st, 2006, as follows: Juris Savickis,  Tatjana Lukina, Ivars Kalviтр, Eпena Dudko, Guntis Belзviиs.

11. To establish the total monthly remuneration of the Council members in amount of Ls 13 400.

12. To oblige the Management Board to prepare before December 31st, 2006, and submit to Riga Stock Exchange all the necessary documents and carry out all the necessary activities to transpose shares of JSC „Olainfarm” from Riga Stock Exchange Second list to the Official list.

 

             During the AGM the shareholders have been introduced with the results of activity of the Company in year 2005, which are reflected in the audited reports, as well as partially with the activity of the company in the first half-year of 2006. In the first half-year of  2006 the Company has sold the output for the total sum of 7,23 mln. Ls (10,29 mln.EUR), which is by 21,2% overreaching the sales amounts in the first half-year of 2005. Other financial results will be announced after preparation of unaudited report for 6 months which publication is planned on 35th week of year 2006.

             On July 29th, 2006, upon expiration of the term of payment for shares JSC „Olainfarm” 3 000 000 share emission pronounced in the previous year has concluded. Due to the fact that some shareholders who have undersigned for the shares haven’t provided the payment for the shares of have provided only partial payment the total number of paid up shares has reached 2954882. Thus, according to rules of increase of fixed capital and share issue prospectus rules the fixed capital of the Company is increased by Ls 2954882 and after registration in the commercial register it will amount to Ls 13207247. In the result of the share issue the funds in amount of 3,10 mln. Ls (4,42 mln. EUR) have been attracted.

             After conclusion of AGM the meeting of the Company’s Council has been held, where the Management Board of JSC „Olainfarm” has been elected as follows: Chairman of the Management Board Valзrijs Maligins, Deputy Chairwoman of the Management Board Jeпena Borcova, Members of the Management Board Inga Liриika, Jurijs Kaplinovs, Viktorija Юuka-Тikuпina, Andris Jegorovs, Aleksandrs Иernobrovijs.