The following resolutions were passed at the Annual General Meeting of the Latvian Forest Company AB (publ) on June 30th, 2021.
Board, auditor and fees
The number of board members shall be four. Martin Hansson, Anders Nilsson, Andreas Norman and Aleksandrs Tralmaks were re-elected to the board. Martin Hansson was re-elected Chairman of the Board. Remuneration to the Board shall be paid in a total of SEK 200,000, of which SEK 80,000 shall be paid to the Chairman of the Board, and SEK 60,000 to each of the other members who do not receive remuneration from the company.
Re-election of the auditing company Baker Tilly Stint AB for a term of one year, thus up to and including the end of the 2022 Annual General Meeting, whereby the auditing company is informed that the authorized public accountant Mikael Nilsson has been appointed as the Principal Auditor. Fees to the auditor shall be paid in accordance with the agreement.
The AGM resolved to grant the Board of Directors and the President discharge from liability for the 2020 financial year.
Profit disposition
The AGM resolved that the company’s profits be disposed of in accordance with the Board’s proposal, meaning that no dividend will be paid for the financial year 2020.
Amendment of the Articles of Association
In order to enable issues in accordance with the Board’s proposal for a resolution on authorization, the AGM resolved to change the limits for the share capital and the number of shares in the Articles of Association, in accordance with the following wording.
§4. Share capital
The share capital shall be a minimum of EUR 1,680,045.00 and a maximum of EUR 6,720,180.00.
§ 6. Number of shares
The number of shares shall be a minimum of 15,000,000 and a maximum of 60,000,000.
Authorization for the Board of Directors to decide on the issue of shares, warrants and / or convertibles
The AGM resolved to authorize the Board of Directors to, on one or more occasions during the period until the next Annual General Meeting, with or without deviation from the shareholders’ preferential rights, decide on the issue of shares, warrants and / or convertibles on market terms. Payment must be made in cash, by set-off, contribution of non-cash assets, or otherwise, with conditions in accordance with the Swedish Companies Act. The total number of newly-issued shares and the number of shares that may be added through the exchange of convertibles or new subscriptions of shares on the basis of warrants shall in total amount to a maximum of the number that falls within the maximum number of shares in accordance with the Articles of Association. The purpose of the authorization is to be able to strengthen the company’s capital base and equity ratio or provide resources for a continued expansion of the business through further acquisitions.
In view of the risk of spreading Covid-19 and abiding by the authorities’ regulations and advice, the AGM was conducted by means of advance voting only (so-called postal voting) on the basis of temporary statutory rules.
For further information contact
Aleksandrs Tralmaks, VD
+371 29203972
Or visit our website: www.latvianforest.se
About Latvian Forest Company
Latvian Forest Company AB (publ) is a Swedish listed company that acquires, sells and conducts forestry on favorably valued forest in Latvia. The three main foundations of the business are, in addition to the fact that forest is a sought-after real asset that grows on its own;
- an expected increase in price levels for Latvian forestry and agricultural properties
- to create added value through active forest management
- to create value increase by building up a larger property portfolio.