Latvian Forest Company AB (publ) held its Annual General Meeting on June 29, 2020.
The Chairman noted that the auditor in his audit report has advocated discharge to the Board of Directors and the CEO from liability for their management in 2019. The Meeting resolved unanimously to grant discharge to the Board of Directors and the CEO for the financial year 2019. It was noted that the executives concerned did not participate in the decision and that the decision to grant discharge from the Board of Directors and the Managing Director was unanimous.
In accordance with the Board’s proposal, the Meeting resolved to re-elect board members Martin Hansson, Anders Nilsson, Andreas Norman and Aleksandrs Tralmaks. It was decided that a total of SEK 200,000 will be paid to the Members of the Board, of which SEK 80,000 to the Chairman of the Board and SEK 60,000 each to the other members who do not receive remuneration from the company.
The Meeting resolved that the company’s earnings, in accordance with the above-mentioned balance sheet, are disposed of in accordance with the Board’s proposal, implying that no dividend will be paid for the financial year 2019.
The Meeting resolved to authorize the Board of Directors, on one or more occasions before the next Annual General Meeting, with or without deviation from the shareholders’ preferential rights, to resolve on a new issue of shares, issue of warrants and/or convertibles within the limits of the Articles of Association. Payment may be made in cash, by set-off, the addition of non-cash assets or otherwise with conditions under Chapter 2, 5§, section 1-3 and 5 of the Swedish Companies Act.
The Annual General Meeting resolved to change the limits on the share capital and the number of shares in the Articles of Association as set out below.
Current wording
- 4. Share capital: The share capital shall not be less than EUR 840,022.50 and not more than EUR 3,360,090.00.
- 6. Number of shares: The number of shares shall not be less than 7,500,000 and not more than 30,000,000.
Proposed wording
- 4. Share capital: The share capital shall not be less than EUR 1,260,033.75 and not more than EUR 5,040,135.00
§ 6. Number of shares: The number of shares shall not be less than 11,250,000 and not more than 45,000,000.
For further information, please contact
Aleksandrs Tralmaks, CEO
+371 29203972
[email protected]
Or visit our website: www.latvianforest.se