Latvijas kugnieciba
On the procedure of the annual shareholders’ meeting of JSC “Latvijas kugnieciba”

Latvijas kugnieciba 

27.07.2011 12:10
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On Wednesday, July 27, 2011, the annual shareholders' meeting of joint stock
company 'Latvijas kugnieciba' (LK) according to the law considered issues put
on the previously announced agenda: approval of annual reports for the year
2010, election of auditor for the audit of annual reports for the year 2011.
The shareholders' meeting also elected new Supervisory Council of LK, which
will consist of 11 shareholder representatives. 

The shareholders' meeting decided to take notice of the report of the
Supervisory Council and of the report of the Audit Committee of joint stock
company 'Latvijas kugnieciba', as well to approve the annual report of joint
stock company 'Latvijas kugnieciba' for 2010 and the consolidated annual report
of joint stock company 'Latvijas kugnieciba' for 2010. 

The shareholders' meeting decided to cover loses of joint stock company
'Latvijas kugnieciba' of 2010 in the amount of 669'063 LVL from profit of
future periods. 

Shareholders decided to elect audit company 'PricewaterhouseCoopers' Ltd.
(commercial company licence No. 5) as auditor of the annual reports of joint
stock company 'Latvijas kugnieciba' for the year 2011. 

Shareholders decided to authorize the Management Board of joint stock company
'Latvijas kugnieciba' to conclude a contract with 'PricewaterhouseCoopers' Ltd.
on audit of the annual reports of joint stock company 'Latvijas kugnieciba' for
2011, by fixing a remuneration within the approved budget of 2011 of joint
stock company 'Latvijas kugnieciba'. 

As of July 27, 2011 the following persons have been recalled from LK
Supervisory Council: Simon Boddy, Mikhail Dvorak, Christophe Theophanis
Matsacos, Rubil Yilmaz, Vladimir Egger, Javed Ahmed, Mark Morrel Ware, Olga
Petersone, Olegs Stepanovs, Martins Kveps, Serguei Choutov. 

As of July 27, 2011 the following persons have been appointed to LK Supervisory
Council: Simon Boddy, Mikhail Dvorak, Christophe Theophanis Matsacos, Rubil
Yilmaz, Vladimir Egger, Javed Ahmed, Mark Morrel Ware, Jaakko Sakari Mikael
Salmelin, Olga Petersone, Olegs Stepanovs, Martins Kveps. 

Shareholders' meeting also assigned Simon Boddy to call the first meeting of
the newly elected LK Supervisory Council, inform Supervisory Council members
about the time and place of the meeting, set agenda for the first meeting of
the newly elected LK Supervisory Council, open the meeting, as well as perform
other necessary activities related to calling and holding of the first meeting
of the newly elected LK Supervisory Council. 

Simon Boddy informed that it is planned to call the first meeting of the newly
elected LK Supervisory Council on August 31, 2011; members of the Supervisory
Council will be informed properly. 

Shareholders decided to fix a remuneration fund for Supervisory Council members
for fulfilling duties of LK Supervisory Council members in amount of LVL 0.00
(zero lats) per year. 

Shareholders representing ­­­93.28 % of shares with voting rights participated
in the meeting. 




         Additional information:
         Elina Dobulane
         Press Secretary
         JSC 'Latvijas kugnieciba'
         Phone: 25959447
         E-mail: Elina.Dobulane@lscgroup.lv


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Language:     English
Company:      Latvijas kugnieciba
              
               
              Latvia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         LV0000101103
WKN:          
 
End of Announcement                             DGAP News-Service
 
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