News

29
06.2020

NOTICE OF ANNUAL GENERAL MEETING OF LATVIAN FOREST COMPANY AB (PUBL)

 

Shareholders of Latvian Forest Company AB (publ), org. no. 556789-0495, (the "Company") is hereby invited to the Annual General Meeting on Monday, June 29, 2020, at 11:00 a.m. CET. 10.00, in Galjaden Fastigheter's premises at Linnégatan 18 in Stockholm.
Due to the uncertainty surrounding the new corona virus, precautions will be taken at the meeting. The Meeting will be held as short as possible and no meals will be offered in connection with the Meeting. The Company is following developments closely and may, if necessary, take additional precautions at short notice. We ask shareholders to follow the Company's website www.latvianforest.se for updated information.

RIGHT TO PARTICIPATE ETC.
In order to participate in the Annual General Meeting, shareholders must be registered in the share register kept by Euroclear Sweden AB as of Tuesday, June 23, 2020, and notify the Company of their participation no later than June 23, 2020. Registration can be made in writing to the Company under address: Latvian Forest Company AB, Ringvägen 22, 182 46 Enebyberg, by phone +371 29203972 or by e-mail: info@latvianforest.se. The notification shall include the name and personal or corporate identity number, address and telephone number and an indication of shareholdings.
Proxy forms for shareholders who wish to participate at the Annual General Meeting by proxy will be available on the Company's website and sent by mail to shareholders who contact the company and state their address. If shareholders intend to be represented by a proxy, power of attorney and other documents of competence should be attached to the notification. If the power of attorney has been issued by a legal person, a certified copy of the registration certificate or equivalent document of jurisdiction of the legal person must be attached. Power of attorney may not be more than five years old. Shareholders who have registered their shares in a nominee must temporarily register the shares with Euroclear Sweden AB in their own name to be entitled to participate in the Annual General Meeting. Such registration must be completed with Euroclear Sweden AB latest June 23, 2020 and should therefore be requested from the administrator well in advance of the that date.

 AGENDA
1. Opening of the Meeting and election of the Chairman of the Meeting.
2. Establishment and approval of the electoral roll.
3. Approval of agenda.
4. Selection of one or two adjusters.
5. Examination of whether the meeting has been duly convened.
6. Presentation of the annual report and auditor's report, consolidated financial statements and consolidated auditor's report.
7. Statement by the CEO.
8. Resolution on
  (a) determination of the income statement and balance sheet, as well as the consolidated income statement and balance sheet.
 (b) dispositions of the Company's profit or loss in accordance with the established balance sheet.
 (c) discharge from liability for the members of the Board and the Managing Director.
9. Establishment of fees for the Board of Directors and the Auditor.
10. Election of Board Directors and Auditor.
11. Proposal for a decision amending the Articles of Association.
12. Proposal for a resolution authorizing the Board of Directors to resolve on a new issue of shares, as well as the issue of warrants and/or convertibles.
13. Closing of the Meeting.

Proposal for a Resolution:
Election of Chairman of the Meeting (item 1). The company's major shareholders have proposed that the Chairman of the Board, Martin Hansson, be elected chairman of the 2020 Annual General Meeting.
Resolution on dispositions regarding the Company's profit or loss in accordance with the established balance sheet (item 8 b). The Board of Directors proposes that no dividend be paid for the financial year 2019.
Proposals regarding the Board of Directors, auditors, and fees (items 9 and 10). The
company's major shareholders have proposed the following:

  • The number of board members shall be four without deputies.
    • Fees to the Board of Directors shall amount to a total of SEK 200,000 to be distributed among the members as follows: SEK 80,000 to the Chairman and SEK 60,000 to each of the other members elected by the Annual General Meeting, who are not employees of the Company. Fees to the auditor shall be paid in accordance with approved invoice.
    • Re-election of board members Martin Hansson, Anders Nilsson, Andreas Norman and Aleksandrs Tralmaks as board members.
    • Re-election of Martin Hansson as Chairman of the Board.
    • Re-election of authorized public accountant Håkan Andersson for a term of one year, thus until the end of the 2021 Annual General Meeting.

Proposal for a resolution amending the Articles of Association (item 11). In order to enable issues under the authorization proposed in accordance with item 12, the Board of Directors proposes that the Annual General Meeting decide to change the limits of the share capital and the number of shares in the Articles of Association in accordance with the following:

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.

The Board of Directors further proposes that the Annual General Meeting resolves to amend the Articles of Association in accordance with the following in order to adapt the Articles of Association to changes in the law and regulations made since the articles of association were last amended.
§ 1. Company name
The term "firma" has been replaced by the term "företagsnamn" (company name) in the new law on company names. The Board of Directors therefore proposes that the wording of the Articles of Association in § 1 be amended so that "firma" is replaced by "företagsnamn".
§ 5. Share Class

The Board of Directors proposes that § 5 of the Articles of Association be amended so that reference is made to the Swedish Companies Registration Office instead of the Swedish Patent and Registration Office.
§ 11. Record-keeping
The Board of Directors proposes that § 11 of the Articles of Association be amended to refer to the current wording of the constitutional title, i.e. law (1998:1479) on CSDs and the account keeping of financial instruments.
The Board of Directors further proposes that the Meeting authorizes the CEO, or the person appointed by the CEO, to make any adjustments to the decision that may prove necessary in connection with the registration of the decision with the Swedish Companies Registration Office.
The decision requires, for its validity, that it be supported by shareholders with at least two thirds of both the votes cast and the shares represented at the meeting.
Proposal for a resolution authorizing the Board of Directors to resolve on a new issue of shares, as well as the issue of warrants and/or convertibles (item 12) The Board of Directors proposes that the Annual General Meeting authorize the Board of Directors to decide on the issue of shares, warrants and/or convertibles on market terms, during the period until the next Annual General Meeting, with or without deviation from the shareholders' preferential rights. Payment shall be made in cash, by set-off, the addition of non-cash assets or otherwise with conditions under the Companies Act. The total number of newly issued shares and the number of shares that may be added through the exchange of convertible bonds or subscription of shares on the basis of warrants shall be able to reach a maximum of the number within the maximum number of shares under the Articles of Association.
The purpose of the authorization is to strengthen the Company's own funds and solvency or provide resources for the continued expansion of the business through further acquisitions.
Furthermore, the Board of Directors proposes that the CEO, or person appointed by the CEO, shall have the right to make any adjustments to the decision required for registration with the Swedish Companies Registration Office or in Euroclear Sweden AB's handling.
The decision requires, for its validity, that it be supported by shareholders with at least two thirds of both the votes cast and the shares represented at the meeting.
Disclosures and the provision of documents: The Board of Directors and the CEO shall, if requested by any shareholder and the Board of Directors considers that this can be done without material harm to the Company or subsidiaries, disclose at the Annual General Meeting information about circumstances that may affect the assessment of a matter on the agenda and circumstances that may affect the assessment of the Company's or a subsidiary's financial situation. The obligation to disclose also applies to the Company's relationship with the subsidiaries and the consolidated financial statements.
The financial statements and auditor's report will be available at the Company and on the Company's website no later than Monday, June 8, 2020, and also the Board's complete proposal for a resolution on issue authorization and amendment of the Articles of Association from Monday, June 15, 2020. These documents will also be sent to shareholders who so request and provide their postal address.
Processing of personal data: For information on how your personal data
is processed, see https://www.euroclear.com/dam/ESw/Legal/Integritetspolicy-bolagsstammor-svenska.pdf
_______________
 Stockholm in May 2020 Latvian Forest Company AB (publ)

 

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  • Earnings per share 0.024 (0.474) EUR
  • Property holdings amount to 4,324* (0) hectares
  • Timber volume estimated at 500,000* (0) cubic meters
  • Net sales 103.7 (15.6) TEUR
  • Operating profit -498.6 (0) TEUR
  • Change in value, forest 1,080.7(0) TEUR
  • Net profit 498.3 (9,726.4) (0) TEUR

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Book value of fixed assets amounts to 24,733.2 (21,924.3) TEUR

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Notice of the Annual General Meeting of Latvian Forest Company AB (publ).

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