Announcement from PA Resources’ AGM on 14 May 2013
PA Resources AB (publ) held its Annual General Meeting on Tuesday 14 May 2013 in Stockholm. This is a summary of the most important decisions made by the Annual General Meeting.
The annual report for the parent company and the consolidated group’s annual report, together with the auditor’s report for the fiscal year 2012, were presented. The income statement and the balance sheet for both the parent company and the group regarding the fiscal year 2012 were adopted by the meeting.
The Meeting decided that no dividend would be paid out for the fiscal year 2012. The members of the Board and the CEO were granted discharge from liability for the fiscal year 2012.
The Meeting decided that the Board would comprise four ordinary members and re-elected Paul Waern and the new members Sven A Olsson, Philippe R Probst and Philippe R Ziegler. Sven A Olsson was elected Chairman of the Board.
Sven A Olsson, born in 1943, is a Helsingborg based lawyer with long experience as a business lawyer and is one of the founders of the law firm Vinge. Today Sven A Olsson runs his own law business and he is Chairman of the Board in Rörvik Timber AB, IPP Ltd, Gunvor Group Ltd, Smedbo AB, Allard Support for a better life AB, Labrusca Family Office AB and Board Member in Liljedahl Group AB, Aller Media AB and Volga Sicav among others.
Philippe R Probst, born in 1950, is a trained geologist with more than 30 years’ experience from the international oil industry with a solid knowledge and experience of international petroleum concessions. He has held a position as Corporate Head of New Ventures with the Swiss oil company Addax Petroleum and Exploration and Production Manager within the Shell group. Phillippe R Probst is presently acting as advisor to international oil companies, financial institutes and investors in upstream mainly in Africa and the Middle East.
Philippe R Ziegler, born in 1957, has many years’ experience from international banking and loan financing as bank manager within the BNP Paribas group. In the BNP Paribas group he has held the position as Head of Energy & Commodities Finance Department. Philippe R Ziegler is the chairman of the Board of the Danish transport company Leman International System Transport A/S, partner and chairman of the Board of the Swiss transport company Nauta S.A. and founder and MD of the consulting company Captiva Corporate Finance SA.
Information regarding the board member Paul Waern is available at the company’s web site: www.paresources.se/en/About_PA_Resources/Board-of-Directors/
The Meeting decided to re-appoint Ernst & Young as auditors with the chartered accountant Björn Ohlsson as head auditor.
The fees to the Board of Directors were determined by the Meeting to a total of SEK 1,375,000 (last year 1,650,000) with SEK 550,000 to the chairman (last year 550,000) and SEK 275,000 to each of the other members (last year 275,000). The fees to the auditors would be paid according to reasonable and by the Company approved invoice.
The Meeting decided to establish a Nomination Committee for the next AGM, whereby three largest shareholders in Company as per 30 September 2014 will be asked to appoint one representative each, who together with the Chairman of the Board will comprise the Nomination Committee. In the event that a shareholder does not appoint a member, the next largest shareholder will be asked. The composition of the Nomination Committee must be communicated at the latest six months before the AGM in 2014.
The Meeting approved the guidelines proposed by the Board regarding remuneration to the CEO and other senior executives.
The CEO of PA Resources, Bo Askvik, addressed the Meeting and reported on the Group’s development during the fiscal year 2012 and the first quarter 2013. The presentation is available on the company’s website www.paresources.se.
Stockholm, 14 May, 2013
PA Resources AB (publ)
For queries, please contact:
Sven A Olsson, chairman of the board
+46 708 24 19 70
PA Resources AB (publ) conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 2,184 million in 2012. The company is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 6.45 p.m. CET on 14 May, 2013.
Tags: