Proposal from the Nomination Committee to the AGM of PA Resources
The Nomination Committee of PA Resources AB (publ) hereby submits the following proposal to the annual general meeting, which takes place on 14 May 2013.
The Nomination Committee of PA Resources AB, that was formed on 13 March 2013, had the following members; Sven A Olsson representing the shareholder Gunvor Group Ltd (also chairman of the committee), Bengt Stillström representing the shareholder AB Traction and group, Göran Ågerup representing the shareholder Ågerup Fastigheter AB and the chairman of the Board Hans Kristian Rød, appointed by the AGM 2012.
The Nomination Committee proposes re-election of the Board member Paul Waern and new election of Sven A Olsson, Philippe R Probst and Philippe R Ziegler. The present chairman of the Board Hans Kristian Rød and the Board members Lars Olof Nilsson, Per Jakobsson and Catharina Nystedt-Ringborg have declared that they are not available for re-election. The Committee proposes that Sven A Olsson is elected new 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 Nomination Committee proposes re-election of Ernst & Young AB, as accountants, with the chartered accountant Björn Ohlsson as head accountant.
The Nomination Committee proposes that the Board fee amounts will be unchanged, i.e. a total Board fee of SEK 1,375,000 to be distributed with SEK 550,000 to the Chairman and SEK 275,000 each to the other directors. The amounts include remuneration for committee work, if any. The committee proposes that the auditor be paid in accordance with reasonable invoice approved by the company.
The Nomination Committee further proposes that the AGM resolves to appoint a new Nomination Committee for the AGM in 2014, basically in accordance with the model previously applied, by the Chairman of the Board contacting the three largest shareholders on 30 September 2013 inquiring whether they wish to appoint a member to the Nomination Committee. The appointed three members shall, with the chairman of the Board as convener, comprise the Nomination Committee. The Nomination Committee will appoint the chairman of the committee.
The lawyer Sven Rasmusson at Rasmusson & Partners Advokat AB is proposed as chairman for the AGM.
The Nomination Committee represents owners with a combined shareholding of 16 per cent of outstanding shares and votes in the company.
The complete proposal of the Nomination Committee and a report on their work is available from the company and at the company’s web site www.paresources.se.
Stockholm, 8 May 2013
PA Resources AB (publ)
For queries, please contact:
Sven A Olsson, Chairman of the Nomination Committee
+46 708 24 19 70
Carolina Haglund Strömlid, Head of Corporate Communications & IR, PA Resources
+46 708 80 71 73
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 7.45 am on 8 May 2013.