The shareholders in PA Resources AB (publ) held the Annual General Meeting on
Wednesday the 9th of May 2007 in Stockholm, Sweden. This is a summary of the
most important decisions made by the Annual General Meeting.
Annual Report
The annual report and the auditor's report as well as the consolidated annual
report and the auditor's group report were presented. The income statement and
the balance sheet for both the parent company and the consolidated group were
accepted by the Meeting.
Discharge from liability
The Meeting discharged the members of the Board and the President from liability
for the fiscal year 2006.
Fees
The fees to be paid to the Board of Directors were set by the Meeting at a total
of SEK 1,500,000 (preceding year: 1,400,000), with SEK 500,000 to the chairman
and SEK 250,000 to each of the other members of the Board not employed by the
company. It was resolved that the fees to the auditors would be paid in
accordance with approved invoices.
Board of Directors
The Meeting decided to re-elect Ulrik Jansson, Harald Arnet, Jan
Haudemann-Andersen, Catharina Nystedt-Ringborg and Jan Pihl Grimnes as well as
elect Jan Kvarnström as new member of the Board. Jan Kvarnström was appointed
Chairman of the Board.
Nomination Committee
The Meeting resolved to establish a Nomination Committee for the next Annual
General Meeting. The three largest shareholders in the company will appoint one
representative each, who together with the Chairman of the Board shall comprise
the Nomination Committee. The composition of the Nomination Committee shall be
communicated six months at the latest before the Annual General Meeting in 2008.
Guidelines for remuneration of the senior management
The Meeting approved the guidelines proposed by the Board regarding remuneration
to the President and other leading officials in the senior management.
Authorization to decide on new issues
The Meeting resolved to authorize the Board for the period until the next Annual
General Meeting, at one or more occasions, to decide on new issues of up to
25,000,000 shares.
Authorization to decide on acquisition and transfer of the company's own shares
The Meeting resolved to authorize the Board for the period until the next Annual
General Meeting, to acquire, on one or more occasions, a maximum number of
shares in the company with the limitation that the company must not at any time
hold more than 10% of the total shares issued in the company. Moreover, the
authorisation should include a right for the Board during the equivalent period,
to transfer the number of its own shares that the company holds at any time,
deviating from the preferential right of shareholders.
Decision on cancellation of previously issued warrants and issuance of share
warrants
The Meeting resolved in accordance with a proposal from the shareholders to
cancel 500,000 share warrants that were issued at the extraordinary General
Meeting on October 17th 2005, as well as to issue 500,000 new share warrants.
The new share warrants should carry the right to be subscribed by the new
Chairman of the Board, Jan Kvarnström.
President's address
In his address, PA Resources' President, Ulrik Jansson, commented on the
development during the fiscal year of 2006. The President also reported on the
Group's development during the first quarter of 2007 in accordance with the
Interim Report that was released on May 8th, 2007.
Stockholm, May 10, 2007
PA Resources AB (publ)
For additional information, please contact:
Ulrik Jansson
President and CEO
PA Resources AB
Telephone: +46 70 751 41 84, +46 8 21 83 82
E-mail: info@paresources.se
PA Resources AB (publ) is a fast growing oil and gas group company with the
business strategy to acquire, develop and exploit oil and gas reserves, as well
as explore new findings. The Group is today one of the largest oil producers in
Tunisia. The Group is also the owner of interests in twelve licenses on the
Norwegian continental shelf as well as in promising exploration areas in
Equatorial Guinea and the Republic of Congo (Brazzaville).
PA Resources AB's net sales amounted to SEK 930 million during 2006. The company
is listed on the SMB-list of the Oslo Stock Exchange and on the Nordic Exchange
in Stockholm. For additional information, please visit www.paresources.se.
