By the decision of the Board of Vilkyskiu pienine AB, company code 277160980, address Vilkyškiai, LT-99254 Pagėgių sav., the Agenda of Ordinary General Meeting of Vilkyskiu pienine AB Shareholders is supplemented by item 7 – “Approval of dividend policy”
The Date of the Meeting – the 27th of April 2012. Time - 2 p.m. Shareholders' registration starts from 1 p.m. until 1.50 p.m.
The Board confirmed Agenda for the Ordinary General Meeting of Shareholders:
1) Company's annual report 2011.
2) Company's auditor's report of 2011 (financial accountability).
3) Approval of the financial statements of the year 2011.
4) Net Profit appropriation of the year 2011.
5) Election of the Audit Committee members.
6) A decision on the purchase of own shares.
7) Approval of dividend policy
The Board of the Company propose to approve the supplemented meeting agenda item on dividend policy because the approved dividend policy would allow the Company to use unallocated capital more efficiently and create additional value for shareholders. The initiation of dividend policy was encouraged by continuous growth in the Company‘s sales, relatively stable net profit and cash flows, and small financial burden. It is estimated that a dividend payout ratio of 25% would not limit the Company‘s further development opportunities, but approved long-term dividend policy would provide confidence and create value for the Company‘s shareholders. The Board of Directors notes that the future dividend payout ratio would increase according to the declining financial debt level and financing needs for future business development.
All draft decisions of the Ordinary General Meeting of Shareholders with the supplemented item 7 are attached.
The Company shall not provide the possibility for shareholders to participate, vote and give the mandate to represent them in the General Meeting of Shareholders through electronic communication channels.
The account date of the Ordinary General Meeting of Shareholders is 20 April 2012. In General Meeting of the shareholders have the rights to participate and vote persons who were company's shareholders at the end of accounting date of shareholders meeting personally or their authorized persons, or persons with whom voting rights transferring contract is signed.
The rights accounting day is 14 May 2012. Property rights are possessed by persons who are shareholders at the end of the 10th working day after the shareholders' meeting that issued appropriate decision.
The agenda of the Ordinary General Meeting of Shareholders may be supplemented by initiative of shareholders who own shares carrying not less than 1/20 of all the votes. Proposals to the agenda of the Ordinary General Meeting of Shareholders may be submitted not later than on the 13 April 2012. Along with a proposal to supplement the agenda of the Ordinary General Meeting of Shareholders it is required to submit the drafts of proposed decisions or, if decisions shall not be adopted, explanations on each of the proposed issues.
Shareholders who own shares carrying not less than 1/20 of all votes own the right at any time before the Ordinary General Meeting of Shareholders or during the meeting in writing sending them by a registered mail at the above-specified head-office address of the Company or by e-mail info@vilkyskiu.lt to propose new draft decisions on the issues already included or to be included into agenda.
The shareholders shall have the right to present questions related to the 27 April 2012 Ordinary General Meeting of Shareholders agenda issues to the Company in writing by e-mail info@vilkyskiu.lt or at the head-office address Vilkyškiai, LT-99254 Pagėgių sav. The Company undertakes to respond if the questions are received not later 3 working days before the General Meeting of Shareholders.
On decisions, which are included into Ordinary General Meeting of Shareholders agenda, can be voted in writing by completing the general ballot paper. On shareholder's request, the Company shall, not later than 10 days before the meeting, send the general ballot paper by registered mail free of charge or by hand against receipt. The filled in general ballot paper must be signed by shareholders' or a person authorized by him. The vote of the shareholders' authorized person voting particulars must be added the right to vote in a document.
Shareholders who participate in General Meeting must submit an identity document, the authorized person – an identity document and the letter of attorney in accordance with the procedure laid down by the law. A person who is not a shareholder, besides this document, must also submit a document confirming the right to vote at an General Meeting of Shareholders.
Starting from the 17 April 2012, shareholders can get acquainted with the company‘s documents related to the agenda of shareholders meeting at the company's office located Vilkyškiai, LT-99254 Pagėgių sav., or on the webpage of the company (http://www.vilkyskiu.lt).
Vilija Milaseviciute, Finance director
Vilkyskiu pienine AB, phone +370 441 55102
