The Annual General Meeting of Tethys Oil AB was held in Stockholm, Sweden,
yesterday on 22 May, 2013.
Annual Report and discharge from liability
The Income Statement and the Balance Sheet for the Company and the Group
respectively were approved and the Board of Directors and the Chief Executive
Officer were discharged from liability for the financial year 2012.
Resolution in respect of appropriation of the company’s result
The Meeting resolved that the unrestricted earnings of SEK 204,402,132 of which
the loss for the year, SEK 82,793,469, should be brought forward and that no
dividend be paid.
Election of Board of Directors, Chairman and resolution on remuneration
Vincent Hamilton, Magnus Nordin, Jan Risberg, Katherine Støvring and Staffan
Knafve were appointed to the Board of Directors (all re-elected). Per Brillioth
was elected as new director.
Vincent Hamilton was re-elected as Chairman of the Board.
The Meeting approved annual fees for the members of the Board of Directors of
SEK 175,000 (excluding the Chairman of the Board of Directors and the Chief
Executive Officer), annual fees of the Chairman of the Board of Directors of
SEK 450,000, annual fees for committee members of SEK 25,000 per committee
assignment (excluding the Chairman of the audit committee) and annual fees for
the Chairman of the audit committee of SEK 50, 000. The total fees for
committee work, including committee Chairmen fees shall not exceed SEK 225,000.
The auditors’ fee shall be paid upon approval of their invoice.
Authorization to issue shares
The Meeting resolved to authorize the Board of Directors to resolve, at one or
more occasions until the next Annual General Meeting, to issue new shares with
consideration in cash and/or with consideration in kind or by set-off and
thereby be able to resolve to disapply the shareholders pre-emption rights. The
purpose with the authorization and the reason for disapplying the shareholders’
pre-emption rights is to enable the Company to make business acquisitions and
to raise capital for the Company’s business operations. The total number of
shares that can be issued based on the authorization may not exceed 10 per cent
of the shares. In case it is resolved to deviate from the shareholders
pre-emption rights, the share issue shall be made in accordance with market
conditions.
Guidelines for compensation of senior executives
The Meeting also approved the proposal regarding guidelines for compensation of
senior executives.
Nomination Process for the AGM in 2014
The Meeting resolved on the nomination committee’s proposal for Nomination
Committee and nomination procedure for the Annual General Meeting 2014.
Appreciation
The Annual General Meeting expressed appreciation for the retiring directors
Håkan Ehrenblad and John Hoey for their efforts and contribution to the
company.
For further information, please contact
Magnus Nordin, Managing Director, phone +46 70 576 6555; magnus@tethysoil.com
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Tethys Oil AB (publ)
Tethys Oil is a Swedish energy company focused on exploration and production of
oil and natural gas. Tethys Oil’s core area is Oman, where the company is one
of the largest onshore oil and gas concession holders. Tethys Oil also has
exploration and production assets onshore France, Lithuania and Sweden. The
shares are listed on NASDAQ OMX Stockholm (TETY) in Stockholm.
Website: www.tethysoil.com
