Announcement from the Annual General Meeting of East Capital Explorer AB (publ) on 22 April 2014
ET | Source:East Capital Explorer AB
The Meeting adopted the income statements and balance sheets included in the
Board of Directors' Annual Report for the parent company and the East Capital
Explorer Group for the fiscal year 2013.
The Meeting resolved to allocate this year's result in accordance with the Board
of Directors' proposal, meaning that no dividend will be made to the
shareholders and that the profits will be carried forward.
The Meeting granted the members of the Board of Directors and the CEO discharge
from liability for the period covered by the Audit Report.
The Meeting resolved that the number of Directors to serve until the close of
the next Annual General Meeting shall be five (5).
The Meeting resolved to leave the compensation to the Directors unchanged until
the next Annual General Meeting, corresponding to SEK 770,000 for the Chairman
of the Board of Directors and SEK 330,000 for each of the other Directors.
Members of the Board of Directors who are employed in the East Capital Group do
not receive any remuneration. The Meeting resolved, in accordance with the
proposal of the Nomination Committee, that the remuneration to a Director may,
subject to a specific agreement with the company, be invoiced through a company
or entity registered in the country where the Director is officially tax
domiciled. In order for the company to enjoy cost neutrality, the invoiced
remuneration shall be adjusted for social security charges and value added tax.
The Meeting also resolved to leave the compensation for work in the Audit
Committee unchanged, corresponding to SEK 100,000 for the Chairman of the Audit
Committee and SEK 50,000 for each of the other members. Furthermore, it was
resolved that fees to the auditor be paid according to approved invoices under a
Paul Bergqvist, Lars O Grönstedt, Louise Hedberg and Alexander Ikonnikov were
re-elected as Directors. Karine Hirn had declined re-election. Peter Elam
Håkansson was elected as new Director of the Board. The Meeting re-elected Paul
Bergqvist as Chairman of the Board of Directors.
The Annual General Meeting 2011 resolved to re-elect the registered auditing
company KPMG as auditor until the close of the Annual General Meeting 2015.
Therefore, no decision was taken in this regard during this year's Annual
The Meeting approved the proposal regarding criteria for appointment of the
The Meeting approved the Board of Directors' proposal regarding guidelines for
remuneration to senior management.
The Meeting authorized the Board of Directors to decide on repurchase of own
shares in accordance with the proposed resolution.
The Meeting authorized the Board of Directors to, at one or several occasions
before the Annual General Meeting 2015, with or without deviation from the
preferential rights of the shareholders, resolve to issue no more than
1,000,000 preference shares in accordance with the proposed resolution.
The Meeting approved the Board of Directors' proposal to reduce the share
capital by way of voluntary redemption of the company's ordinary shares for
repayment to the shareholders, and to increase the share capital by way of a
At the meeting of the Board of Directors held after the Annual General Meeting,
members of the Audit Committee were elected. Paul Bergqvist was re-elected
Chairman of the Audit Committee and Lars O Grönstedt and Alexander Ikonnikov
were re-elected members of the Audit Committee.
Paul Bergqvist, Chairman of the Board, East Capital Explorer +46 733 55 41 00
Catharina Hagberg, Acting CEO, East Capital Explorer, +46 8 505 885 52
Financial reporting calendar - East Capital Explorer:
* Monthly Net Asset Value report on the fifth working day after the end of
* Interim Report, 1 January - 31 March 2014 on 22 May 2014
* Interim Report, 1 January - 30 June 2014 on 21 August 2014
* Interim Report, 1 January - 30 September 2014 on 7 November 2014
About East Capital Explorer
East Capital Explorer AB (publ) is a Swedish investment company, created with
the specific aim of bringing unique investment opportunities in Eastern Europe
to a broader investor base. The company makes direct investments into private
and public companies but investments are also made through East Capital's
private equity, real estate and alternative investment funds. East Capital
Explorer's main investment theme is domestic growth and the Company targets fast
growing sectors such as Retail and Consumer goods, Financials and Real Estate.
East Capital Explorer has appointed East Capital to manage its investment
activities. East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap.
Listing: NASDAQ OMX Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE0002158568 -
Reuters: ECEX.ST - Bloomberg: ECEX SS Equity
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act and demands made in the exchange rules. It was
released for publication at 08:00 a.m. CET on 23 April 2014.
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