Resolutions of Annual General Meeting 2014

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| Source: Petrogrand AB
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Stockholm, 2014-06-27 13:00 CEST (GLOBE NEWSWIRE) --  

At the annual general meeting (the "AGM") in PetroGrand AB (publ) (the "Company") held today 27 June 2014, the following was resolved in accordance with the proposals of the board of directors (the "Board") and the nominating committee.

The AGM resolved to adopt the profit and loss account and the balance sheet, and the consolidated profit and loss account and the consolidated balance sheet for the financial year 2013 and resolved that the means of SEK 315 326 061 shall be carried forward and that no dividend is paid for the financial year 2013.

It was resolved to discharge the Board and the managing director from liability against the Company for the past financial year.

It was resolved that the Board shall be comprised by 5 Board members. It was resolved that the fees to the Board members be paid with SEK 600,000 to the Chairman and SEK 250,000 to each of the other Board members who are not employed in the Company.  The auditors shall be paid according to approved invoice.

The AGM resolved to re-elect Mikael Wallgren, Maks Grinfeld, Timur Rodionov, James Smith and Lars Jacobsson as Board members. Mikael Wallgren was appointed by the AGM to serve as chairman of the Board.

The AGM further resolved in accordance with the nominating committees' proposal to adopt principles for appointing a nominating committee for the annual general meeting 2015.

The AGM further resolved in accordance with the Board’s proposal on guidelines for remuneration to the Company management.

 

 

 

 

For further information, please contact:

Maks Grinfeld, CEO, phone: +46 8 5000 7810
Mikael Wallgren, Chairman, phone: +46 8 5000 7810
Certified Adviser First North: Mangold Fondkommission AB

 

Reasonable caution notice: The statement and assumptions made in the company's information regarding Petrogrand AB's ("Petrogrand") current plans, prognoses, strategies, concepts and other statements that are not historical facts are estimations or "forward looking statements" concerning Petrogrand's future activities. Such future estimations comprise but are not limited to statements that include words such as "may occur", "concerning", "plans", "expects", "estimates", "believes", "evaluates", "prognosticates" or similar expressions. Such expressions reflect the management of Petrogrand's expectations and assumptions made on the basis of information available at that time.

These statements and assumptions are subject to a large number of risks and uncertainties. These, in their turn, comprise but are not limited to I) changes in the financial, legal and political environment of the countries in which Petrogrand conducts business, II) changes in the available geological information concerning the company's projects in operation, III) Petrogrand's capacity to continuously guarantee sufficient financing to perform their activities as a "going concern", IV) the success of all participants in the group, or of the various interested companies, joint ventures or secondary alliances, V) changes in currency exchange rates, in particular those relating to the RUB/USD rate. Due to the background of the many risks and uncertainties that exist for any oil-prospecting venture and oil production company in its initial stage, Petrogrand's actual future development may significantly deviate from that indicated in the company's informative statements.