Stockholm, 2016-06-01 16:53 CEST (GLOBE NEWSWIRE) -- RusForest AB (publ) (“RusForest” or the “Company”) (Nasdaq: RUSF), a Swedish forestry company with operations in Russia, announces that the Company’s annual general meeting of shareholders today resolved on the following matters:
Adoption of annual accounts, etc.
The annual general meeting adopted the income statements and balance sheets for the parent company and the group for the year 2015, and resolved that the retained earnings of SEK - 1,037,195,605, together with the share premium of SEK 1,113,126,839 and the profit for the year, SEK 75,540,419, in total SEK 151,471,653, shall be carried forward. The annual general meeting further resolved to discharge the board members and the managing director from liability.
Board of directors and auditors, etc.
The annual general meeting resolved, in accordance with the nomination committee’s proposal, that the fees to each board member that does not draw any salary from the Company shall amount to SEK 200,000. The fee to the chairman of the board of directors shall however amount to SEK 400,000. Additional annual fees to the chairman of the audit committee and the chairman of the operational committee established by the board of directors, consisting of up to three board members each, will amount to SEK 100,000. The annual general meeting also resolved that fees to the board members may be invoiced by a company in a way that is cost neutral for RusForest.
The annual general meeting resolved that the auditor’s fee shall be paid on account, as approved by the board of directors.
The annual general meeting resolved, in accordance with the nomination committee’s proposal, that the number of board members shall be four (4) without any deputy members and to re-elect Per Brilioth, Alexander Rudik, Camilla Öberg and Peter Nilsson as board members. Alexander Rudik was re-elected as chairman of the board of directors. The annual general meeting further resolved, in accordance with the nomination committee’s proposal, that the audit committee shall consist of Camilla Öberg (chair) and Per Brilioth. The operational committee shall consist of Peter Nilsson (chair) and Alexander Rudik. The composition of the committees may be altered upon a resolution by the board of directors.
The annual general meeting resolved to re-elect the registered accounting firm PricewaterhouseCoopers AB as auditor of the company for the time until the next annual general meeting.
Reduction of share capital with redemption of synthetically repurchased shares and bonus issue
It was resolved, in accordance with the board of director’s proposal, to reduce the company’s share capital by an amount not exceeding SEK 1,378,410 with redemption of 1,378,410 shares. The reduction of the share capital shall be made by redeeming the shares that Pareto Securities AB (“Pareto”) owns as a result of the company’s synthetic buy-back program.
The redemption consideration shall amount to the lowest quoted price of the company’s shares on the date falling after the annual general meeting. However, the redemption consideration may not exceed SEK five (5). Pareto has accepted that the company will redeem 1,378,410 shares in total on these terms.
In order to enable the reduction of the share capital as set out above to be carried out without authorization, it was resolved on a simultaneous bonus issue whereby the company’s share capital shall increase by SEK 1,400,000 by transferring funds from the non-restricted equity to the share capital. No new shares shall be issued in connection with the bonus issue.
Synthetic buybacks of own shares
It was resolved, in accordance with the board of director’s proposal, to authorize the board of directors to resolve on synthetic buybacks of own shares.
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products. RusForest is listed on Nasdaq Stockholm First North (ticker “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Gustav Wetterling, Group CFO, telephone: +46 8 771 85 00
