JSC Olainfarm informs that Zemgale District Court has opened a civil lawsuit seeking to declare unlawful and invalid the decisions made at the JSC Olainfarm Extraordinary Shareholders' meeting, which was opened on 24 January, 2020, immediately after the officially announced meeting with the purpose of making changes to the company's existing Supervisory Council and Management Board. The court has imposed a temporary prohibition to make any changes in the composition of the existing Supervisory Council of JSC Olainfarm. The decision of the court is not subject to appeal.

To recall, on 24 January, the only legitimate Extraordinary Shareholders' meeting of JSC Olainfarm was convened at 11:00AM and did not take place due to a lack of quorum. As it has been publicly announced, immediately after the officially announced Extraordinary Shareholders' meeting, an attempt was made to convene another meeting with the purpose of making changes to the Supervisory Council and Management Board of JSC Olainfarm. It should be emphasized that this meeting is considered to be fraudulent or an alternative meeting and was not convened in accordance with the procedure prescribed by regulatory enactments.

Documents, on behalf of JSC Olainfarm, were submitted to the Register of Enterprises with the decisions made during this meeting, in which the Supervisory Council and the Management Board of the company were allegedly changed. The Register of Enterprises did not register these changes, indicating flaws. In turn, after court-ordered protective measures, a ban has been entered into the Commercial Register of the Register of Enterprises, which prevents from making any changes in the composition of the Supervisory Council in relation with the decisions of the revocation of the existing or election of a new Supervisory Council made during the alternative Extraordinary Shareholders' meeting on 24 January.

Additional information:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com