The board meeting of SC "Klaipėdos baldai" has prepared resolution projects
for stockholders meeting and vote:
1. The supervisory council reviews and proposals concerning the financial
accountability of SC "Klaipėdos baldai" for 2010, profit distribution project
and company report for 2010 by the board meeting.
Resolution: approve the supervisory council auditor .
2. The auditor report concerning the financial accountability of SC „Klaipėdos
baldai“ for 2010.
Resolution: approve the report auditor.
3. Financial accountability consolidation for 2010.
Resolution: approve the financial accountability for 2010.
4. Profit distribution project for 2010.
Resolution: approve the profit distribution project as it follows:
PROFIT DISTRIBUTION PROJECT
Article Amount Amount
thousand/Lt thousand/EUR
Retained earnings (loss) in the end of last fiscal year 38 705 11 210
Net profit (loss) 4 074 1 180
Distributable result-profit (loss) in the end of fiscal
year 42 779 12 390
The contribution of stockholders for the loss refund - -
Transfer from the reserve 1 085 314
Distributable earnings 43 864 12 704
The distribution of profit:
reserves set by law - -
other reserves (for acquisition of own shares) 1 000 290
dividends - -
other - -
Retained earnings in the end of fiscal year 42 864 12 414
5. The election of the auditor for 2011, the establishment of the rate for the
report.
Recolution draft is approval for vote:
The vote on the proposed four audit firms - JSC " ERNST & YOUNG BALTIC ", JSC "PriceWaterHouseCoopers", JSC " Deloitte Lietuva" and JSC "KPMG Baltics", was elected by a majority of audit firm " ............".
Approve the annual remuneration for audit services, depending on the size of the audit services contract. When signing a contract for audit services for one year, the wage shall not exceed 40 000 Lt excl. VAT, for two year - the wage shall not exceed 39 000 Lt excl. VAT, for three year - the wage shall not exceed 37 000 Lt excl. VAT.
6) Resolution re share buy back.
a) To buy up to 10 percent of company shares.
b) The purpose of acquisition of own shares is to maintain and enhance the company's share price.
c) The period during which the company may buy own shares is 12 months from the decision taking date.
d) To set up the maximum price per share for own shares to be purchased - 1.20 EUR (4,14 LTL), respectively, a minimum price of one share - equal to the nominal value per share, that is, 0.290 EUR (1,00 LTL).
e) To authorize the Board to organize the share buy back, establish share buying and selling procedures, time, number of shares and price, perform other related activities in accordance with the conditions set out in this resolution and requirements set by Republic of Lithuania Law on Companies.Klausyti
Resolution: approve the share buy back resolution.
Managing Director
Ramunas Marozas
For supplementary information contact :
Ramunas Marozas
tel. +370 687 56600
