Stockholm, 2011-04-15 18:00 CEST (GLOBE NEWSWIRE) --
RusForest's extraordinary general meeting on 15 April 2011 resolved in accordance with the following
Resolution on authorisation for the board to issue new shares
The shareholders' meeting resolved to authorise the board for the period up to the next annual shareholders' meeting to adopt decisions, whether on one or several occasions, to issue new shares, provided however that any such issue must not result in the Company's share capital exceeding the Company's maximum allowed share capital as set out in articles of association as adopted from time to time. Such new issue decision may only include a provision that new shares shall be paid in kind.
The reason for the authorisation is to enable the acquisition of minority stakes in subsidiaries.
Resolution on amendment of the articles of association
The shareholders' meeting resolved on an amendment of 4 and 5 §§ in the articles of association whereby the limits for the company's share capital are moved from not less than SEK 200,000,000 and not more than SEK 800,000,000 to not less than SEK 600,000,000 and not more than SEK 2,400,000,000 and the limits for the number of shares are moved from not less than 20,000,000 and not more than 80,000,000 to not less than 60,000,000 and not more than 240,000,000.
The shareholders' meeting further resolved that 10 § in the articles of association regarding notice to shareholders' meeting should have the following, amended wording:
"Notices of shareholders' meetings shall be published in Post- och Inrikes Tidningar (the Swedish Official Gazette) and be kept available on the company's website. At the time of the notice, an announcement with information that the notice has been issued shall be published in Svenska Dagbladet."
For further background to the resolutions see the press release on 18 March 2011.
For further information please contact:
Martin Hermansson, CEO, phone: +7 903 015 64 65, +7 985 921 92 32
or
Erik Löfgren, External Relations, phone: +46 705 45 34 20
About RusForest AB (publ)
RusForest is forestry and sawmilling company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long term forest leases with an annual allowable cut of approximately 2 million m3, and utilizes these resources to produce a wide range of sawnwood products. Eastern Siberia is renowned for its Pine and Larch of exceptional quality, while the Arkhangelsk Region in northwest Russia has high quality spruce and pine forests similar to those found in northern Sweden.
RusForest's goal is to develop into a leading independent integrated forestry and sawmilling company in Russia, with an annual harvest of 1.8-2.0 million m3 and an annual sawnwood production of 550,000-600,000 m3 during the coming four years.
RusForest AB’s Certified Adviser on First North is E. Öhman J:or Fondkommission AB.
