PA Resources AB (publ) held its Annual General Meeting on Tuesday 22 May 2012 at
16.00 CET in Stockholm, Sweden. This is a summary of the most important
decisions made by the Annual General Meeting.
The annual report for the parent company and the consolidated Group’s annual
report, together with the auditor’s reports for the fiscal year 2011 were
presented. The 2011 income statement and the balance sheet for both the parent
company and the Group were adopted by the Meeting.
The Meeting resolved that no dividend should be paid for the fiscal year 2011.
The members of the Board and the President were granted discharge from liability
for the fiscal year 2011.
The Meeting decided to re-elect Hans Kristian Rød, Catharina Nystedt-Ringborg,
Lars Olof Nilsson, Paul Waern and Per Jakobsson as ordinary members of the
Board. Hans Kristian Rød was re-elected as Chairman of the Board.
The fees to the Board of Directors were decided by the Meeting to be unchanged
at a total of SEK 1,650,000 (preceding year: 1,650,000), with SEK 550,000 to the
chairman and SEK 275,000 to each of the other members. It was resolved that the
fees to the auditors would be paid according to reasonable and by the Company
approved invoices.
The Meeting resolved to establish a Nomination Committee for the next Annual
General Meeting whereby the Company will ask the three largest shareholders in
the Company to appoint one representative each, who together with the Chairman
of the Board shall comprise the Nomination Committee. In the event that the
shareholder does not appoint a member, the following next largest shareholder
shall be asked. The composition of the Nomination Committee shall be
communicated, at the latest, six months before the Annual General Meeting in
2013.
The Meeting approved the guidelines proposed by the Board regarding remuneration
to the President and other senior executives.
In his address, PA Resources’ President, Bo Askvik, reported on the Group’s
development during the fiscal year of 2011 and up to the date of the Annual
General Meeting 2012 as well as important projects to come. The President’s
presentation will be available on the company's website www.paresources.se.
Stockholm, May 22, 2012
PA Resources AB (publ)
For additional information, please contact:
Bo Askvik
President and CEO of PA Resources AB
Telephone: +46 8 545 211 50, +46 708 19 59 18
E-mail: info@paresources.se
Hans Kristian Rød
Chairman of the Board
Telephone: +47 90 11 86 12
PA Resources AB (publ) is an international oil and gas group which conducts
exploration, development and production of oil and gas assets. The Group
operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United
Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is one of the
larger oil producers in Tunisia and is also producing oil in the Republic of
Congo. The parent company is located in Stockholm, Sweden.
PA Resources’ net sales amounted to SEK 2,227 million during 2010. The company
is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid
Cap). For additional information, see www.paresources.se.
The above information has been made public in accordance with the Securities
Market Act and/or the Financial Instruments Trading Act. The information was
published at 18.00 CET on 22 May, 2012.
