Stockholm, 2013-06-14 13:34 CEST (GLOBE NEWSWIRE) --
At the annual general meeting (the "AGM") in PetroGrand AB (publ) (the "Company") held today 14 June 2013, the following was resolved in accordance with the proposals of the board of directors (the "Board") and the nominating committee.
The AGM resolved to adopt the profit and loss account and the balance sheet, and the consolidated profit and loss account and the consolidated balance sheet for the financial year 2012 and resolved that the means of SEK 213 149 060 shall be carried forward and that no dividend is paid for the financial year 2012.
It was resolved to discharge the Board and the managing director from liability against the Company for the past financial year.
It was resolved that the Board shall be comprised by 5 Board members and 2 deputy directors. It was resolved that the fees to the Board members be paid with SEK 600 000 to the Chairman and SEK 250 000 to each of the other Board members who are not employed in the Company and SEK 125 000 to each deputy. The auditors shall be paid according to approved invoice.
The AGM resolved to re-elect Maks Grinfeld and Mats Jansson as Board members, new election of Thomas Eriksson, Anders Ahlm and Mikael Wallgren. Timur Rodionov and James Smith were elected as deputies. Mikael Wallgren was appointed by the AGM to serve as chairman of the Board.
The AGM further resolved in accordance with the nominating committees' proposal to adopt principles for appointing a nominating committee for the annual general meeting 2013.
The AGM further resolved in accordance with the Board’s proposal on guidelines for remuneration to the Company management.
The AGM decided to authorize the Board to carry out impairment of the share capital in accordance with the Board's proposed SEK 40 265 898.
For further information, please contact:
Maks Grinfeld, CEO, phone: +46 8 5000 7810
Mikael Wallgren, Chairman, phone: +46 8 5000 7810
Certified Adviser First North: Mangold Fondkommission AB
Reasonable caution notice: The statement and assumptions made in the company's information regarding Petrogrand AB's ("Petrogrand") current plans, prognoses, strategies, concepts and other statements that are not historical facts are estimations or "forward looking statements" concerning Petrogrand's future activities. Such future estimations comprise but are not limited to statements that include words such as "may occur", "concerning", "plans", "expects", "estimates", "believes", "evaluates", "prognosticates" or similar expressions. Such expressions reflect the management of Petrogrand's expectations and assumptions made on the basis of information available at that time.
These statements and assumptions are subject to a large number of risks and uncertainties. These, in their turn, comprise but are not limited to I) changes in the financial, legal and political environment of the countries in which Petrogrand conducts business, II) changes in the available geological information concerning the company's projects in operation, III) Petrogrand's capacity to continuously guarantee sufficient financing to perform their activities as a "going concern", IV) the success of all participants in the group, or of the various interested companies, joint ventures or secondary alliances, V) changes in currency exchange rates, in particular those relating to the RUB/USD rate. Due to the background of the many risks and uncertainties that exist for any oil-prospecting venture and oil production company in its initial stage, Petrogrand's actual future development may significantly deviate from that indicated in the company's informative statements.
