Annual General Meeting in Tethys Oil
The shareholders of Tethys Oil AB (publ) gather in Stockholm, Sweden, yesterday
for the Annual General Meeting.
The income statements and the balance sheets for the Company and the Group were
approved and the Board of Directors and the Managing Director were discharged
from liability for the financial year 2013.
The Meeting resolved that the unrestricted earnings of SEK 101,679,894 of which
the loss for the year, SEK 102,722,238, be brought forward and that no dividend
Staffan Knafve, Jan Risberg, Magnus Nordin, Katherine Stövring and Per Brilioth
were appointed to the Board of Directors (all re-elected). Staffan Knafve was
elected as Chairman of the Board.
The Meeting approved remuneration of the members of the Board of Directors and
the Chairman of the Board of Directors, including Board Committee membership,
to be as follows: (i) annual fees of the members of the Board of Directors of
SEK 175,000 (excluding the Chief Executive Officer); (ii) annual fees of the
Chairman of the Board of Directors of SEK 450,000; (iii) annual fees for
Committee members of SEK 25,000 per Committee assignment (excluding the
Chairman of the Audit Committee); and (iv) annual fees for the Chairman of the
Audit Committee Chairmen of SEK 50,000. The total fees for Committee work,
including Committee Chairmen fees shall not exceed SEK 225,000.
The registered accounting firm PricewaterhouseCoopers AB, with authorised
public accountant Klas Brand as the auditor in charge, was re-elected as the
auditor of the Company for a period until the end of the 2015 Annual General
Meeting. The auditors’ fee shall be paid upon approval of their invoice.
The Meeting also approved the proposal regarding guidelines for compensation of
The Meeting resolved on the nomination committee’s proposal for Nomination
Committee and nomination procedure for the Annual General Meeting 2015.
The Meeting resolved to authorize the Board of Directors to resolve, at one or
more occasions until the next Annual General Meeting 2015, to issue new shares
with consideration in cash and/or with consideration in kind or by set-off and
also be able to resolve to disapply the shareholders’ pre-emption rights. The
purpose with the authorization and the reason for disapplying the shareholders’
pre-emption rights is to enable the Company to make business acquisitions and
to raise capital for the Company’s business operations. The total number of
shares that can be issued based on the authorization may not exceed 10 per cent
of the total number of shares in the Company. In case it is resolved to deviate
from the shareholders pre-emption rights, the share issue shall be made in
accordance with market conditions.
The Meeting resolved to authorize the Board of Directors to, up until the
Annual General Meeting 2015, resolve on purchases of Tethys Oil’s AB own
shares, in accordance with the following.
1. Purchases may be effected on NASDAQ OMX Stockholm.
2. The authorization may be used at one or several occasions before the Annual
General Meeting 2015.
3. Purchases may be made by a maximum of so many shares that the company’s
holding of own shares after the purchase amounts to a maximum of one-tenth
of all the shares in the company.
4. Purchases of the company’s own shares may be effected on NASDAQ OMX
Stockholm within the registered price interval from time to time.
The main reason of possible purchases is to give the company flexibility
regarding its equity and thereby optimize the capital structure of the company.
Possible purchases may also enable own shares to be used as payment at, or
financing of, an acquisition of a company or a business. The Board of Directors
shall have the right to determine other conditions of the purchase in
accordance with the authorization.
For further information, please contact
Magnus Nordin, Managing Director, phone +46 70 576 6555, firstname.lastname@example.org
Morgan Sadarangani, CFO, phone +46 8 505 947 01, email@example.com