The Annual General Meeting of Tethys Oil AB was held in Stockholm, Sweden, on
16 May, 2012.
Annual Report and discharge from liability
The Income Statement and the Balance Sheet for the Company and the Group
respectively were approved and the Board of Directors and the Chief Executive
Officer were discharged from liability for the financial year 2011.
Resolution in respect of appropriation of the company’s result
The Meeting resolved that the disposable earnings of SEK 173,464,688 of which
the loss for the year, SEK 14,669,177, should be brought forward and that no
dividend be paid.
Election of Board of Directors, Chairman and resolution on remuneration
Vincent Hamilton, John Hoey, Magnus Nordin, Jan Risberg and Håkan Ehrenblad
were appointed to the Board of Directors (all re-elected). Katherine Støvring
and Staffan Knafve were elected as new directors.
Vincent Hamilton was re-elected as Chairman of the Board.
The Meeting approved a total compensation to the Board of Directors of SEK
675,000 to be allocated with an amount of SEK 125,000 to each of Håkan
Ehrenblad, Jan Risberg, John Hoey, Katherine Støvring and Staffan Knafve. In
addition, the Chairman shall receive SEK 25 000 for each of the two Board
committees, in total SEK 50 000.
The auditors’ fee shall be paid upon approval of their invoice.
Authorization to issue shares
The Meeting resolved to authorize the Board of Directors to resolve, at one or
more occasions until the next Annual General Meeting, to issue new shares with
consideration in cash and/or with consideration in kind or by set-off and
thereby 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 shares. In case it is resolved to deviate from the shareholders
pre-emption rights, the share issue shall be made in accordance with market
Nomination Process for the AGM in 2013
The Meeting resolved on the Board's proposal for Nomination Committee and
nomination procedure for the Annual General Meeting 2013.
For further information, please contact
Magnus Nordin, Managing Director, phone +46 70 576 6555; firstname.lastname@example.org
Tethys Oil AB (publ)
Tethys Oil is a Swedish energy company focused on identification and
development for production of oil and natural gas assets. Tethys’ core area is
the Sultanate of Oman, where the company is the second largest onshore oil and
gas concession-holder with licence interests in three onshore blocks. Tethys
also has licences onshore France, Lithuania and Sweden. Tethys’ strategy is to
invest in projects in areas with known oil and natural gas discoveries that
have not been properly appraised using modern technology. In this way, high
returns can be achieved with limited risk.
The shares are listed on First North (TETY) in Stockholm. Remium AB is