According to the registration data shareholders or their authorized persons are present at the meeting, which makes owners of 2 408 797 shares with a right of voting and which makes 94.42% of paid statute capital.
Agenda:
1. Report of the Board on the results of 2015
With 100% of the votes of eligible shareholders present the decision has been taken:
To approve the Report of the Board of Joint Stock company.
2. Report of the Council on the results of 2015
With 100% of the votes of eligible shareholders present the decision has been taken:
To approve the Report of the Council of Joint Stock company.
3. Report of the sworn auditor
With 100% of the votes of eligible shareholders present the decision has been taken:
To approve the Report of the sworn auditor of Joint Stock company.
4. Approval of the balance sheet of 2015
With 100% of the votes of eligible shareholders present the decision has been taken:
To approve the balance sheet of 2015 of Joint Stock company.
5. Sharing of profit of 2015
With 100% of the votes of eligible shareholders present the decision has been taken:
To cover company’s previous years loses with year 2015 profit of EUR 43068.
6. Approval of the budget and plan of activities of year 2016 for JSC “VEF Radiotehnika RRR”
With 100% of the votes of eligible shareholders present the decision has been taken:
To approve the budget and plan of activities of year 2016 for JSC “VEF Radiotehnika RRR”:
| 1 Income | 2211351 |
|
1.1.Income from rent and public services 1.2. Income from selling produced goods |
1007258 1204093 |
| 2. Industrial expenses | 1791862 |
| 2.1. Depreciation | 285500 |
| 2.2. Salary with tax | 129777 |
| 2.3.Public services | 756170 |
| 2.3. Industrial materials and services | 620415 |
| 3. Gross profit | 419489 |
| 4. Selling costs | 179703 |
| 5. Indirect costs | 89520 |
| 6. Profit from other commercial activity | 150266 |
| 7. Interest payment | 26971 |
| 8.Profit before property interest | 123295 |
| 9. Immovable property interest | 21335 |
| 10.Profit after interest | 101960 |
The Company plans to restore the acoustic system and the housing development, organization of production and marketing. The Company's ability to continue operations is dependent on its ability to successfully realize the intended sale of real estate transactions, as well as restoring production capacity. As at the approval of the Company it has received production orders for 114 thousand euros. The Company's management believes that it will be able to stabilize the Company's operations in 2016 to realize the planned sale of real estate transactions, to settle with the SEB bank and the implementation of the TAP plan for the measures provided for, in particular, to start production in order to restore the Company's revenues, profits and positive cash flow.
7. Election of sworn auditor
With 100% of the votes of eligible shareholders present the decision has been taken:
To elect „Gran Thornton Baltic” ,Ltd (Certified Auditor company license Nr. 155) as sworn auditor of JSC “VEF Radiotehnika RRR” for year 2016 and establish remuneration to the Auditor of the JSC “VEF Radiotehnika RRR” for performance of duties in the auditor’s office during 2016 as amounting to EUR 4500.00
8. Denomination of a par value of shares from lats to euro and amendments to the Articles of Association
With 100% of the votes of eligible shareholders present the decision has been taken:
Shares in JSC “VEF Radiotehnika RRR” shall be denominated from lats (LVL) to euro (EUR).
It shall be determined that following the denomination of shares, the equity capital of JSC “VEF Radiotehnika RRR” is 3 568 717,60 EUR (three million five hundred sixty eight thousand seven hundred and seventeen euro 60 cents) and it consists of 2 549 084 shares of a par value of 1,40 EUR (one euro and 40 cents) each.
Denomination date shall be on the 15th (fifteenth) working day following the registration of amendments to the Articles of Association of JSC “VEF Radiotehnika RRR” in the Commercial Register of the Register of Enterprises of the Republic of Latvia.
The remaining value in the amount of EUR 58 302,40 resulting from denomination shall be transferred to the JSC “VEF Radiotehnika RRR” reserve fund on the date of denomination.
Articles of Association of JSC “VEF Radiotehnika RRR” shall be amended, with Clause 3.1. of the Articles of Association stated as follows:
“3.1. The Company’s equity capital is 3 568 717,60 EUR (three million five hundred sixty eight thousand seven hundred and seventeen euro 60 cents) and it consists of 2 549 084 shares of a par value of 1,40 EUR (one euro and 40 cents) each. All shares give equal rights to vote at the shareholders’ meeting, to receive dividends and to receive liquidation quota. 1 916 746 shares out of the total number of shares in the Company are bearer shares in the dematerialized form and 632 338 shares out of the total number of shares in the Company are registered shares in the dematerialized form.”
9. Other questions
No other questions was discussed.
Extract of minutes of the annual general meeting attached.
