Announcement from PA Resources Annual General Meeting on 17 May 2011
The shareholders in PA Resources AB (publ) held the Annual General
Meeting on Tuesday evening 17 May 2011 in Stockholm, Sweden. This is a
summary of the most important decisions made by the Annual General
Meeting.
The annual report, the consolidated annual report and the auditor's
report for the financial year 2010 were presented. The income statement
and the balance sheet for both the parent company and the consolidated
group were accepted by the Meeting.
The Meeting discharged the members of the Board and the President from
liability.
The fees to be paid to the Board of Directors were set by the Meeting 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 accountants would be paid according to
reasonable and by the Company approved invoices.
The Meeting decided to re-elect Hans Kristian Rød, Catharina
Nystedt-Ringborg, Lars Olof Nilsson and Paul Waern as ordinary members
of the Board as well as elect Per Jakobsson as new member of the Board.
Hans Kristian Rød was elected as Chairman of the Board. The former
Chairman of the Board Sven Rasmusson had announced ahead of the Annual
General Meeting that he was not available for re-election.
The Meeting resolved to establish a Nomination Committee for the next
Annual General Meeting whereby the three largest shareholders in the
Company will appoint one representative each, who together with the
Chairman of the Board shall comprise the Nomination Committee. The
composition of the Nomination Committee shall be communicated six months
at the latest before the Annual General Meeting in 2012.
The Meeting approved the guidelines proposed by the Board regarding
remuneration to the President and other leading officials in the senior
management.
In his address, PA Resources' President, Bo Askvik, reported on the
Group's development during the fiscal year of 2010 and up to the date of
the Annual General Meeting 2011 as well as for the work ahead to achieve
the objectives. The President's presentation is available on the
company's website www.paresources.se (http://www.paresources.se/).
Stockholm, May 18, 2010
PA Resources AB (publ)
For additional information, please contact:
Bo Askvik
President and CEO of PA Resources AB
Telephone: +46 8 21 83 82, +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 (http://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 08.15 CET on 18 May, 2011.
