Published to the NASDAQ OMX Copenhagen via Company News Service on 30 April
2009.
Minutes from Annual General Meeting on 30 April 2009.
1. Election of Chairman of the Meeting.
Klaus T. W. Lund was elected Chairman of the Meeting.
The Chairman declared that the total share capital was present and with the
agreement of the General Meeting, that the General Meeting formed a quorum and
nobody objected to the legality of the General Meeting.
2. The Supervisory Board's review of the Company's operations in the past year.
The financial performance for the financial period 2008 amounts to a loss of
DKK 238 million before tax. Loss before tax and before value adjustments
amounts to DKK 58 million, which is less than expected.
Value adjustments of investment properties, debt and derivatives, net,
contribute by negative DKK 180 million to profit before tax for the period.
Furthermore, the financial performance results in a loss by reason of exchange
adjustments DKK 83 million.
Equity amounts to negative DKK 103 million at 31 December 2008 compared to
positive DKK 81 million in the previous period. The Group has lost its entire
consolidated equity. Management is working on a solution to reconstruct the
Company.
The Supervisory Board considers the financial performance for 2008
unsatisfactory.
3. Presentation of annual report for adoption.
The audited annual report was presented and adopted unanimously and with all
votes.
4. Resolution to spend profits or cover losses according to the adopted annual
report.
The Supervisory Board recommended that profit for the year be transferred to
next financial year.
The recommendation was adopted unanimously and with all votes.
5. Election of Supervisory Board members.
The full Supervisory Board was up for election. Gunnar Már Petersen (Chairman),
Michael Sheikh, and Klaus T. W. Lund were re-elected.
6. Appointment of auditor.
Deloitte Statsautoriseret Revisionsaktieselskab was re-appointed unanimously
and with all votes.
7. Amendments to the articles of association.
The General Assembly approved unanimously and with all the votes the proposed
change of domicile and the included change to the articles of association.
8. Any other business.
Nobody wished to speak.
The General Meeting was closed.
Please address questions relating to this Notice to Company Secretary Klaus T.
W. Lund on telephone +45 3378 4000.
