Stockholm, 2012-05-11 06:16 CEST (GLOBE NEWSWIRE) --
RusForest’s annual general meeting on 10 May 2012 resolved in accordance with the following
Adoption of the annual accounts etc.
• The annual general meeting adopted the income statements and balance sheets for the parent company and the group for the year 2011, and resolved that the non-restrictive equity carried forward of SEK 571,928,000 together with the non-restrictive equity for the year of SEK 120,481,137, in total SEK 692,409,137, shall be carried forward. The annual general meeting further resolved to discharge the board members and the managing director from liability.
Board of directors and auditors etc.
• The annual general meeting resolved, in accordance with the nomination committee’s proposal, that the fees to each board member who does not draw any salary from the company shall amount to SEK 150,000. The fee to the chairman of the board of directors shall however amount to SEK 300,000. Fees to the audit committee and operational committee established by the board of directors, consisting of up to three board members each, will amount to SEK 100,000 to the chairman and SEK 75,000 each to the other committee members. The annual general meeting further resolved, in accordance with the nomination committee’s proposal, to authorise the board of directors, when needed, to engage one or more of the board members to strengthen the company's management, for which work such board member is entitled to a fixed fee of SEK 10,000 per person and day. The annual general meeting also resolved that fees to the board members may be invoiced by a company in which case the invoiced fee shall be determined so that it is cost neutral for RusForest.
• The annual general meeting resolved that the auditor’s fee shall be paid on account, as approved by the board of directors.
• The annual general meeting resolved, in accordance with the nomination committee’s proposal, that the number of board members shall be five (5) without any deputy members and to re-elect Franz Bergstrand, Per Brilioth, Jerker Karlsson, Kenneth Eriksson and Camilla Öberg as board members. Kenneth Eriksson was re-elected as chairman of the board of directors.
• The annual general meeting further resolved, in accordance with the nomination committee’s proposal, that the audit committee shall consist of Camilla Öberg (chairman), Kenneth Eriksson and Per Brilioth. The operational committee shall consist of Franz Bergstrand (chairman), Kenneth Eriksson and Jerker Karlsson. The composition of the committees may be altered upon a resolution by the board of directors.
RusForest’s employee stock option plan 2012/2015
• The annual general meeting resolved, in accordance with the board of director’s proposal, to adopt RusForest’s employee stock option plan 2012/2015, to issue not more than 6,270,000 warrants in order to hedge the company’s obligations under the stock option plan and to approve disposition of the warrants within the employee stock option plan. The board of director’s complete proposal is available at the company’s webpage, www.rusforest.com.
For further information please contact:
Martin Hermansson, CEO, phone: +7 903 015 64 65, +7 985 921 92 32
or
Per Brilioth, Board member, phone: +46 8 545 015 50
About RusForest AB (publ)
RusForest is a forestry and sawmilling company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long term forest leases with an annual allowable cut of approximately 3.6 million m3, and utilizes these resources to produce a wide range of sawnwood products. Eastern Siberia is renowned for its pine and larch of exceptional quality, while the Arkhangelsk Region in northwest Russia has high quality spruce and pine forests similar to those found in northern Sweden.
RusForest's goal is to develop into a leading independent integrated forestry and sawmilling company in Russia with an annual harvesting of 2.7 to 2.9 million m³. The Group's total sawmilling capacity, which is currently approximately 415,000 m³, is expected to, following completion of on-going investments; gradually increase to 500,000 to 550,000 m³ of sawnwood. There is significant potential (of up to 800,000 to 850,000 m³ of sawnwood) within the maximum allowable harvesting.
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.
