Annual General Meeting 2017. Resolutions

Today, on 27 April 2017 starting at 10 a.m., the annual general meeting of the shareholders of AS Harju Elekter was held at Keskväljak 12, Keila. The AGM was attended by 97 shareholders and their authorised representatives who represented the total of 12,980,332 votes accounting for 73.17 % of the total votes.

The agenda of the general meeting was as follows:
1. Approval to AS Harju Elekter annual report of 2016;
2. Approval to profit distribution;
3. Extension of the authorisation of Supervisory board members, electing new Supervisory board members;
4. Approval of the remuneration of the Supervisory Board

1. Approval to AS Harju Elekter annual report of the year 2016

The general meeting resolved:
To approve the annual report of AS Harju Elekter of 2016, prepared by the management board and approved by the supervisory board, according to which the consolidated balance sheet total of AS Harju Elekter was 73,968 thousand euros as of 31.12.2016, while the sales revenue of the financial year was 61,167 thousand euros and net profit 3,224 thousand euros.
The number of the votes given in favor of the resolution was 12,980,332 which accounted for 100.0 % of the voted participants.

2. Approval to profit distribution

The general meeting resolved:
To approve the profit distribution proposal of AS Harju Elekter of 2016 as presented by the management board and as approved by the supervisory board as follows:

retained profit from previous periods on 31.12.2016

25,894,937 euros

total net profit of the financial year

 3,218,644 euros

total retained profit on 31.12.2016

29,113,581 euros

Management board’s proposal for the distribution of profit as follows:

dividends (0,18 euros per share*)

 3,193,178 euros

balance carried forward after profit distribution

25,920,403 euros

The dividends will be paid to the shareholders on 16 May 2017 by a transfer to the bank account of the shareholder. * The shareholders registered in the shareholders’ registry on 11 May 2017 at 23.59 shall be entitled to dividend.

The number of the votes given in favor of the resolution was 12,943,720 which accounted for 99.72 % of the voted participants.

3. Extension of the authorisation of Supervisory board members, electing new Supervisory board members

The general meeting resolved:
3.1  Extend the authorisation of Supervisory board members Endel Palla, Triinu Tombak, Andres Toome and Aare Kirsme for another five years, until 03.05.2022. Consents obtained.

The number of the votes given in favor of the resolution was 12,971,293 which accounted for 99.93 % of the voted participants.

The general meeting resolved:
3.2  Elect Arvi Hamburg as a new member of the Supervisory board starting from 04.05.2017, with authorisation valid for five years, until 03.05.2022. Consent obtained.

The number of the votes given in favor of the resolution was 12,941,562 which accounted for 99.70 % of the voted participants.

4. Approval of the remuneration of the Supervisory Board

The general meeting resolved:
To determine the remuneration of the Supervisory Board member of the company in the amount of 1000 euros per month and the remuneration of the chairman of the Supervisory Board in the amount of 1,600 euros per month. Establish remuneration of 200 euros to the supervisory board members for participating in the meeting. No remuneration is paid if the supervisory board member participates in the meeting by phone. To apply a valid bonus system of the company to the member of the supervisory board who is working in executive management.

The number of the votes given in favor of the resolution was 12,579,833 which accounted for 96.91 % of the voted participants.

Andres Allikmäe
Chairman of the Management Board
+372 674 7400

 

Prepared by:
Moonika Vetevool
Corporate communication and investor relations manager
+372 671 2761