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East Capital Explorer AB - Announcement from the Annual General Meeting of East Capital Explorer AB (publ) on 12 April 2011


April 13, 2011 - London

The Meeting adopted the income statements and balance sheets included in the Board of Directors' Annual Report for the Parent Company and the East Capital Explorer Group for the fiscal year 2010.

 

The Meeting resolved to allocate this year's result in accordance with the Board's proposal that a dividend be paid to the shareholders of SEK 0.80 per share and that 15 April 2011 shall be the record day for receipt of the dividend. Payment of the dividend is expected to be made by Euroclear Sweden AB on 20 April. The Meeting granted the members of the Board and the CEO discharge from liability for the reporting period.

 

The Meeting resolved that the number of Board directors to serve until the close of the next Annual General Meeting shall be six (6) and that the Company's auditor shall consist of one registered auditing company with no deputy auditor.

 

The Meeting resolved to change the compensation for the Board of Directors until the next Annual General Meeting to SEK 770,000 for the Chairman of the Board of Directors and SEK 330,000 for each of the other members of the Board of Directors. Members of the Board who are employed in the East Capital group do not receive remuneration. The Meeting resolved to change the compensation for work in the Audit Committee to SEK 100,000 for the chairman of the Audit Committee and SEK 50,000 for each of the other members. Furthermore, it was resolved that fees to the auditor be paid according to approved invoices under a given offer.

 

Paul Bergqvist, Anders Ek, Lars Emilson, Karine Hirn, Alexander Ikonnikov and Justas Pipinis were re-elected to the Board. Monika Elling declined re-election to the Board. The meeting re-elected Paul Bergqvist as Chairman of the Board.

 

The Meeting resolved to re-elect the registered auditing company KPMG as auditor until the close of the Annual General Meeting in 2015. It was further noted that KPMG had notified the Company that Carl Lindgren will continue as head auditor as long as the Swedish Companies Act allows.

 

The Meeting approved the proposal regarding the criteria for appointment of the Nomination Committee.

 

The Meeting approved the Board's proposal for guidelines for remuneration to senior management.

 

The Meeting authorized the Board to decide on acquiring the Company's own shares in accordance with the proposed resolution.

 

At the meeting of the Board held after the Annual General Meeting, members of the Audit Committee were elected. Paul Bergqvist was re-elected Chairman of the Audit Committee and Anders Ek, Lars Emilson and Alexander Ikonnikov were re-elected members of the Audit Committee.

 

 

Contact information:
Paul Bergqvist, Chairman of the Board East Capital Explorer +46 733 55 41 00
Gert Tiivas, CEO East Capital Explorer +46 8 505 977 30

 

 

Financial reporting calendar - East Capital Explorer:

  • Monthly Net Asset Value report on the fifth working day after the end of each month
  • Interim Report, 1 January - 31 March 2011 on 6 May 2011
  • Interim Report, 1 January - 30 June 2011 on 5 August 2011
  • Interim Report, 1 January - 30 September 2011 on 11 November 2011

 

About East Capital Explorer - East Capital Explorer AB is a Swedish company, created with the specific aim of bringing unique investment opportunities in Eastern Europe to a broader investor base. The company invests mainly in East Capital's private equity and semi-public equity funds that provide exposure to companies not otherwise accessible via the local stock exchanges in Eastern Europe. East Capital Explorer targets fast growing sectors such as the power utilities, financial, retail and consumer goods and real estate sectors. East Capital Explorer has appointed East Capital to manage its investment activities. Since 9 November 2007, East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap.

 

This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or demands made in the exchange rules. It was released for publication at 7:00 a.m. CET on 13 April 2011.

110413 - Press Release



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: East Capital Explorer AB via Thomson Reuters ONE

HUG#1505728

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