CORRECTION: Decisions of annual general meeting of shareholders of Snaigė AB

Snaige AB 

30.04.2012 12:31
---------------------------------------------------------------------------

Supplemented with annexes:PROCEDURE FOR PAYMENT OF REMUNERATION BY AB SNAIGĖ TO
THE BOARD MEMBERS, BOARD MEMBER AGREEMENT and ARTICLES OF ASSOCIATION 

Alytus, Lithuania, 2012-04-30 12:31 CEST (GLOBE NEWSWIRE) -- Snaigė AB, the
address of head office Pramonės str. 6, Alytus, the company code 249664610. 

The General Meeting of shareholders of Snaige AB was held on 30 April 2012. The
meeting heard the consolidated annual report of the Company for the year 2011
and the Auditor's report for the year 2011. 

 At the meeting was made following resolutions:

1. THE AGENDA QUESTION: Consolidated annual report of 'Snaigė' AB on the        
 company's activity for 2011.                                                   
In the meeting taken for information the consolidated annual report of 'Snaigė' 
 AB on the company's activity for 2011.                                         
2. THE AGENDA QUESTION: Auditor's conclusion on the company's financial         
 statements for 2011.                                                           
In the meeting taken for information with the auditor's conclusion on the       
 company's financial statements for 2011.                                       
3. THE AGENDA QUESTION: Approval of the set of financial statements of the      
 company for 2011.                                                              
THE DECISION: To approve the set of financial statements of the company for 2011
 (enclosed Snaigė AB and consolidated statements).                              
4. THE AGENDA QUESTION: Approval of distribution of profit (loss) of 'Snaigė' AB
 for 2011.                                                                      
THE DECISION:                                                                   
To approve the distribution of profit (loss) of 'Snaigė' AB for 2011:           
Non-distributed profit (loss) at the end of the last financial year: LTL 0 (EUR 
 0)                                                                             
Net result - profit (loss) of financial year: LTL 908,126 (EUR 263,011.47)      
Distributable result- profit (loss)  of financial year: LTL 908,126 (EUR        
 263,011.47)                                                                    
Contributions of shareholders to cover loss: LTL 0 (EUR 0)                      
Share premium for covering of loss LTL 0 (EUR 0)                                
Transfers from reserves: LTL 1,188,483 (EUR 344,208.47)                         
Distributable profit: LTL 2,096,609 (EUR 607,219.94)                            
Distribution of profit:                                                         
Portion of profit allocated to reserves foreseen by law: LTL 45,410 (EUR        
 13,151.65)                                                                     
Portion of profit allocated to other reserves: LTL 30,000  (EUR 8,688.60)       
- for support and charity LTL 0 (EUR 0)                                         
- for social and cultural needs LTL 30,000 (8,688.6 EUR)                        
Portion of profit allocated for payment of dividends: LTL 0 (EUR 0)             
Portion of profit allocated for payment of premiums: LTL 0 (EUR 0)              
Portion of profit allocated for payment of tantiemes: LTL 0 (EUR 0)             
Other: LTL 2,021,199 (EUR 585,379.69)                                           
- portion of profit allocated to reserve for acquisition of own shares: LTL 0   
 (EUR 0)                                                                        
- portion of profit allocated to reserve for investments: LTL 2,021,199 (EUR    
 585,379.69)                                                                    
Non-distributed result - profit (loss) at the end of financial year: LTL 0 (EUR 
 0)                                                                             
5. THE AGENDA QUESTION: Election of the audit firm for auditing purposes of     
 financial statements and establishment of terms regarding the payment for audit
 services.                                                                      
THE DECISION: For 2012 auditing purposes of annual financial statements to elect
 UAB 'Ernst & Young Baltic'. To authorize (with the right to delegate) the      
 General Director of the company to sign the agreement with the audit firm by   
 establishing the terms of payment for the audit services and other terms.      
6. THE AGENDA QUESTION:  Election of members of Audit Committee                 
THE DECISION: Until the end of term of the Company's Board To elect the chairman
 of audit committee Anton Kudryashov, as the members of Audit Committee         
 Virginijus Dumbliauskas and Rasa Balčiūnaitė Kaminskienė.                      
7. THE AGENDA QUESTION: Amending the Articles of Association of the Company     
THE DECISION:                                                                   
1) To amend Clauses 6.2 and 6.3 of the Articles of Association of the Company to
 be read as follows:                                                            
6.2. The convening and the powers of the General Meeting of Shareholders shall  
 conform to the procedures of convening and the powers of the General Meeting of
 Shareholders stipulated in the Law on Companies, except where these Articles of
 Association provide otherwise.                                                 
6.3. The General Meeting of Shareholders shall elect and remove the Board of the
 Company in compliance with the procedure prescribed by the Law on Companies.   
 The Board of the Company shall have the right to adopt a decision on issuing   
 debentures, as well as, following the procedure approved by the General Meeting
 of Shareholders, to resolve the matters related to the establishment of        
 remuneration to the Board members. The Board's powers with regard to other     
 matters shall conform to the powers stipulated in the Law on Companies. The    
 working procedure of the Board shall be laid down in the rules of procedure of 
 the Board.                                                                     
To supplement the Articles of Association of the Company with Clause 6.5 to be  
 read as follows:                                                               
6.5. The members of the Board of the Company shall enter into agreements on     
 their activity within the Board. Remuneration may be paid to the Board members 
 of the Company for their activity within the Board of the Company. The General 
 Meeting of Shareholders of the Company shall approve the form of the agreement 
 with the Board members of the Company and the procedure for payment of         
 remuneration by the Company for the activity of the Board members.             
2) In the light of the said amendments of the Articles of Association of the    
 Company, to approve the new wording of the Articles of Association of the      
 Company (enclosed). To authorize (with the right to subdelegate) the head of   
 the Company to sign the new wording of the Articles of Association of the      
 Company and to submit it for registration with the Register of Legal Entities. 
8. THE AGENDA QUESTION: Approving the procedure for payment of remuneration by  
 the Company for the activity of the members of the Board and the form of the   
 agreement with members of the Board of the Company                             
THE DECISION:                                                                   
1)       To establish that according to the respective decision of the Board of 
 the Company remuneration may be paid to the Board members of the Company for   
 their activity within the Board.                                               
2)       To approve the form of the agreement with members of the Board of the  
 Company (enclosed).                                                            
3)       To approve the procedure for payment of remuneration by the Company for
 the activity of the members of the Board (enclosed).                           
To establish that the adopted decisions referred to in Clauses 1), 2) and 3)    
 hereof, relating to the establishment of the remuneration to the Board members 
 of the Company for their activity within the Board, shall come into force and  
 shall be applied after the registration of the new wording of the Articles of  
 Association of the Company as approved by this General Meeting of Shareholders 
 with the Register of Legal Entities.                                           

Attached:

Audited AB 'Snaige' and consolidated  annual financial statements together with
auditor's report, consolidated annual report, confirmation of the responsible
persons. 


         Managing Director
         Gediminas Čeika
         +370 315 56206
News Source: NASDAQ OMX



30.04.2012 Dissemination of a Corporate News, transmitted by DGAP - 
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------
 
Language:     English
Company:      Snaige AB
              
               
              Lithuania
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         LT0000109274
WKN:          
 
End of Announcement                             DGAP News-Service
 
---------------------------------------------------------------------------