PETROGRAND AB: Resolutions of Annual General Meeting 2012

Petrogrand AB 

10.05.2012 14:22
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Stockholm, Sweden, 2012-05-10 14:22 CEST (GLOBE NEWSWIRE) -- 
At the annual general meeting (the 'AGM') in PetroGrand AB (publ) (the
'Company') held today, 10 May 2012, the following was resolved in accordance
with the proposals of the board of directors (the 'Board') and the nominating
committee. 

The AGM resolved to adopt the profit and loss account and the balance sheet,
and the consolidated profit and loss account and the consolidated balance sheet
for the financial year 2011 and resolved that the means of SEK 250 658 366
shall be carried forward and that no dividend is paid for the financial year
2011. 

It was resolved to discharge the Board and the managing director from liability
against the Company for the past financial year. 

It was resolved that the Board shall comprise of six Board members and no
deputy directors. It was resolved that fees to the Board members be paid with
SEK 600,000 to the Chairman and SEK 250,000 to each of the other Board members
who are not employed in the Company, in total SEK 1,600,000. The auditors shall
be paid according to approved invoice. 

The AGM resolved to re-elect Sven-Erik Zachrisson, Maks Grinfeld, Johan
Hessius, Mats Jansson and Arne Helland as Board members. Dmitry Zubatyuk was
elected as new Board member. Sven-Erik Zachrisson was appointed by the AGM to
serve as chairman of the Board. 

The AGM further resolved, in accordance with the nominating committees'
proposal, to adopt principles for appointing a nominating committee for the
annual general meeting 2013. 

The AGM further resolved, in accordance with the Board's proposal, on
guidelines for remuneration to the Company management. 

The AGM resolved to authorize the Board, with or without deviation from the
shareholders priority rights, on one or more occasions during the period until
the next annual general meeting, to in its own discretion, decide on new issue
of shares, subscription warrants and/or convertible bonds, that if exercised in
full at the most may correspond to 30 percent of the Company's share capital. 

For further information, please contact:

Maks Grinfeld, CEO, phone: +46 8 5000 7810
Sven-Erik Zachrisson, Chairman, phone: +46 8 5000 7810
Certified Adviser First North: Mangold Fondkommission AB

Reasonable caution notice: The statement and assumptions made in the company's
information regarding Petrogrand AB's ('Petrogrand') current plans, prognoses,
strategies, concepts and other statements that are not historical facts are
estimations or 'forward looking statements' concerning Petrogrand's future
activities. Such future estimations comprise but are not limited to statements
that include words such as 'may occur', 'concerning', 'plans', 'expects',
'estimates', 'believes', 'evaluates', 'prognosticates' or similar expressions.
Such expressions reflect the management of Petrogrand's expectations and
assumptions made on the basis of information available at that time. 

These statements and assumptions are subject to a large number of risks and
uncertainties. These, in their turn, comprise but are not limited to I) changes
in the financial, legal and political environment of the countries in which
Petrogrand conducts business, II) changes in the available geological
information concerning the company's projects in operation, III) Petrogrand's
capacity to continuously guarantee sufficient financing to perform their
activities as a 'going concern', IV) the success of all participants in the
group, or of the various interested companies, joint ventures or secondary
alliances, V) changes in currency exchange rates, in particular those relating
to the RUR/USD rate. Due to the background of the many risks and uncertainties
that exist for any oil-prospecting venture and oil production company in its
initial stage, Petrogrand's actual future development may significantly deviate
from that indicated in the company's informative statements.
News Source: NASDAQ OMX



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Language:     English
Company:      Petrogrand AB
              
               
              Sweden
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         SE0001587593
WKN:          
 
End of Announcement                             DGAP News-Service
 
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