Extraordinary Shareholders' meeting of JSC Olainfarm, convened, in accordance with the law, on 24 January, 2020 at 11:00AM (in the premises of JSC Olainfarm, 5 Rupnicu Street, Olaine) did not take place due to a lack of quorum. The existing Supervisory Council and Management Board of JSC Olainfarm continues its work.

Today, 27 January, publicly made information that allegedly a new Supervisory Council has been elected and changes made to the Management board, distributed by Peteris Rubenis, chairman of the Management Board of OLMAFARM Ltd., contains false information and is considered misinformation. On 24 January, the only lawful meeting was convened at 11:00AM and did not take place due to a lack of quorum. It should be noted that the Management Board of JSC Olainfarm is responsible for the registration of shareholders and the number of shareholders with voting rights present, which was also done. The findings were communicated to the shareholders present, and the information was published on Nasdaq Riga and distributed to the media.

There was no quorum for the Extraordinary Shareholders' meeting

Reminding that the extraordinary shareholders' meeting did not have the quorum required since the meeting had registered shareholders representing 2 978 701 shares in total with voting rights or 21.15% of the voting capital.

A minority of shareholders cannot become a majority  

According to the articles of association of the company, the shareholder meeting cannot be held if the specified number of shareholders with the rights to vote on the items covered on the agenda is not represented. In order for the shareholders meeting to be valid, it must be held in accordance with the articles of association of the company. As publicly stated in September, the District Court of Zemgale upheld the request to temporarily deny OLMAFARM Ltd. the right to vote in the shareholders meetings of JSC Olainfarm until the dispute is resolved. This means that OLMAFARM Ltd. and Pēteris Rubenis, Chairman of the Board, have blatantly ignored this court ruling.

Additional information:

Jānis Dubrovskis

Investor Relations Advisor of JSC Olainfarm

Ph.: +371 29178878

Email: janis.dubrovskis@olainfarm.com