VN announces that the Annual General Meeting (AGM) for VN that was due to take place on April 28, 2010 at “Hotel de Rome” at 10 am has been cancelled and will not take place.

The reason of cancellation of AGM is to the Management Board's inability to approve the list of shareholders who are entitled to participate in the AGM of VN. This was brought about as a result of the longstanding illness of one of the Board members. Under VN Articles of Association and Latvian laws in order for the VN Management Board to have the necessary quorum, 3 members have to be present on any given issue. Due to the same reason also VN extraordinary shareholders’ meeting on October 15, 2009 was not held. At that time the chairperson of the Management Board was Olga Pētersone who informed shareholders’ on October 15, 2009, that due to inability of the Management Board quorum the extraordinary meeting could not be held.

VN management also point out that a serious situation has developed with approval of VN annual reports for 2009. As VN associated company AS “Latvijas kuģniecība” (LASCO) has not prepared audited annual reports and has not convened the annual shareholders’ meeting of LASCO for approval of audited annual reports for 2009, VN has been unable to complete the preparation of its audited reports for 2009 as was initially planned.

Ernst & Young Baltic, the auditors of VN, had in advance informed VN Management Board that in order for VN to duly prepare its own annual reports, VN needs the audited and approved annual reports of LASCO for 2009. VN several times has requested LASCO Management Board and the Supervisory Council to convene the annual shareholders’ meeting of LASCO for approval of the annual reports for 2009 until the end of April, 2010.
 

Ventspils nafta

Zane Bojāre
JSC „Ventspils nafta” PR Manager
E-mail: zane.bojare@vnafta.lv
Phone.: 67821691; 29706733