The VN Annual General Meeting (AGM) that was scheduled to be held at “Hotel de Rome” at 10 am today did not take place. The AGM was cancelled due to the Management Board's inability to approve the list of shareholders who are entitled to participate. Moreover, VN board was unable to carry out registration and prepare the list of shareholders that can participate in the AGM according the the Commerial law paragraph 278, 3 part. Therefore no VN AGM resolutions were made today.

VN management had reported that a serious situation 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.

The management of VN views these developments with the utmost seriousness. The VN Supervisory Council have instructed the new Management Board to call an AGM as soon as possible in order to approve the VN audited annual accounts for 2009. This meeting is now expected take place following approval of the 2009 audited annual accounts by the shareholders of LASCO. This has been done to address the publicly expressed concerns of VN shareholders and their legal representatives that the VN management had wrongfully called the VN AGM scheduled for today before VN’s auditors had had an opportunity to approve the 2009 annual accounts.

VN management has received concerns from some shareholders that potentially there have been illegal actions with some acquisitions of authorizations, as well as, potential further processes that might cause criminal consequences.

It is hoped that all of the various concerns of the various VN shareholders will be addressed by the rescheduling of the AGM.
 

Ventspils nafta

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