On Friday, January 28, 2011, an extraordinary general shareholders' meeting of the public joint stock company Latvijas Kuģniecība (LK) has reviewed issues on the agenda previously announced in accordance with the law: approval of annual reports for 2009, utilization of profit of 2009 and election of the Supervisory Council, and has also made decisions on raising claims against the previous management, in accordance with Latvian Commercial Law.

Shareholders rejected the prepared draft resolution on postponing the approving 2009 annual report until the next regular shareholders meeting. The extraordinary shareholders meeting approved LK reports for 2009 and also the consolidated LK report for 2009.

Shareholders also rejected postponing a resolution on utilization of the profit 2009, voting to cover the LK losses in the amount of 17 594 295 lats (25 034 426 euro) from future profits. .

As of January 28, 2011, the following persons are dismissed from the position of LK Supervisory Council member: Simon Boddy, Mikhail Dvorak, Christophe Theophanis Matsacos, Rubil Yilmaz, Vladimir Egger, Javed Ahmed, Mark Morrel Ware.

As of January 28, 2011, the following persons are elected into the LK Supervisory Council: Simon Boddy, Mikhail Dvorak, Christophe Theophanis Matsacos, Rubil Yilmaz, Vladimir Egger, Javed Ahmed, Mark Morrel Ware, Olga Pētersone, Oļegs Stepanovs, Mārtiņš Kvēps, Serguei Choutov.

The shareholders' meeting decided to nominate Simon D.Boddy to convene the first meeting of the newly elected Supervisory Council of LK, to notify Supervisory Council members of the time and venue of the Supervisory Council meeting, to fix the agenda of the first meeting of the newly elected Supervisory Council of LK, as well as to take other necessary actions in relation to convening and holding the first meeting of the newly elected Supervisory Council of LK.

Shareholders meeting voted for annual remuneration fund of LK Supervisory Council to be 0 lats (0 eur).

Shareholders also decided to pursue a claim against the former members of the Management Board of LK Imants Sarmulis, Andris Linužs, Raivis Veckāgans and Edvīns Bērziņš for compensation for losses created within LK in 2009 and 2010, as well as to pursue a claim against the former members of the Supervisory Council Māris Gailis, Kārlis Boldiševics, Guntis Ločmelis, Uldis Pumpurs, Olga Pētersone, Vladimirs Solomatins, Ansis Sormulis, Normunds Staņēvičs, Andris Vilcmeiers, Svens Zālītis, Miks Ekbaums un Volodymyr Koshkul for compensation for losses created within LK in 2009 and 2010, as well as unjustified enrichment.

Shareholders representing 90.08% of shares with voting rights participated in the meeting.

Additional information:
Elīna Dobulāne
Press secretary
Latvian Shipping Company
Phone: +371 25959447
E-mail: Elina.Dobulane@lscgroup.lv