Decision of meeting of shareholders of JSC “VEF Radiotehnika RRR”, on January 09, 2018

According to the registration data shareholders or their authorized persons are present at the meeting, which makes owners of 1 295 825 shares with a right of voting  and which makes 50.83% of paid statute capital. 

Agenda:

1. Reduction of share capital of JSC "VEF Radiotehnika RRR".  

2. Approval of the rules for reduction of share capital of JSC "VEF Radiotehnika RRR"  

3. Amendments to the Articles of Association of JSC "VEF Radiotehnika RRR" and approval of the Articles of Association

1.

Joint Stock Company "VEF RADIEOTEHNIKA RRR" has suffered losses in the previous years due to economic activity and overall economic financial situation in the country and in order to reduce the proportion of losses in the Company's balance sheet it is necessary to reduce the Company's share capital, the reason for the reduction is the need to cover the Company's accumulated losses of previous years, improve the Company's balance sheet, which will enable the Company to participate in European financing for the development of production. In total, the reduction of equity capital will allow the Company to suffer losses of EUR 3,313,809.20 (three million three hundred and thirteen thousand eight hundred and nine euros 20 cents).

The vote on the reduction of the Company's share capital was announced.

Voting results:

"For" - 1 295 825 voices  

"Against" - 0 votes

     The meeting decided:

1. To approve the reduction of the share capital of the Company by EUR 3 313 809.20 (three million three hundred and thirteen thousand eight hundred and nine euros 20 cents);

2. Reduction of the basic capital is performed in accordance with the third paragraph of the first paragraph of Article 262 of the Commercial Law - by reducing the nominal value of the Shares of the Company.

3. Determine that upon reduction of the share capital, the Company's share capital is 254,908.40 (two hundred fifty four thousand nine hundred and eight euros 40 cents). The Company's share capital consists of 2 549 084 shares. The nominal value of one share is EUR 0.10 (10 cents). All shares give the right to receive dividends, receive liquidation quota and vote at the shareholders' meeting. 632 338 Shares of the Company are registered shares, 1 916 746 Shares of the Company are bearer shares.

4. After the expiry of the term of application for creditor claims and reduction of the reduced Company's registered capital in the Republic of Latvia Register of Enterprises, delete the losses of the previous years of the company in the amount of EUR 3,313,809.20 (three million three hundred thirteen thousand eight hundred nine euros 20 cents);  

5. The exchange of a company name and bearer share with a nominal value of EUR 1.40 (one euro 40 cents) to bearer shares of the Company with a nominal value of EUR 0.10 (ten cents) will be made on the next working day after registration of creditor claims for termination and reduction of share capital and amendments to the Articles of Association of the Republic of Latvia Enterprise Register.

                                                                                                                  2. 

Due to the decision on the reduction of the Company's share capital, it is necessary to approve the rules for the reduction of the Company's share capital. 

The vote on the approval of the rules for reduction of the Company's share capital was announced.

Voting results:

"For" - 1 295 825 voices  

"Against" - 0 votes

     The meeting decided:

     To approve the rules for reduction of the share capital of the Joint-Stock Company VEF RADIOTEHNIKA RRR.

                                                                                                         3. 

Due to the decision on the reduction of the Company's share capital it is necessary to approve Amendments to the Company's Articles of Association and the new wording of the Articles of Association.

The vote on the amendment of the Company and the approval of the new wording of the statutes was announced.

Voting results:

"For" - 1 295 825 voices  

"Against" - 0 votes

     The meeting decided:

     To approve amendments to the Articles of Association of the Joint Stock Company "VEF RADIOTEHNIKA RRR" and the new wording of the Articles of Association of the Joint Stock Company "VEF RADIOTEHNIKA RRR".

Attachments:

Amendments to the Articles of Association of JSC “VEF Radiotehnika RRR” draft

The rules for the reduction of the Company's share capital draft