Shareholders of Shelton Petroleum AB passed the following main resolutions at the annual general meeting held today.
Shareholders adopted the income statement and balance sheet for the financial year 2009 and voted not to issue a dividend for the 2009 financial year. In addition, the board and the managing director were discharged from liability.
Shareholders furthermore voted, in accordance with the nomination committee’s proposal, to elect Per Höjgård, Ulf Cederin, Peter Geijerman, Katre Saard, Richard N. Edgar, Zenon Potoczny and Bruce D. Hirsche to the board of directors, with Per Höjgård appointed as chairman of the board. All board directors were re-elected.
Shareholders adopted the board’s proposal on guidelines for compensation for senior executives with essentially the same content as the guidelines adopted at the 2009 annual general meeting.
The annual general meeting voted, in accordance with the nomination committee’s proposal, to appoint a nomination committee and to elect Björn Lindström (as representative of Alpcot Capital Management and Corso Holding), Per Höjgård (chairman of the board) and Lars Hylander (independent).
Shareholders resolved to make the following amendments to the company’s articles of association, as proposed by the board: firstly, an amendment of the company’s objects, entailing that they shall be the production, prospecting and distribution of natural sources as well as management and ownership of such licenses in its own name or via subsidiaries or through smaller partnership shares or other forms of cooperation, including activities compatible therewith. Secondly, the limits for the share capital shall be increased to be not less than SEK 38 million and not more than SEK 152 million. As a consequence, the limits for the number of shares shall be increased to be no fewer than 380 million and no more than 1.52 billion. Thirdly, the provisions of the articles of association regarding the procedure governing notice to attend general meetings shall be amended such that notice to attend general meetings shall be given through an announcement in Post- och Inrikes Tidningar (the Official Gazette) and on the company's website, and that information that notice has been given shall be published in Svenska Dagbladet at the time of the notice. This amendment is conditional upon proposed amendments to the Swedish Companies Act having entered into force and that the approved wording is thereby compatible with the proposed amendments to the Swedish Companies Act.
The annual general meeting also voted to authorize the board of directors, on one or more occasions during the period until the next annual general meeting, to decide on new issues of shares, warrants and/or convertible debentures in exchange for cash payment and/or with provisions regarding payment in kind or by set-off or otherwise with conditions, and that it thereupon be possible to derogate from the shareholders' pre-emption rights. The purpose of the authorization and the reason for the derogation from the shareholders' pre-emption rights is to facilitate the raising of capital for expansion through corporate acquisitions or acquisitions of business assets and for the company's business. The total number of shares which may be issued pursuant to the authorization may not exceed 200 million. In the event the authorization is exercised in full, the increase in the share capital will correspond to a dilution effect of approximately 34 per cent. after dilution. In the event an issue takes place by way of derogation from the shareholders' pre-emption rights, the issue shall take place on market terms. Any issue pursuant to the authorization shall relate to class B shares.
The minutes of the annual general meeting will be made available on the company’s website, www.sheltonpetroleum.com.
For more information, please contact:
Robert Karlsson, CEO, Shelton Petroleum, tel +46 709 565 141
About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing concessions in the Volga-Urals area in Russia and the resource-rich basins of Ukraine. Shelton Petroleum has built effective personal relationships, strategic regional partnerships and a portfolio of projects onshore and offshore. The company holds three licenses in the Russian republic of Bashkiria, located southwest of the Ural Mountains. The license blocks, which border one another, have an area of over 500 square kilometers and are surrounded by other producing oil fields. The company has found oil in its first two wells and measured commercial flow rates. In Ukraine, a strategic partnership with Ukrnafta, Ukraine's largest oil and gas company, provides Shelton Petroleum with a stake in the oil producing Lelyaki field in Chernigov Region close to Poltava. Shelton Petroleum also has a Joint Investment Agreement with Chornomornaftogaz, the leading Ukrainian oil and gas company in offshore development, that gives it a fifty per-cent stake in three major license areas in the Azov and Black Sea regions. The Shelton Petroleum share is traded on the NGM stock exchange under the symbol SHEL B.