Shareholders of Shelton Petroleum AB passed the following main resolutions at the annual general meeting held on 22 May.
The shareholders adopted the annual report for the financial year 2011 and resolved not to pay any dividend for the financial year 2011. In addition, the board and the managing director were discharged from liability.
The shareholders resolved, in accordance with the nomination committee’s proposal, to re-elect Peter Geijerman, Katre Saard, Richard N. Edgar, Zenon Potoczny and Freddie Linder to the board of directors and to elect Björn Lindström and Hans Berggren as new members of the board. The shareholders appointed Björn Lindström as chairman of the board.
The shareholders voted to re-elect the authorized public accounting firm Ernst & Young AB as auditors and the authorized public accountant Per Hedström as responsible auditor.
The shareholders adopted the board’s proposal on guidelines for compensation for senior executives with essentially the same content as the guidelines adopted at the 2011 annual general meeting.
The annual general meeting adopted principles for election of a nomination committee.
The shareholders resolved to issue stock options. The company shall, with departure from the shareholders’ preferential rights, issue a maximum of 320,000 stock options series 2012/2015 in accordance with shareholders’ proposal.
The annual general meeting also, in accordance with the board’s proposal, resolved to authorize the board of directors, to decide on new issues of shares, warrants and/or convertible debentures, and that it thereupon be possible to derogate from the shareholders’ pre-emption rights.
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 565141 firstname.lastname@example.org www.sheltonpetroleum.com
About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing concessions in Russia and the resource-rich basins of Ukraine. The company holds three licenses in the Volga-Urals area and has commenced production on the Rustamovskoye field after a successful exploration program. In Ukraine, Shelton Petroleum’s wholly owned subsidiary has a joint venture with Ukrnafta and Chornomornaftogaz, two leading Ukrainian oil and gas companies. Shelton Petroleum is pursuing an integrated business model and holds an equity stake in Baltic Oil Terminals PLC. The Shelton Petroleum share is traded on the NGM stock exchange under the under the symbol SHEL B.