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VN shareholders’ meeting resolves to list 43 million shares in the stock exchange

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VN shareholders’ meeting resolves to list 43 million shares in the stock exchange

november 6, 2012 / Ventspils nafta

In the extraordinary shareholders’ meeting of JSC Ventspils nafta, which took place today, a resolution was adopted to convert 43’881’398 paper form registered shares of joint stock company Ventspils nafta (VN) into dematerialized bearer shares with the same rights and nominal value. That means that over 43 million shares of closed issue will become bearer shares and will be included in the Baltic Official List of NASDAQ OMX Riga, thereby making the structure of VN shareholders a lot more transparent. Up to now the shares of closed issue were not included in the regulated securities market.

Discontinuing usage of shares of closed issue by converting them will ensure also a more modern and safer register of shares, as now completely all shares of the company will be registered with the Latvian Central Depository. The register of shareholders of closed issue was previously kept by the company itself.

The converted 43’881’398 dematerialized bearer shares will be registered with JSC Latvijas Centrālais Depozitārijs (Latvian Central Depository) in the near future. After development and approval of a prospect, as well as other necessary documents, these additional 43’881’398 bearer shares will be included in the NASDAQ OMX Riga Baltic Official List.

The shareholders’ meeting also approved changes in the VN audit committee, electing Nafiset Negouch as the new member of the audit committee, as Mikhail Dvorak left the position of audit committee member.

In 2002 Nafiset Negouch graduated the Faculty of International Relations of the Moscow State University, and since 2002 has been working in the Financial Department of the VNT S.A. branch office in Moscow where she currently holds the position of Financial Controller. Ms Nafiset Negouch does not own any shares of JSC Ventspils nafta. She is a member of audit committee of JSC Latvian Shipping Company as well.

Screen Shot 2012-10-01 at 4.45.08 PM.png Attachment_Resolutions of the Meeting

Screen Shot 2012-10-01 at 4.45.08 PM.png Attachment_Ammendments to the Articles of Association

 

About JSC Ventspils nafta

JSC Ventspils nafta is one of the largest groups of companies in Latvia and works in the petroleum product transport, transhipment, storage and shipping sector. JSC Ventspils nafta is the Group’s parent company, which manages investments in subsidiary companies, by promoting the Group’s joint values and growth in value of each individual company.

Joint stock company Ventspils nafta owns 51% in Ventspils nafta termināls Ltd, which is the largest crude oil and petroleum product terminal in the Baltics; 66% in LatRosTrans Ltd, which is the largest Latvian-Russian joint venture in the Baltics; 49.94% in JSC Latvijas kuģniecība, which is among the largest ship owners in the world in the medium-sized and handy tankers category.

Shares of JSC “Ventspils nafta” (NASDAQ OMX RIGA: VNF1R) are quoted in the Baltic Official List of the stock exchange NASDAQ OMX Riga since October 20, 1998.