Resolutions of AGM

08.05.2014 Market Announcements

Today, on 8 May 2014 starting at 10 a.m., the annual general meeting of the shareholders of AS Harju Elekter was held at Keskväljak 12, Keila. The AGM was attended by 93 shareholders and their authorised representatives who represented the total of 11,409,796 votes accounting for 65.57 % of the total votes.

The agenda of the general meeting was as follows:
1. Approval to AS Harju Elekter annual report of 2013;
2. Approval to profit distribution;
3. Election of the new supervisory board member to replace the resigned member

1. Approval to AS Harju Elekter annual report of the year 2013

The general meeting resolved:
To approve the annual report of AS Harju Elekter of 2013, prepared by the management board and approved by the supervisory board, according to which the consolidated balance sheet total of AS Harju Elekter was 71,071 thousand euros as of 31.12.2013, while the turnover of the financial year was 48,288 thousand euros and net profit 5,162 thousand euros.

The number of the votes given in favor of the resolution was 11,409,589 which accounted for 100.00 % of the voted participants.

2. Approval to profit distribution

The general meeting resolved:
To approve the profit distribution proposal of AS Harju Elekter of 2013 as presented by the management board and as approved by the supervisory board as follows:

retained profit from previous periods on 31.12.2013 13,473 thousand euros
total net profit of the financial year  5,162 thousand euros
total retained profit on 31.12.2013 18,635 thousand euros

Management board’s proposal for the distribution of profit as follows:

dividends (0,10 euros per share*)  1,740 thousand euros
balance carried forward after profit distribution 16,895 thousand euros

The dividends will be paid to the shareholders on 27 May 2014 by a transfer to the bank account of the shareholder. * The shareholders registered in the shareholders’ registry on 22 May 2014 at 23.59 shall be entitled to dividend.

The number of the votes given in favor of the resolution was 11,394,226 which accounted for 99.86 % of the voted participants.

3. Election of the new supervisory board member to replace the resigned member

The general meeting resolved:
Accordance with § 319 (7) of the Commercial Code, to acknowledge the letter of resignation of Mr Madis Talgre from the supervisory board from 8th of May 2014, dated 16.04.2014 and to elect Mr Aare Kirsme as the new supervisory board member of AS Harju Elekter. Mandate enters into force date of this decision. Mr Kirsme has submitted his written acceptance on becoming the new supervisory board member of AS Harju Elekter.

The number of the votes given in favor of the resolution was 11,375,476 which accounted for 99.70 % of the voted participants.

Andres Allikmäe
Managing Director/CEO
+372 674 7400

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