Riga Stock Exchange                                                               03.02.2005



RSE puts LASCO on surveillance



Riga Stock Exchange Management Board resolved on its meeting on February 3, 2005 to assign 

surveillance status to JSC “Latvijas kuģniecība” due to the failure to disclose material 

information. Thus, the company has breached the RSE listing and disclosure rules. Circumstances 

that may have an impact on the issuer’s operations have set in, which may jeopardize the investors’ 

interests. 



“Latvijas kuģniecība” has submitted the draft agenda for the EBM to be held on February 11, 2005, 

however, failing to list, under agenda item Supervisory Board Elections, the nominees to Supervisory 

Board, to be elected by the shareholders’ meeting. This information is considered to be material 

issuer’s  information and is to be disclosed to the RSE pursuant to the listing and disclosure rules. 



The RSE has more than once requested the information to the company by telephone, and on February 2 a 

written request was sent. The Company responded that the shareholder “Ventspils nafta” is both the 

initiator of the extraordinary general meeting as well as the author of the draft agenda. JSC “Latvijas 

kuģniecība” has made public all the information provided by the said shareholder according to the 

provisions of Latvian legislation. 



According to Commercial Law, the agenda item without nominating the candidates to Supervisory 

Board may not be regarded as a draft resolution. Consequently, the Company has not provided the 

draft resolution on the agenda item Supervisory Board elections. Also, Commercial Law stipulates 

that the person or entity calling the general meeting of shareholders is obliged to make the draft 

resolutions available to shareholders not later than 14 days prior to the meeting. Since it is 

“Latvijas kuģniecība” Management Board who, upon shareholders’ initiative, has agreed to call the EGM, 

the body also has the responsibility to comply with the provisions of Commercial Law.



Considering the above, the RSE Management Boar has resolved to demand once again that “Latvijas 

kuģniecība” provide the draft resolution on agenda item Supervisory Board elections, listing the nominees 

to Supervisory Board member positions – the company has to do it without delay, however, not later than 

13:00 on February 3, 2005. In case of failure to comply with the RSE requirement, the RSE Management Board 

will consider sanctions according to the RSE listing and disclosure rules.





For more information, please contact:

Krista Grīntāle

Corporate Communications Director

Riga Stock Exchange

Phone: +371 7212431