SAF Tehnika                                                       26.10.2005



JSC „SAF Tehnika” Resolutions of Annual Shareholder Meeting October 26, 2005



1. Item of agenda 

The reports of the Board of Directors and the Supervisory Council 

Decision to approve the report of the Board of Directors and report of the 

Supervisory Council.



2. Item of agenda

The annual report

Decision to approve the annual report.



3. Item of agenda

The transfer the reserves to the retained earnings

Decision to transfer the reserve fund  1 023 402  LVL (one million twenty 

three thousand four hundred and  two Latvian lats) to the retained earnings. 



6. Item of agenda 

Profit distribution from the previous year of activity

Decision to distribute profit of the previous year amounting 1 374 083 LVL 

(one million three hundred seventy four thousand and eighty three Latvian lats) 

as follows:



1) Decision to pay part of the previous years profit 297 018 LVL (two hundred 

ninety seven thousand and eighteen Latvian lats) in dividends to the shareholders 

setting the amount of dividends 0.10 LVL (ten santims) per share setting the date 

of calculation November 25, 2005 and the date of payment December 1, 2005; 



2) Decision to use part of previous years profit 60 000 LVL (sixty thousand Latvian 

lats) to increase the share capital of the company and issuing 60'000 (sixty 

thousand) dematerialized title employee shares without voting rights with the par 

value of LVL 1.00 (one lat) each, setting the date of issuing new shares, 

December 1, 2005. 



2.1) Decision to approve the Terms of Increase of Share Capital .



2.2) Decision to determine that the Company's share capital following the 

registration of new issue of  employee shares with the Commercial Register shall be 

LVL 3'030'180 (three million thirty thousand one hundred eighty lats). The share 

capital of the Company shall consist of 2’970’180 (two million nine hundred seventy 

thousand one hundred eighty) dematerialized regular presenter shares with voting 

rights and 60'000 (sixty thousand) dematerialized employee title shares without 

voting rights and to approve an amendment to the Charter of the Company according 

to the Appendix and new wording of the Company's Charter.



3) Decision to leave part of previous years profit 1 017 065 LVL (one million 

seventeen thousand and sixty five Latvian lats) as retained earnings. The total 

retained earnings of the company shall be 2 040 467 LVL (two million forty 

thousand four hundred and sixty seven Latvian lats).



5. Item of agenda

The election of the auditor

Decision to elect one of these candidates proposed by the board – 

SIA ”Ernst&Young Baltic”, as the auditor of the Company for the next financial 

year. To authorize the Board of Directors to set the auditors fee. 



7. Item of agenda

Other

1) To authorize with power to delegate authority Chairman of the Board of the 

Company Normunds Bergs to sign an Application to the Commercial Register 

Authority to register the resolutions and amendments of articles of association 

passed by the meeting of Shareholders in the Commercial Register, to ascertain 

an excerpt from the Minutes of this meeting, and to sign repeated application 

and / or complaint to the Commercial Register Authority in the case of 

Application for the Registry being declined.



2) To authorize legal adviser of the company Valdis Bergs to submit all the 

required documentation and supply the required explanations, if demanded, to 

register the resolutions passed by the meeting of Shareholders in the Commercial 

Register, and to take out the documents from the Commercial Register Authority.

 

Aleksis Orlovs. 

SAF Tehnika 

CFO 

tel. +371 7046825 

fax. +371 7020009 

mailto:aleksis.orlovs@saftehnika.com 

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