AS HARJU ELEKTER

ANNOUNCEMENT

16.04.99

 

RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS

 

Today, on 16.04.1999, beginning at 10:00 AM, the annual general 

meeting of AS Harju Elekter shareholders was held in Keila, 

Keskväljak 12. Altogether 130 shareholders and proxies representing 

1122305 votes participated in the AGM, accounting for 62.35% of total 

votes held by all shareholders.

 

He agenda of the AGM was the following:

 

1. Approval of the 1998 annual report of AS  Harju Elekter, and 

profit distribution.

2. Changes in the Supervisory Board.

3. Appointment of auditors for 1999. 

 

1. Approval of the 1998 annual report of AS  Harju Elekter, and 

profit distribution.

 

The AGM resolved:

To approve the 1998 annual report of AS  Harju Elekter as presented 

by the Management and Supervisory Boards (i.e. at balance sheet 

volume of 109020251 EEK as of 31.12.1998, and net profit for the 

financial year of 16146002 EEK), and profit distribution proposal as 

follows:

 

Balance of retained earnings account at the end of 1998	33223010

Profit for the financial year of 1998				16146002

Total retained earnings							49369012

For reserve capital							 1600000

To be distributed as dividends*					 3600000

Balance of retained earnings account after approval of 1998 annual 

report									44169012

 

* The list of shareholders entitled for dividend payments will be 

fixed as of 03.05.1999. 

1118568 votes were given in favor of the resolution (99.667% of 

registered participants).

 

2. Changes in the Supervisory Board.

 

The AGM resolved:

To make the following changes in the Supervisory Board of AS Harju 

Elekter as of 01.07.1999:

2.1 Recall the Chairman of the Supervisory Board of AS Harju Elekter, 

Mr. Jüri Kalmet;

2.2 Number of members in the Supervisory Board of AS Harju Elekter 

will be 5;

2.3 Elect 3 new members to the Supervisory Board, incl. Mr. Endel 

Palla as Chairman and Mr. Madis Talgre and Mr. Ain Kabal as members 

of the Supervisory Board;

2.4 The volume of monthly remuneration to the Chairman of the 

Supervisory Board 18000 EEK, and 5000 EEK to the members of the 

Supervisory Board. The bonus-system valid for the employees of AS 

Harju Elekter will also be applied to the full–time employed Chairman 

of the Supervisory Board.

1109600 votes were given in favor of the resolution (98.868% of 

registered participants). 

 

3.Appointment of auditors for 1999. 

 

The AGM resolved:

 

To appoint Mr. Andris Jegers and Indrek Alliksaar of KPMG to audit 

the financial reports of AS Harju Elekter in 1999. 1113687 votes were 

given in favor of the resolution (99.232% of registered 

participants).

 

 

Endel Palla

Chairman of the Management Board

+372 67 47 400