Grindeks                                                     18.05.2005. 



The decisions taken at AGM JSC Grindeks



1. Approval of the 2004 Financial Statements of JSC Grindeks and the release 

of the board from its responsibilities.



Decisions:

1.1. To approve the JSC Grindeks audited Financial Statements of year 2004.

1.2. To approve the JSC Grindeks audited consolidated Financial Statements of year 2004.

1.3. To release the Board from its responsibilities of business activities carried out 

     in year 2004, namely the Members of the Board of JSC Grindeks:  Valdis Jākobsons, 

     Vitālijs Skrīvelis, Jānis Romanovskis.



2. Regarding the allocation of profits from business activity in the year 2004.

Decision:

To invest the JSC Grindeks commercial activities profit in amount of   2 445 698 LVL, 

received during the year 2004, in development and strengthening   of the competitiveness of the company.



3. Approval of the budget of JSC Grindeks for the year 2005. 

Decision:

To approve the budget of JSC Grindeks for the year 2005, by defining the following positions:

	Net turnover 30 452 257 LVL,

	Gross profit 13 444 662 LVL,

	Net operating income 5 062 512 LVL,

	Net income 4 035 951 LVL



4. Election of the sworn auditor of JSC Grindeks for the year 2005.



Decision:

To elect sworn auditors “Deloitte&Touche Audit” Ltd.( No of License 43) to audit financial 

statements of JSC Grindeks for year 2005.



5. Issue of shares of JSC Grindeks.



Decision:

5.1.To increase the equity capital of the company, by issuing 1'850'000 ( one million  eight 

hundred fifty thousand) holders dematerialized shares with unlimited right of voting, at face 

value LVL  1.00 ( one Latvian lat) per share.

5.2.To approve the terms of the shares emission.

5.3.To define the equity capital of the company, after the registration of emission in the 

Commercial Register is being completed, shall be  LVL 9'585'000 ( nine millions five hundred 

eighty five thousands Latvian lats), consisting of 9'585'000 (nine millions five hundred 

eighty five thousands) shares.

5.4. To approve the Amendments to the Articles of Association and the new edition of articles.

5.5. To entitle the Board to approve the circular of company Grindeks  in Latvian and English 

languages, to submit the circular for registration in the Financial and Capital market 

commission of the Republic of Latvia, to approve the price of one share, to conclude an 

agreement with the JSC “Riga Stock Exchange” and the JSC “Latvian Central depositary” with the 

subject of registration of emission of shares and inclusion in the managed market.

5.6. To charge the Board with the responsibility to evaluate the possibility to transfer the 

shares of the Company from the second list to the official list of JSC “Riga Stock exchange” 

and after the necessary preconditions being fulfilled and prior consent of the Council being 

received, to take a decision to transfer all the shares of the Company to the official list of 

the JSC “Riga Stock Exchange”.



6. Miscellaneous.