Ventspils Nafta                                     16.05.2005.



About Resigning From the Council of Ventspils Nafta



Meanwhile, no member of the Council has informed the joint stock company 

Ventspils Nafta about his resigning from the Council as it is required in 

accordance with the provisions of Commerce Law. Should any member of the 

Council resign from his membership, a new Council shall be re-elected 

completely. Though Commerce Law does not define the timeframe within which 

the Company shall call shareholders’ meeting upon the receipt of any resign 

application. In case such application shall be received this week, then one 

could estimate that the ordinary shareholders’ meeting of the joint stock 

company Ventspils Nafta to re-elect the Council could be called this summer. 

It is not useful to call any extraordinary meeting of shareholders, as, 

firstly, the Council of Ventspils Nafta could secure quorum and be capable 

of adopting resolutions before the new the Council is elected; and, secondly, 

the day of shareholders’ meeting shall be announced at least a month before – 

this means that the extraordinary meeting could be called only this summer 

in June. To call the extraordinary shareholders’ meeting specially to re-elect 

the Council, when in a month time the ordinary shareholders’ meeting will be 

taking place, lacks any logic; moreover, financial resources of Ventspils Nafta

would be spent inappropriately.





JSC Ventspils nafta

For further information –

Gundega Vārpa,

tel. 7229793;

e-mail: gundega.varpa@vnafta.lv