Olainfarm

Date: 31.07.2006 - 13:42 (GMT+3) , Exchange: RIG , Company: Olainfarm

OLF: Decisions taken by JSC “Olainfarm” the Annual general meeting

JSC “Olainfarm”								31.07.2006.

Decisions taken by JSC “Olainfarm” the Annual general meeting

The following decisions have been taken by the JSC „Olainfarm” AGM convened 
on July 31st, 2006:

1.	Accept to the knowledge report of the Management Board concerning results of
 activity in year 2005.
2.	To approve the JSC “Olainfarm” audited Annual Report for year 2005.
3.	To approve the JSC “Olainfarm” audited Consolidated Annual Report for year 2005.
4.	To direct profit of JSC “Olainfarm” of year 2005 in amount of Ls 346 424 to cover 
the losses of the previous years.
5.	To elect SIA „Ernst & Young Baltic” to be the certified auditor of JSC „Olainfarm” 
for year 2006 (license No.17).
6.	Accept to the knowledge report of the Management Board concerning budget and activity 
plan of JSC “Olainfarm” for year 2006, which presupposes that the turnover of the Company in 
year 2006 will reach 16,1 mln. Ls, but profit of the Company will amount to 0,95 mln. Ls.
7.	Accept to knowledge report of the Management Board concerning results of issue of shares.
8.	To approve the Amendments of JSC „Olainfarm” Statutes and the new edition of the Statutes.
9.	To recall Zigurds Jeromanovs from the position of the JSC „Olainfarm” Council member.
10.	Elect the Council of JSC “Olainfarm” for the following three years term, authorization 
term of the Council starting on July 31st, 2006, as follows: Juris Savickis,  Tatjana Lukina, 
Ivars Kalviņš, Eļena Dudko, Guntis Belēvičs.
11.	To establish the total monthly remuneration of the Council members in amount of Ls 13 400.
12.	To oblige the Management Board to prepare before December 31st, 2006, and submit to Riga 
Stock Exchange all the necessary documents and carry out all the necessary activities to transpose 
shares of JSC „Olainfarm” from Riga Stock Exchange Second list to the Official list.

		During the AGM the shareholders have been introduced with the results of activity 
of the Company in year 2005, which are reflected in the audited reports, as well as partially 
with the activity of the company in the first half-year of 2006. In the first half-year of 
 2006 the Company has sold the output for the total sum of 7,23 mln. Ls (10,29 mln.EUR), 
which is by 21,2% overreaching the sales amounts in the first half-year of 2005. Other
 financial results will be announced after preparation of unaudited report for 6 months 
which publication is planned on 35th week of year 2006.
		On July 29th, 2006, upon expiration of the term of payment for shares
 JSC „Olainfarm” 3 000 000 share emission pronounced in the previous year has concluded. 
Due to the fact that some shareholders who have undersigned for the shares haven’t 
provided the payment for the shares of have provided only partial payment the total 
number of paid up shares has reached 2954882. Thus, according to rules of increase 
of fixed capital and share issue prospectus rules the fixed capital of the Company
 is increased by Ls 2954882 and after registration in the commercial register it 
will amount to Ls 13207247. In the result of the share issue the funds in amount
 of 3,10 mln. Ls (4,42 mln. EUR) have been attracted.
		After conclusion of AGM the meeting of the Company’s Council has 
been held, where the Management Board of JSC „Olainfarm” has been elected as 
follows: Chairman of the Management Board Valērijs Maligins, Deputy Chairwoman 
of the Management Board Jeļena Borcova, Members of the Management Board Inga Liščika, 
Jurijs Kaplinovs, Viktorija Žuka-Ņikuļina, Andris Jegorovs, Aleksandrs Černobrovijs.

Olaine, July 31st, 2006.
 
Information prepared by
Viktorija Žuka-Ņikuļina
Head of Legal department
Phone: 7013 870, 9473980
Fax: 7013 777
vzuk@olainfarm.lv