Maha Energy AB: Annual General Meeting in Maha Energy AB
|Maha Energy AB (publ)|
|SE-111 46 Stockholm|
May 30, 2018
Annual General Meeting in Maha Energy AB
The shareholders of Maha Energy AB (publ) gathered in Stockholm, Sweden, Wednesday May 30, 2018 for the Annual General Meeting.
The income statements and the balance sheets for the Company and the Group were approved and the Board of Directors and the CEO were discharged from liability for the financial year 2017.
The Meeting resolved that no dividend shall be paid for the financial year 2017 and that the company's available funds shall be carried forward in new account.
Wayne Thomson, Jonas Lindvall, Anders Ehrenblad and Harald Pousette were re-elected as members of the Board of Directors. Wayne Thomson was re-elected as Chairman of the Board.
The Meeting approved fees payable to the members of the Board of Directors and the Chairman of the Board of Directors, including remuneration for committee work, to be as follows: (i) annual fees of the members of the Board of Directors of SEK 170,000 (excluding the CEO); (ii) annual fee of the Chairman of the Board of Directors of SEK 300,000; (iii) annual fees of SEK 85,000 to members of the respective committees (excluding the CEO); (iv) annual fees of SEK 125,000 to the Chairman of the respective committees; (v) members of the Board of Directors shall be entitled to invoice the Company in so far as they perform services outside the Board assignment.
The accounting firm Deloitte AB was re-elected as the auditor of the Company, with authorized public accountant Fredrik Jonsson as the auditor in charge, for a period until the end of the 2019 Annual General Meeting. The auditor's fee shall be paid upon approval of their invoice.
The Meeting approved the Nomination Committee's proposal not to change the principles adopted at the Annual General Meeting in 2017.
The Meeting resolved in accordance with the proposal of the Board of Directors on an incentive programme for senior management and certain key employees through issuance of warrants entitling to subscription of new shares of class A in the Company. Under the resolution, the Company may issue a maximum of 750,000 warrants. The warrants may, with deviation from the shareholders' preferential rights, only be subscribed for by the subsidiary Maha Energy Inc., after which Maha Energy Inc. is to transfer the warrants to the participants under the programme. Each warrant entitles to subscription for one new A-share in the Company during the period from and including May 1, 2021 up to and including November 31, 2021. The subscription price shall be equal to 100 percent of the volume weighted average last closing price for the Company's share on Nasdaq First North during the period from and including May 24, 2018 until and including May 29, 2018. The increase of the Company's share capital will, upon exercise of the warrants, amount to not more than SEK 8,250.
The Meeting resolved to authorize the Board of Directors to - for the period up to the next Annual General Meeting and at one or more occasions - resolve upon issuance of new shares, warrants and/or convertible debentures. Payment may be made in cash, in kind, through set-off of claims or otherwise be conditional. The Company's share capital may be by support of the authorization be increased by an amount corresponding to 10 percent of the share capital and number of shares in the Company as of on the date the Board of Directors make use of the authorization. Deviation from the shareholders' preferential rights shall be allowed in situations where a directed issue is deemed more appropriate for the Company due to timing, commercial or similar reasons, and in order to enable acquisitions.
For more information please visit www.mahaenergy.ca or contact:
Jonas Lindvall (CEO)
Tel: +1 403 454 7560
Ron Panchuk (COO)
Tel: +1 403 454 7560
This information is such that Maha Energy AB must disclose in accordance with First North Rulebook. The information was submitted for publication through the agency of the contact persons set out above on May 30, 2018, at 6:30 p.m. CET.
Maha in Brief
Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North stock exchange. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie Field in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.