Statement of the JSC Olainfarm Council Members

A few days before the upcoming JSC Olainfarm Extraordinary general shareholders meetings, its largest shareholder OLMAFARM Ltd, who's voting rights have been temporarily suspended by the court, addressed a letter to individual Council Members of the JSC Olainfarm in the name of Peteris Rubenis, Chairman of the Board of OLMAFARM Ltd. The content of these letters can be translated as open pressure and a call to violate the principles of good corporate governance. 

Amongst other things, P. Rubenis states in the letter: "(..) we suggest that any further actions should be confirmed in writing by at least the shareholders, who have cast their votes for you resulting in the appointment as a member of the Council of JSC Olainfarm (..)”.

He also suggests: "(..) not to take any further action contrary to the interests of the majority of Olainfarm shareholders (..)”.

The Commercial Law strictly defines the competences of both shareholders and the Council. As independently elected representatives, Council Members do not have to coordinate their decisions with any particular shareholders, whether or not they cast their votes. The Council represents the interests of the company, not of any particular shareholder, by taking responsibility for its decisions.

The members of the Council of JSC Olainfarm wish to draw the attention of the Financial and Capital Market Commission and Nasdaq Riga to the actions of OLMAFARM Ltd and Peteris Rubenis in order to evaluate possible violations.  

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On November 1st of this year, two extraordinary General Meetings of Shareholders of JSC Olainfarm have been announced at 11:00 and 14:00, initiated by OLMAFARM Ltd and Andrejs Saveljevs, a current member of the Supervisory Council of JSC Olainfarm and also an authorized representative of shareholder Nika Saveljeva. 

JSC Olainfarm Chairman of the Council Gundars Berzinš
JSC Olainfarm Deputy Chairman of the Council Janis Buks
JSC Olainfarm Council Member Haralds Velmers
JSC Olainfarm Council Member Karlis Krastinš

Additional information:       
Janis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com