Report from the Annual General Meeting 2019
LIMASSOL, CYPRUS – April 24, 2020
Primeore LTD (the Company) has 23rd of April, 2020 held its Annual General Meeting of shareholders of the Company. Due to some reasons, the Annual General Meeting was conducted in virtual form, without physical attendance of shareholders. The Annual General Meeting mainly resolved on the following. For more detailed information on the content of the resolutions, please refer to the full notice to attend the Annual General Meeting and the full proposals that are available on the Company’s webpage.
Adoption of balance sheets and income statements of the Company and its subsidiaries: Primeore Trading (Polska), Poland and Production Innovation Trading, Ukraine
The Annual General Meeting adopted the income statement, balance sheet, and the consolidated income statement and consolidated balance sheet for 2019 for the Company and their Subsidiaries: Primeore Trading (Polska), Poland and Production Innovation Trading, Ukraine.
Report on challenges and opportunities of the Company and its Subsidiaries and Business development plans for 2020-2022
The participants of the Meeting have discussed the challenges and opportunities of the Company and its Subsidiaries and Business development plans for 2020-2022.
The Annual General Meeting resolved:
– to approve the annual Net profit allocation from the performance of the year ended December 31, 2017, December 31, 2018 and December 31, 2019 by subsidiary Primeore Trading (Polska) of EUR 11’132’000 and USD 4’000’000 as dividends to the Company;
– to approve the annual Net profit allocation from the performance of the year ended December 31, 2017, December 31, 2018 and December 31, 2019 by subsidiary Production Innovation Trading LLC of UAH 4’884’500 to remain with the company as Retained surplus (and reserve capital);
– to approve the annual Net profit allocation from the performance of the year ended December 31, 2017, December 31, 2018 and December 31, 2019 by the Company Primeore Ltd of EUR 1’800’000 as dividend to the holders of Redeemable Preferred Shares of the Company and EUR 12’812’000 as dividend to the holders of ordinary Shares of the Company.
Presentation of software solutions to document processing, storage, and collaboration. Possibilities of using solutions for partners and clients
The Chairman presented to the Meeting that the Company is developing solutions of using Microsoft Office 365 Sharepoint Online application, in order to establish central repository of business documents and collaboration process.
The Company will continue to focus on collaboration development and improving front and back office business processing of documents and reporting.
Company’s Directors and Auditors
The Annual General Meeting resolved to re-elected:
- Viktor Skiba
- Olexandr Kotlyarenko
- Timur Novikov
- Serhii Maksymenko
- Artem Mitsynskyy
- Vitalii Kravchenko
- Mikaella Kyprianou
as 7 (seven) directors of the Company.
Advanced Audit & Tax Consulting (P.P) Ltd was re-elected as external auditor to audit the financial statements of the Company for 2020.
Minutes from the Annual General Meeting was signed on the 23rd of April, 2020 by Chairman of the Meeting (Mr. Artem Mitsinskyy) and Minutes Taker (Mrs. Amalia Hadjipapa).
Primeore Ltd. is a holding company managing a group of companies under Primeore Group brand. The group is focused on servicing the needs of ferroalloy and steel industry by delivering hard physical commodities as well as an abundant scope of value-added consulting and managing services.
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