Members of the supervisory board of Arco Vara AS Kalev Tanner and Ragnar Meitern have submitted letters of resignation stating their intent to step down from the company’s supervisory board. Toletum OÜ has proposed Stefan David Balkin and Toomas Tool as new members of the supervisory board.
According to the articles of association of Arco Vara AS, the company’s supervisory board has to have 5 to 7 members. After the resignation of Ragnar Meitern and Kalev Tanner the supervisory board would have three members. Accordingly, at least two new members have to be appointed.
Toletum OÜ, a company controlled by the chairman of the supervisory board Richard Tomingas, which holds 1,024,681 shares in Arco Vara AS that represent 21.6% of the votes determined by shares, has submitted an application requesting that an extraordinary general meeting be called for appointing Stefan David Balkin and Toomas Tool as new members of the supervisory board that would replace the members who are stepping down. In accordance with the Estonian Commercial Code, an extraordinary general meeting is not called for the appointment of members of the supervisory board if the annual general meeting is going to take place within two months.
The annual general meeting is held no earlier than three weeks after the audited annual report has been released. The audited annual report and the notice of an annual general meeting will be published on 20 April 2012. According to the Commercial Code, the agenda, the time and the place of the annual general meeting have to be published in one national newspaper no less than three weeks before the meeting. The annual general meeting will take place on 15 May 2012. The exact time and place will be published on 20 April 2012 in the notice of the general meeting. In response to the application of Toletum OÜ, the agenda will include an item concerning the appointment of new members of the supervisory board.
Member of the Management Board
Arco Vara AS
Tel: +372 614 4630