OREANDA-NEWS. December 17, 2010. JSC Ventspils nafta repeatedly emphasizes that the announcement of the associated company JSC Latvijas kugnieciba (LK) on postponement of the shareholders’ meeting has no legal grounds. The Commercial Law does not provide that a company’s Management Board would have rights to postpone a meeting. Moreover, a meeting of the LK Management Board where such resolution would be adopted is not at all convened as prescribed by law and internal regulatory enactments of LK, and therefore it has not been held, which leads to thinking that the LK’s public information is disclosed only in the interests of certain representatives of LK management. Since a corresponding and lawful meeting of the LK Management Board has not been held, then the extraordinary shareholders’ meeting of December 17, 2010 is not postponed and it shall take place at the planned time and venue.

Representatives of VN hold a view that all preconditions exist for the meeting to be held tomorrow after all. As the publicly available information shows, also the responsible offices question the reasons mentioned by LK and instructions are given to verify them and to give support and provision if necessary. As the news agency LETA informs, a Latvenergo inspection crew is driving from Kuldiga to Renda to ascertain about the situation on the spot – at the planned venue of the LK meeting in Lejastiezumi. If necessary, Latvenergo is ready to ensure power supply with a mobile generator. Furthermore, no electric power faults or interruptions have been reported by Lejastiezumi.

VN is inviting LK shareholders to attend the meeting in the planned time and venue. VN emphasizes that in such situation that has formed with LK, duty of every shareholder is to arrive to the extraordinary shareholders’ meeting and to express their opinion by voting.