Börsiteade

Pealkiri

Decision of the annual general meeting of shareholders

Teade

Tallinn, Estonia, 2012-05-28 10:09 CEST (GLOBE NEWSWIRE) --
Nordecon AS (registry code 10099962, address Pärnu mnt 158/1, 11317 Tallinn)
annual general meeting of shareholders was held on 28 May 2012 at 10.00 a.m. in
the conference centre of Radisson Blu Hotel Olümpia, room Beta (Liivalaia 33,
10118 Tallinn). 

The shareholders of Nordecon AS made the following decisions according to the
proposed agenda: 



Item 1. Approval of the 2011 annual report and distribution of profit

1.1. To approve the 2011 annual report of Nordecon AS;

1.2. To distribute the profit of Nordecon AS as follows: net loss of the
company of the financial year 2011 is EUR 5,304,000. The balance of retained
earnings is EUR 10,257,000. To cover the net loss of the financial year using
the retained earnings of previous periods. The balance of the retained earnings
will remain undistributed. Not to pay dividends to the shareholders and not to
make transfers to the statutory reserve. 



Item 2. Election of auditor for the financial year 2012 and deciding on the
remuneration of the auditor 

2.1. To elect audit firm KPMG Baltics OÜ as the auditor of Nordecon AS for the
financial year 2012 and to pay for the services according to the agreement to
be signed with the auditor. 



Item 3. Changing the service fees of the council members

3.1. To set (effective from 1 January 2012) the service fee of the chairman of
the council to 5 700 euros per month, the service fee of vice chairman to 2 850
euros per month and the service fees of other council members to 800 euros per
month. 

3.2. To provide the chairman and the vice chairman of the council with
necessary means (car, mobile phone) to carry out work related tasks and to
cover those expenses (effective from 1 January 2012). 

3.3. To pay (effective from 1 January 2012) performance fee to chairman and
vice chairman for achieving the targets set for the financial year to Nordecon
AS’ consolidated financial results. To set the remuneration principles in line
with those used to pay performance fees to member of management board. The
performance fee to the chairman and vice chairman of the council may not exceed
one management board member’s performance fee by 2/3 and 1/3 respectively. 



At the annual general meeting of shareholders 17,698,914 ordinary shares
entitled to vote were represented, i.e. 57.54% of total ordinary shares
outstanding (30,756,728). 



Nordecon is a group of construction companies whose core business is
construction project management and general contracting in the buildings and
infrastructures segment. Geographically the Group operates in Estonia, Ukraine
and Finland. The parent of the Group is Nordecon AS, a company registered and
located in Tallinn, Estonia. In addition to the parent company, there are more
than 10 subsidiaries in the Group. The consolidated revenue of the Group in
2011 was 147.8 million euros. Currently Nordecon Group employs more than 700
people. Since 18 May 2006 the company's shares have been quoted in the main
list of the NASDAQ OMX Tallinn Stock Exchange. 


         Raimo Talviste
         Nordecon AS
         Head of Finance and Investor Relations
         Tel: +372 615 4445
         Email: [email protected]
         www.nordecon.com