Alteration of profit allocation proposal

The management board of AS Viisnurk proposed to the supervisory board on 3 June 2011 to approve the alteration of the earlier profit allocation proposal made on 5 April 2011. According to the earlier profit allocation proposal the shareholders were proposed to approve a dividend of EUR 0.05 per share for AS Viisnurk 2010 financial year, however, considering the acquisition of Püssi softboard factory, the management board sees a need to keep larger liquidity buffer in order to finance the working capital of the growing company.

The supervisory board resolved at its 3 June 2011 meeting to take into account the management board's proposal and approved the profit allocation to be presented to the general meeting as follows: Not to allocate the 2010 net profit in the amount of 12,069 thousand kroons (771 thousand Euros) for dividends and to transfer the profit to retained earnings of previous periods.

In addition, the supervisory board wishes to note that there is an intention to submit to the shareholders general meeting a proposal to convert the share capital of AS Viisnurk into euros by decreasing the nominal value of the share and the share capital by minimum possible way and by effecting payments to shareholders.

The notice to convene the shareholders general meeting, including the agenda, proposals of the supervisory board, draft resolutions and other information required by the law shall be published the latest on 7 June 2011.

Einar Pähkel
+372 447 8331


AS Viisnurk Annual Report 2010_03062011