Terraoil Swiss AG Extraordinary General Meeting held on 17 March 2020
3 April 2020
Terraoil Swiss AG (“TOS” or the “Company”), the uniquely positioned onshore Albanian oil producer, held an Extraordinary General Meeting (“EGM”) on 17 March 2020 in the absence of shareholders’ physical presence, due to complicated circumstances arising from the coronavirus outbreak. Despite this, 95,667,712 share votes were represented at the meeting, which was held in line with the assembly restrictions guidelines provided by the Swiss Bundesrat as of 16 March 2020.
Although the Casino was completely closed, four people were present in Zug, at the Casino’s patio, for the EGM. These individuals were the Company’s lawyer, the notary, the Chairman of TOS AG, Hans-Peter Vogt, and the independent proxy that was granted the power of attorney to vote on behalf of the shareholders. We thank all shareholders for allowing the independent voting representative, KBT Treuhand Zürich, to vote on their behalf.
At the EGM the following decisions were taken and all applications by the Board of Directors have been approved:
- Deselection and re-election of the auditor: Deselection of Ernst & Young AG, Zurich; New election of BDO AG, Zurich.
- Approved increase in the authorized share capital from a maximum of CHF 32,134.92, by issuing a maximum of 3,213,492 fully paid-up registered shares, to a maximum of CHF 140,000 by issuing a maximum of 14,000,000 fully paid-up registered shares.