1. Agenda item No.: 2 – Why is the dividends proposal as it is?
Before deciding on this proposal the Management Board of Plc Tallinna Vesi undertook a thorough review of its cash flows for the next business plan period to ensure that the Company would be able to fully comply with all operational standards and meet its contractual requirements.
Plc Tallinna Vesi engages in regular dialogue with its major shareholders. During these meetings all the majority shareholders have expressed their views on the range of dividends they feel it would be appropriate to pay to the owners of the company for 2013. Plc Tallinna Vesi has taken these points of view into account.
As a result of all of the above factors the Management Board of Plc Tallinna Vesi made a proposal to the Council of the company to make a dividend payment for 2013 of 18 000 600 (eighteen million six hundred) euros. The Supervisory Council familiarised itself with the analysis made and the proposal submitted by the Management Board and voted to accept the proposal. This proposals is now included in the agenda for the Annual General Meeting of Shareholders that will take place on 20th May 2014 (agenda item nr 2).
The final decision to approve the amount of dividends to be paid for 2013 will be made by the shareholders of Plc Tallinna Vesi at this meeting.
2. Agenda item No.: 3 – Why are Supervisory Council members elected?
Due to the fact that the term of office of Mr. Robert John Gallienne, Mr Simon Gardiner, Mr. Mart Mägi and Mr. Rein Ratas as authorized Council members of AS Tallinna Vesi expires on 22nd May 2014, then there is a need to elect Supervisory Council members.