Annual General Meeting held on 25 February 2005

The Annual General Meeting of Bakkavör Group was held on the 25th of February at the National Museum of Iceland.

Please click here to view the presentation held at the meeting.

Main results from the meeting were:

1.       The Annual Accounts for the year 2004 and the Report of the Board of Directors were approved.

2.       A motion was submitted and approved that no dividend will be paid in 2005 for the year 2004.

3.       A motion was submitted and approved that sentence number two in Article one of the Articles of Association shall be as follows:  The Domicile of the Company is Tjarnargata 35, 101 Reykjavík.

4.       A decision was made on the remuneration of the Board of Directors for 2005 as follows:

Each member of the Board of Directors shall receive GBP 20.000 per annum.  The Chairman of the Board shall receive the same amount.

5.       The Board of Directors was re-elected.

6.       The auditing firm of Bakkavör Group hf. for the current year will be Deloitte hf.

7.       A motion was submitted and approved to authorize the Board of Directors to acquire treasury shares in the Company.  The motion was as follows: The Board of Directors of the Company, acting for the Company, is authorised to purchase up to 5% of own shares in the Company and to obtain these as a mortgage cf. Article 55 of the Act of Public Limited Companies No. 2/1995.  This authorisation shall be effective for 18 months from the date of the Annual General Meeting 2005.  The purchase price shall at its lowest be 20% lower and at its highest 20% higher than the listed buying and selling price of the Company at the Iceland Stock Exchange.  A corresponding authorisation granted by the 2004 Annual General Meeting is cancelled.