Annual General Meeting held on the 20th of February

Bakkavor Group held it's annual general meeting on the 20th of February in Iceland. In the meeting the accounts for the year 2003 were agreed and the complete proposal of the Board approved by the meeting implying the following decisions
 

1.  No dividends will be paid out in 2004.

2.  Each Member of the Board of Directors shall receive 20,000 GBP per annum. The Chairman of the Board shall receive the same amount.

3. The Board of Director was re-elected

4.  Auditors were re-elected

5.  It was agreed that the Company's Board of Directors is authorised to acquire up to 5% of own shares in the company and to obtain these as a mortgage, cf. Article 55 of the Act on Public Limited Companies No. 2/1995. This authorization is valid for a period of 18 months. The purchase price shall at its lowest be 20% lower and at its highest be 20% higher than the listed buying and selling price on the Iceland Stock Exchange.