Skano Group Company Announcement 05.06.2014


Skano Grop AS informs that the Supervisory Board which was convened on June 5, 2014 has decided the following:

1. To appoint Heiti Riisberg as the new Chairman of the Supervisory Board.

2. To recall Mr. Girts Eglajs from the Audit Committee and appoint Kertu Virkebau as a new member of the Audit Committee. Kertu Virkebau is working as chief accountant for Trigon Capital group. Heiti Riisberg will continue as the Chairman of the Audit Committee.

3. To appoint Gregory Devine Grace as a new member of the Management Board of Skano Group AS (including all relevant subsidiaries) responsible for sales for a period of 3 years, effective as of June 6, 2014. The Management Board of Skano Group AS consists of 3 memebrs from now on, including also CEO Martin Kalle and Gert Kuus.

Gregory Devine Grace joined Skano Group AS at the beginnig of 2014 as Head of Sales. His previous work includes running a Sales and Marketing Consulting firm, Baltic Business Development Manager for Coca-Cola HBC Baltics AS, Managing Director of NSB Kaubanduse AS. Gregory Devine Grace received his Bachelor of Arts degree in Foreign Affairs from the University of Virginia in 1994. Gregory Devine Grace does not hold shares of Skano Group AS.

4. To pledge the shares of its subsidiaries (Skano Fibreboard Osaühing and Skano Furniture Factory Osaühing). The shares are pledged to secure the fulfilment of the obligations of Skano Group AS deriving from the loan agreement previously concluded with Swedbank AS.

The pledge of the shares of the subsidiaries of Skano Group AS for Swedbank AS is the result of restructuring of previously taken loan. Assets of the subsidiaries have been pledged earlier (with commercial pledge and mortgage) for Swedbank AS. The transaction is important for the future investments and business activities of Skano Group AS.


Martin Kalle
CEO
+372 447 8331
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