Jozsef Molnar in the Supervisory Board of INA

The extraordinary general assembly of INA today elected Jozsef Molnar as a member of the Supervisory Board and adopted amendments to the company’s Statute regulating a possible conditional increase in share capital.

As announced by INA’s Corporate Communications Sector, 92.596 percent of votes were present at the extraordinary assembly, and all agenda items proposed for today’s meeting were adopted by the required majority of votes. József Molnár was elected as a member of the Supervisory Board for a term until June 10, 2013, the announcement states.

Molnar joins the Supervisory Board in place of Zoltan Aldott, who has taken over the position of CEO of INA since April 1 of this year. The extraordinary assembly made a decision to adopt the amendments to the Statute by adding a new article titled Conditional Increase in Share Capital. This creates the prerequisites for a possible conditional increase in the Company’s share capital in future periods, which will be decided by the Company’s Assembly, the announcement states.

According to the proposed agenda of the assembly, the amendments to the Statute regulate that the General Assembly of INA can make a decision on increasing the company’s share capital “to convert convertible bonds into shares or to realize the preemptive right to subscribe for new shares granted by the company (conditional increase in share capital).” A decision on the issuance of convertible bonds has already been proposed to the General Assembly of INA, which is scheduled for May 18.

The assembly proposed the issuance of convertible bonds in the amount of 1.5 billion kuna, and the right to subscribe for these bonds, which grant the right to convert into shares, will be held by majority shareholders – MOL and the Croatian state, while the preemptive right of other shareholders to subscribe will be excluded, proposals from the agenda of the general assembly to be held in a month.  (H)