Investments, Latvia, Legislation, Transport

The Management of Ventbunkers and the representatives of 58% of the shareholders, Yelverton Investments B.V. and Yelverton Investment B.V, invite the Register of Enterprises not to allow unlawful acts and not to register changes in the Management Board and Supervisory Board of A/s Ventbunkers allegedly made as a result of a fictitious gathering, called “Shareholder Meeting”, at which less than 30% of the real Ventbunkers shareholders participated.

Such changes were illegal, because the Shareholder Meeting of Ventbunkers, convoked for the 18 December 2009 in Riga, did in reality not take place. The Management Board did not approve a list of shareholders participating and several shareholders were physically refused access to the room by security guards.

Yelverton Investments B.V. and Yelverton Investment B.V, the joint owners of the control package of 58% of the shares of Ventbunkers (both companies are 100% owned by Tomika International N.V., Curaçao) have become aware of the fact, that on 18 December 2009 a group of persons, one of whom was the lawyer Martins Kveps supported by armed security guards, at the premises of the hotel “Radisson SAS Daugava”, Kuģu str. 24, Riga, LV-1048, Latvia, tried to hold a Shareholder Meeting of AS Ventbunkers.

This so called “Shareholder Meeting” with less than 30% of the Ventbunkers shareholders present and conducted by Martins, Kveps was illegal together with any decisions taken during the meeting for the following reasons: It seems that the events of 30 April 2009 are repeating, when a group of persons, one whom was again Martins Kveps performed actions in regard to the liquidation of SIA LSF Holdings, which has developed in a public scandal, criminal proceedings and several civil proceedings.

Tomika International N.V. and its daughter companies confirm, that both companies did not attend the meeting of AS Ventbunkers announced on 18 December 2009. Moreover – the representatives of the shareholder, Yelverton Investment B.V, were not let into the premises of the fictitious meeting.

Therefore, the announced Shareholder Meeting could not take place because there was no quorum in accordance with the Articles of Association of Ventbunkers. These two companies legally own more than 50% of the share capital of Ventbunkers. A meeting may only take place if there is at least half of share capital represented.

The Management of Yelverton Investment B.V. has well founded suspicions, that some person or a group of persons operate with a falsified shareholders’ register of Ventbunkers, where Yelverton Investment B.V. is no longer included as a shareholder. In this regard Yelverton Investment B.V. officially announces, that its Ventbunkers shares have not been assigned to anybody and it remains the legal owner of these shares. Additionally, Yelverton Investment B.V. has not authorized anybody to assign the shares. Thus any signatures regarding an alleged assignment of its shares are a criminal falsifications.

The Management of both Yelverton companies, together with IAG Industrieanlagen GesmbH and SIA IAG (holding together more than 70% of the Ventbunkers shares) point out, that the sole legitimate Supervisory Board of AS Ventbunkers is the one registered within the Commercial Register as a result of the Shareholder Meeting of 4 November 2009. Any attempts to change it during the “meeting” of 18 December 2009 is nothing else but an illegal attempt to take over control in AS Ventbunkers orchestrated by

Martins Kveps.

Also the procedure of the meeting was scandalous, breaking the law and seriously violating legal requirements. The Members of the Management Board of Ventbunkers, Mihhail Dementjev and Alvis Haze, were not let to the meeting. They wanted to inform the persons in the room regarding the brutal violations of the law and the absence of any shareholders’ list approved by the Management Board . Armed security guards of unknown origin refused them access based on orders of Martins Kveps not to allow them into the room. If the meeting was supposed to be a Ventbunkers Shareholder Meeting

this was a serious violation of the rights of the Members of the Management Board.

The Ventbunkers Supervisory Board confirms: The legally appointed members of the Management Board of Ventbunkers are the ones registered within the Commercial Register as of today (Mihhail Dementjev, Alvis Haze, Raimonds Grinins) except for Valerijs Godunovs who was recalled from the office by decision of the Ventbunkers Supervisory Board of December 16, 2009.

On behalf of the Supervisory Board of A/S Ventbunkers, Yelverton Investment B.V. and Yelverton Investments B.V.