The Board of Directors of DNO International ASA has received a request from the 30% shareholder RAK Petroleum PCL for an extraordinary general meeting to elect a fifth board member in DNO.
As reason for the request, RAK Petroleum has noted the following: "Dr. Zalmay Khallilzad was elected to the Board of Directors of DNO at the general meeting held on 17th June 2010. Unfortunately, Mr. Khalilizad had to step down. RAK Petroleum therefore proposes that Mr. Bijan Mossavar-Rahmani be elected as the fifth member of the Board of Directors of DNO."
According to Section 5-7 of the Public Limited Liability Companies Act, a minimum share ownership interest of 5% in the company is required to call for an extraordinary general meeting. RAK Petroleum PCL holds at present 30% of the shares in DNO. Mr. Mossavar-Rahmani is the Chairman of the Board and CEO of RAK Petroleum PCL.
The board has treated the request in a board meeting this afternoon and decided to call for an extraordinary general meeting in DNO International ASA on Thursday 10 March at 13:00.
The Board will invite RAK Petroleum to give a presentation to the shareholders of DNO at the extraordinary general meeting prior to the election.
A complete call for the extraordinary general meeting and the venue will be published on Thursday 17 February.
Oslo, 15 February 2011
DNO International ASA
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.