Varengold Bank AG: Voting results of the ordinary general meeting

Varengold Bank AG  / Key word(s): AGM/EGM/Miscellaneous

28.08.2015 13:30

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Hamburg, 28th August 2015 - The stockholders of Varengold Bank AG (WKN
547930) approved all agenda items of the ordinary general meeting last
Wednesday in Hamburg. This included granting the discharge of the Board of
Managing Directors and the Supervisory Board members for the fiscal year
2014 with a clear majority, as well as the selection of the auditing firm
PricewaterhouseCooper Aktiengesellschaft as auditor for the fiscal year
2015. In addition, new authorised capital for 2015 was passed, as well as
the authorization to acquire treasury shares pursuant to § 71 Para. 1 No. 7
and No. 8 AktG (Stock Corporation Act). Furthermore, the candidates Sanjay
Shah, Michael Stephen Murphy and Edo Barac were elected with a majority of
99.99% to members of the Supervisory Board for a term of almost 4 years.
Upon shareholder request in the run-up to the general meeting, pursuant to
§§ 122 Para. 2, 124 Para. 1 AktG, the agenda was expanded by one resolution
concerning a capital increase against cash contributions with the grant of
subscription rights, which was passed by the general meeting.

During the general meeting, the Board of Managing Directors presented the
participants a short look back at the year 2014 and the first half of the
year 2015, as well as their highlights. They pointed out the further
development of the full-service bank infrastructure and its accompanying
expenses, commented on strengthening the base capital through the emission
of CoCo bonds to the amount of 5 million EUR, and highlighted the
significant earnings increase in the area of capital markets brokerage, as
well as the growth of product and client portfolios in the capital markets
and commercial banking divisions. During the general debate which followed,
other main topics were the change of shareholder structure in the summer of
2014, as well as the amicable resignation of the Board of Managing
Directors members Yasin S. Qureshi, Steffen Fix and Mohammad H. Dastmaltchi
on 31 July 2015, which was accompanied by a severance payment totalling
about 3.9 million EUR. The previous Supervisory Board members RA Hans J.M.
Manteuffel, Prof. Dr. h.c. Peter Andree and StB Willi Mueller explained
that the motivations behind each of them leaving the company after many
years of teamwork following the past general meeting were of a personal
nature. After the general meeting, the Board of Managing Directors thanked
the three gentlemen for their extraordinary commitment, which supported
Varengold on its way being the internationally represented bank that it is

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Language:     English
Company:      Varengold Bank AG
              Große Elbstraße 27
              22767 Hamburg
Phone:        +49 (0)40 / 668649-0
Fax:          +49 (0)40 / 668649-49
ISIN:         DE0005479307
WKN:          547930
Listed:       Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart;
              Open Market (Entry Standard) in Frankfurt
End of Announcement                             DGAP News-Service