Pieno Zvaigzdes AB - Notification on material event

Pieno zvaigzdes AB, Notice to convene annual general meeting

Draft agenda and draft decisions for the annual general shareholders meeting

Annual General Meeting of Shareholders of Pieno Zvaigzdes will be held on 24
April 2008 at 11:00 am (registration starts at 10:00 am) at SAS Radisson
Astorija, Didzioji 35/2, LT-01128 Vilnius, Lithuania. Agenda: 

1. Annual report 
2. Audit report of the Company‘s financial accounts and Annual report.
3. Approval of Company‘s financial accounts for the full financial year 2007.
4. Profit distribution.
5. Acquisition of the Company‘s shares.

17 April 2008 is the account date of the AGM of Shareholders held on 24 April
2008. 

DRAFT RESOLUTIONS:

1. Annual report.
Taken for the information.

2. Audit report of the Company‘s financial accounts and the Annual report.
Taken for the information.

3. Company‘s financial accounts.

Draft decision:
Approve the Company‘s financial accounts for the full financial year 2007.

4. Profit distribution. 

Draft decision:
Approve profit distribution for the full financial year 2007 as follows:
To dividend LTL 12,014,442 (EUR 3,479,622.92) at LTL 0,225 (EUR 0.065) per
share; 
Form a reserve of LTL 6,000,000 (EUR 1,737,720) to acquire company's shares.
Form a reserve of LTL 600,000 (EUR 173.772) to donations and bonuses.
Allocate LTL 200,000 (EUR 57,924) to Board bonus.

5. Acquisition of the Company‘s shares

Draft decision:
Purchase the shares of Pieno Zvaigzdes AB through a non-obligatory official
offers following the legal procedures of the securities‘ market. 
a) purpose of acquiring shares is to stabilize share market price, increase
liquidity and avoid losses due to decrease in share price; 
b) par values of all purchased shares shall not exceed 10% of statutory capital;
c) the Company may execute purchase of its shares within 18 calendar months;
d) the lowest and the highest purchase price shall not exceed 30% of the
arithmetic average of the last week‘s trade at the central market of Vilnius
Stock Exchange; 
e) the lowest sales price of purchased shares shall not exceed 2/3 of the
purchase price. The shares shall be sold in the central securities market or
through an auction in order to ensure the equal possibilities to all
shareholders. All shareholders shall be informed of the auction by registered
mail or through public announcement. 
As per this resolution by the General Shareholders Meeting and as per Act 54 of
the Company Law of Republic of Lithuania the Board of the company is authorized
to take all decisions relating to time and price to purchase shares as well as
to time, price and manned to sell shares and decide on other issues that are
not foreseen in this resolution. 


Audrius Statulevicius
CFO
(+370 5)246 1419