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Electronics Production | September 08, 2005

Jan Eiler Fleischer fights<br>for seats at the board of Kitron

The coming extra shareholders meeting is expected to contain some intense discussions about the constitution of the companys board of directors.
At the extra shareholders meeting for the Nordic EMS provider Kitron August 16th Kjell E. Almskog and Annette Malm Justad where dismissed from the board by the new owner Hermis Capital from Lithuania and instead appointed Hermis founders Nerijus Dagilis and Titas Sereika, and Magnus B. Lindseth. The Norwegian stockholders, with the Gambak boss Jan Eiler Fleischer in front, though want to give back the seats to Almskog and Justad and remove Lindseth from his position.

The Hermis management though announced that the constitution of the board in not negotiateable. -We mean that this is a pointless demand and sees no base to meet the requests of another constitution of the board. We think that the present board is justified according to the company's owner composition. The board is chosed in line with Norwegian law and the Borse of Oslo did not have any objections either, said Darijus Janulevicius, CEO for Hermis Capital.

Jan Eiler Fleischer said to the norwegian newspaper Dagens Naeringsliv that he is supported by 40% of the stockholders but it is still yet to be seen how many of the remaining stockholders will vote for Hermis Capital. -I've got power of attorney from some and I am promised support from some others. I will work to get 50% of the stockholders with me on a new extra shareholders meeting, said Fleischer.

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