On 14 January 2014, at the extraordinary Shareholders’ Assembly of ELANA Agrocredit, the present shareholders who represented over 84% of the company capital, made decisions for changing the articles of association.
The change was introducing the obligation that debt should not exceed twice the value of the capital so that the low-risk nature of the investment product is guaranteed for ELANA Agrocredit shareholders.
Changes in management were voted and also an Audit committee was selected.
Kamen Kolchev and Vanya Vasileva left the Board of Directors and are being replaced by Vladislav Rusev and Gergana Kostadinova.
As Mr. Kolchev explained in 2013, he was supposed to quit from the management of ELANA Agrocredit since his participation in the management of the broker ELANA Trading restrains institutional investors who would like to invest in the company due to legal requirements.
He will continue contributing to the development of the investment product of ELANA Agrocredit.
Mr. Vladislav Rusev was selected to be the Chairman of the Board of ELANA Agrocredit. He represents the institutional investors in view of being the Deputy Executive Director of Allianz Bulgaria Pension Company.
Mrs. Gergana Kostadinova is the CFO of ELANA Financial Holding since 2008. She was selected to be the new Executive Director of ELANA Agrocredit.
Another decision was made in relation with the functions of the Audit Committee. The functions will be operated by the Board and Mr. Peter Bozhkov was selected to the Chairman of the Audit Committee.
The extraordinary Shareholders’ Assembly of ELANA Agrocredit also granted mandate to the management to sign the proposed annex to the contract with AgroManagement for its services in implementation of financial leasing contracts. The duties of AgroManagement include maintaining a network of reps in the country, developing and maintaining farm land market data, coordination of purchases and deals and other services that are dedicated to successful implementation of ELANA Agrocredit business model. Within the annex to be signed conditions connect the reward of AgroManagement with the registered profit for ELANA Agrocredit and the return for the shareholders.