New shareholder structures
The year 2017 also gave some changes for the board and shareholder structure of AVISTA OIL AG. The first change in the Supervisory Board took place in June. Mr. Mirco Thelen replaced Mr. Robert Pauli as Supervisory Board member. Mr. Thelen works as investment manager at Nord Holding Unternehmensbeteiligungsgesellschaft mbH, Hanover, since 2014. He previously worked for the German bank NORD/LB in Hanover for several years, where he gained first experiences in the valuation and management of participations in various sectors. He enjoys to spend his free time actively in the mountains, at the sea, and with friends and family.
In November 2017, the Supervisory Board approved a transaction which affected the shareholding structure: the AVO Executive Board decided to buy back shares. UES Holdings LCC (UESH), our shareholder from New Jersey, USA, which held about 5%, had offered AVO it shares. With the change, also Douglas Parker resigned from his Supervisory Board seat, which he held since 2012.
At this point, AVISTA OIL would like to take the opportunity to thank all for many years of good cooperation and the associated growth of AVISTA.