SOPHARMA SHAREHOLDERS TO VOTE ON CEO BONUS

Shareholders in Bulgarian pharmaceutical company Sopharma will vote on November 30 2011 on the bonus award to chief executive Ognyan Donev. The resolution calls for additional remuneration amounting to one per cent of the company's 2010 profits, according to documents accompanying the invitation to a general meeting.

Donev will also be allowed to distribute, at his discretion, two per cent of the profits among members of Sopharma's top management. The company's consolidated 2010 financial report shows profits of 42.5 million leva, which means that the chief executive is in line to receive 424 000 leva and will distribute close to 850 000 leva among senior managers.

The extraordinary general meeting will also vote on amending a decision taken at the regular meeting held late in June 2011 and related to dividend payments. The proposal is to reduce the amount allocated for that purpose from 11.220 million leva to 11.082 million leva, with the difference used to bolster the company's reserves.

Another resolution that will be put to the vote concerns the share buy-back period, the proposal being to have it extended to three years.