Pegas Nonwovens announces that on November 15, 2017 the Board of Directors has resolved that it intends to transfer the company’s seat to the Czech Republic.

According to this plan, the company’s seat will be transferred from its existing location in Luxembourg to the Czech Republic effective from January 1, 2018. The transfer of the company’s seat location is subject to approval of the General Meeting and its goal is to simplify and rationalize the organizational and cost structure of the company.

The Board of Directors of the company further resolved to co-opt Mr. Michal Smrek as a Non-Executive Member of the Board of Directors for a term ending November 14, 2020. The final appointment of Mr. Michal Smrek to the Board of Directors is subject to approval at the General Meeting of Shareholders.

Michal Smrek is the chief executive of family office R2G. Before joining R2G, Michal Smrek was a partner at international law firm, White & Case, where he was the head of its leading CEE private equity practice. Michal Smrek was trained as a lawyer at CMS Mckenna and holds an MA in law and a BA in Political Science.

Marek Modecki decided to accelerate his resignation so as to enable a new composition of the Board of Directors at the Extraordinary General Meeting called for December 18, 2017. He therefore asked the Board of Directors to consider to accept his resignation from the position of Non-Executive Member and Chairman of the Board of Directors of Pegas Nonwovens effective December 17, 2017. The Board of Directors of the Company accepted the resignation of Marek Modecki.