Annual General Meeting 2015
Decisions of raute corporation's annual general meeting 2015
(Stock exchange release on 24 March 2015 at 7:45 p.m.)
Raute Corporation's Annual General Meeting on 24 March 2015 confirmed the Financial Statements for 1 January to 31 December 2014 and discharged the members of the Board of Directors and President and CEO from liability.
The Annual General Meeting decided according to the proposal of the Board of Directors to distribute a dividend of EUR 0.40 per a series A and K share and a repayment of equity of EUR 0.20 per a series A and K share from the invested non-restricted equity reserve, with the payment date 2 April 2015. The record date is 26 March 2015.
The Annual General Meeting elected the Board of Directors for the next term of office ending at the Annual General Meeting in 2016. Mr. Erkki Pehu-Lehtonen was elected Chairman of the Board of Directors, Mr. Mika Mustakallio was elected Vice-Chairman of the Board of Directors and Mr. Joni Bask, Mr. Risto Hautamäki, Mrs. Päivi Leiwo, and Mr. Pekka Suominen were elected members of the Board of Directors.
The Annual General Meeting elected authorized public accounting company PricewaterhouseCoopers Oy as auditors with Mr. Janne Rajalahti (Authorized Public Accountant) as the principal auditor.
The Annual General Meeting decided that the remuneration to the Chairman of the Board continues to be 40,000 euros and to the Vice-Chairman of the Board and Board members 20,000 euros for the term of office. The Board members' traveling expenses will be compensated according to the company's travel policy. The compensation to the company's auditors will be paid on the basis of reasonable invoicing approved by the company.
Authorization of the Board of Directors to decide on acquisition of own shares
The Annual General Meeting decided to authorize the Board to decide on the repurchase of a maximum of 400,000 Raute Corporation's series A shares using assets from the company's non-restricted equity, which would lead to a decrease in the company's distributable assets.
The authorization entitles the Board to acquire the company's series A shares to be used for the development of the company's capital structure, as consideration for funding or carrying out any acquisitions or other arrangements, or to be otherwise disposed of or cancelled.
The purchase consideration paid for shares purchased by virtue of the authorization shall be based on the price of the series A share in public trading so that the minimum price of acquired shares is the lowest market price quoted in public trading during the term of validity of the authorization and the maximum price, correspondingly, the highest market price quoted in public trading during the term of validity of the authorization.
The authorization includes the right to acquire shares other than in proportion to the holdings of the shareholders. A targeted repurchase of the company's own shares can take place, for example, by acquiring shares in public trading in markets where, according to regulations, the company is permitted to engage in the trade of its own shares. Repurchasing shares in public trading as mentioned above or otherwise in a targeted way, requires that the company has a weighty financial reason to do so.
Series K shares can be converted to series A shares in accordance with Article 3 of Raute Corporation's Articles of Association.
The Board of Directors will decide on the other conditions related to share repurchases.
The authorization shall take the place of the authorization granted by the Annual General Meeting of 31 March 2014 and is effective until the end of the next Annual General Meeting, or at the most for 18 months following the decision of the Annual General Meeting.
Authorization of the Board of Directors to decide on issuance of shares
The Annual General Meeting decided authorize the Board to decide on an issue of Raute Corporation's series A shares, as well as on all of the related conditions, including the recipients and the sum of consideration to be paid.
The Board of Directors may decide to issue either new shares or company shares held by Raute. The maximum number of shares issued is 400,000 series A shares.
The authorization includes the right to deviate from the shareholders' pre-emptive rights, provided that the Company has a weighty financial reason to do so. A targeted issue may be free only if a weighty financial reason exists in terms of the company while also taking into account the interests of all of the shareholders. As proposed, the authorization can be used, with the restrictions presented above, to fund or carry out acquisitions or other arrangements or for other purposes decided by the Board of Directors.
The authorization is effective until the end of the next Annual General Meeting.
The Minutes of the Annual General Meeting are available on Raute Corporation's website at www.raute.com > Investors > Corporate Governance > Annual General Meeting > Annual General Meeting 2015 as from 7 April 2015.