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2020-06-17

Balco Group AB: Bulletin from Balco Group's Annual General Meeting 2020

Växjö 17 June 2020

 

The shareholders of Balco Group AB ("Balco" or "the Company") gathered on Wednesday 17 June 2020 in Växjö, Sweden, for the Annual General Meeting.

The Annual General Meeting approved the Company's and the group's profit and loss statements and granted the members of the Board of Directors and the CEO discharge from liability for the financial year 2019.

The Annual General Meeting resolved, in accordance with the proposal made by the Board of Directors, to not pay any dividends.

The Annual General Meeting resolved, in accordance with the Nomination Committee's proposal, to re-elect Ingalill Berglund, Tomas Johansson, Carl-Mikael Lindholm, Johannes Nyberg and Mikael Andersson as Board members and elect Vibecke Hverven as a new Board member. Tomas Johansson was re-elect as Chairman of the Board.

The Annual General Meeting resolved, in accordance with the Nomination Committee's proposal, that remuneration to the Board of Directors shall be paid in an unchanged amount of SEK 500,000 to the Chairman of the Board and SEK 190,000 to each of the other members of the Board. Furthermore, it was resolved that remuneration shall be paid in an amount of SEK 70,000 to the Chairman of the Audit Committee, SEK 40,000 to the other members of the Audit Committee, SEK 40,000 to the Chairman of the Remuneration Committee and SEK 25,000 to the other members of the Remuneration Committee.

The authorized accounting firm Öhrlings PricewaterhouseCoopers AB was, in accordance with the Nomination Committee's proposal, re-elected as the Company's auditor. Öhrlings PricewaterhouseCoopers AB informed that the authorized auditor Martin Odqvist will continue as auditor in charge. It was resolved that fees to the auditor shall be paid in accordance with approved invoice.

The Annual General Meeting resolved on guidelines for remuneration to the senior executives in accordance with the proposal by the Board of Directors.

The Annual General Meeting resolved, in accordance with the proposal by the Board of Directors, that the Company shall make an offer to repurchase warrants at market terms to the holders of warrants of series 2017/2020. The purpose is to make it less burdensome for the warrant holders to exercise their respective holdings of warrants compared to if the warrants are exercised and the holders, in order to finance the exercise, subsequently sell the new shares on the market.

The Annual General Meeting resolved, in accordance with the proposal by the Board of Directors, to authorize the Board of Directors to resolve on new issues, with or without preferential rights for the shareholders, up to an increase of the Company's share capital with a maximum of ten per cent. The purpose of the authorization and the reasons for a possible deviation from the shareholders' preferential rights is to be able to finance company acquisitions or to finance further growth in the Company in other ways.

The Annual General Meeting resolved, in accordance with the proposal by the Board of Directors, to authorize the Board of Directors to resolve upon acquisition of own shares, without exceeding a number implying that the Company's total shareholding of own shares corresponds to more than one tenth of all shares in the Company at any time. Furthermore, it was resolved to authorize the Board of Directors to resolve upon transfer of own shares. The maximum number of shares that may be transferred is the total number of own shares held by the Company at the time of the Board of Director's resolution to transfer the shares. The purpose of the authorization to acquire own shares is to enable an improvement of the Company's capital structure and to give the Board of Directors an increased scope of action. The purpose of the authorization to transfer own shares is to enable an improvement of the Company's capital structure and to give the Board of Directors an increased scope of action in relation to future acquisitions by facilitating a fast and cost-effective financing.

For more information, please contact:

Michael  Grindborn, CFO and Head of IR, +46 70 670 18 48, michael.grindborn@balco.se

Författare Balco Group AB

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