Report from Björn Borg’s Annual General Meeting 2011
The Annual General Meeting of Björn Borg AB was held at 5 pm on 14 April, 2011 at the company’s offices in Stockholm.
The Annual General Meeting adopted the income statement and balance sheet, the consolidated income statement and the consolidated balance sheet for the year 2010. The Annual General Meeting resolved that no dividend be paid to the shareholders for the year 2010. Instead of a dividend, the Annual General Meeting resolved on a share redemption procedure as set out below.
The Annual General Meeting resolved to re-elect the Directors Monica Elling, Kerstin Hessius, Fredrik Lövstedt, Fabian Månsson, Mats H Nilsson, Vilhelm Schottenius, Michael Storåkers and Nils Vinberg. The Meeting resolved to re-elect Fredrik Lövstedt as Chairman of the Board of Directors. Further the Meeting resolved that the Chairman of the Board is to receive SEK 300,000 (no change from previous year) and other Directors SEK 115,000 each (previously SEK 100,000). The Meeting also decided that remuneration is to be paid to the Directors for work on board committees with SEK 15,000 to each of the members of the remuneration committee and SEK 25,000 to the chairman of the committee, and SEK 25,000 to each of the members of the audit committee and SEK 40,000 to the chairman of the committee.
The Annual General Meeting resolved to re-elect Deloitte AB for the period until the end of the next Annual General Meeting. The Meeting also decided that fair remuneration to the auditors shall be paid on approved accounts.
Automatic share redemption procedure
The Annual General Meeting resolved on an automatic share redemption procedure, including a share split 3:1, in accordance with proposal by the Board of Directors. The proposal involves a distribution to the shareholders of a total of SEK 5.20 per existing share. The Annual General Meeting authorized the Board of Directors to set the record date for the share split, which is estimated to occur 29 April 2011.
Authorization to resolve on new issues of shares, warrants and/or convertibles
In accordance with the proposal by the Board of Directors, the Annual General Meeting authorized the Board of Directors, until the next Annual General Meeting, to resolve on new issues of shares, warrants or convertibles on one or several occasions, with or without deviation from the shareholders' preferential rights. The reasons for deviating from the shareholders' preferential rights shall be to enable directed share issues for the purpose of acquisitions companies or businesses, in whole or in part, alternatively for raising capital to be used for such acquisitions.
Guidelines for remuneration to the executive management
The Meeting adopted the Board of Directors' proposal regarding guidelines for remuneration to the executive management, comprising the managing director and the other individuals in the executive management.
The Annual General Meeting approved the nomination committee’s proposal regarding the nomination committee.
For further information, please contact:
Fredrik Lövstedt, the Chairman of the Board, telephone: +46 708 59 54 80,
Björn Borg is required to make public the information in this press release in accordance with the Securities Market Act. The information was released for publication on April 15, 2011 at 08.00 a.m. (CET).
The Group owns the Björn Borg trademark and its operations are focused on underwear. To that is offered adjacent products, footwear and through licensees also bags, eyewear and fragrances. Björn Borg products are sold in around fifteen markets, of which Sweden and Holland are the largest. The Björn Borg Group has operations at every level from branding to consumer sales in its own Björn Borg stores. Total sales of Björn Borg products in 2010 amounted to approximately SEK 1.7 billion, excluding VAT, at the consumer level. Group net sales amounted to SEK 536 million as per December 31, 2010, with 100 employees. The Björn Borg share is listed on the Nasdaq OMX Nordic in Stockholm since 2007.