Decisions of Annual General Meeting of Exel Composites Plc, 6 April 2011

EXEL COMPOSITES PLC   STOCK EXCHANGE RELEASE                      6.4.2011 at 13.40

 

Decisions of Annual General Meeting of Exel Composites Plc, 6 April 2011

 

Exel Composites’ Annual General Meeting in brief

- adopted the financial statements of the parent company and the Group for 2010,

- discharged the members of the Board of Directors and the President and CEO of Exel Composites from liability for the financial year 2010, and

- decided to distribute a dividend of EUR 0.50 per share for the financial year 2010

 

Exel Composites’ Annual General Meeting (“AGM”) was held on 6 April 2011. The following decisions were made:

 

 

Adoption of the financial statements

 

The AGM adopted the financial statements of the parent company and the Group for 2010.

 

The AGM also discharged the members of the Board of Directors and the President and CEO of Exel Composites Plc from liability for the financial year 2010.

 

Dividend

 

The AGM decided that a dividend of EUR 0.50 per share be paid for the financial year that closed on 31 December 2010. The dividend will be paid to shareholders registered in the Company’s shareholder register maintained by the Finnish Central Securities Depository Ltd on the record date for dividend payment, 11 April 2011. The dividend will be paid on 18 April 2011.

 

Composition of the Board of Directors and remuneration

 

The AGM elected to the Board of Directors five members based on the proposal by the Nomination Committee. The following members of the Board of Directors were re-elected: Peter Hofvenstam, Göran Jönsson, Reima Kerttula and Heikki Mairinoja. Heikki Hiltunen was elected as a new member of the Board of Directors.

 

Heikki Hiltunen is a Finnish citizen and currently Executive Vice President (Deputy to CEO) of Vacon Plc.

 

Vesa Kainu was no longer available for re-election to the Board.

 

The AGM decided that the annual remuneration for the Board members be the following: the Chairman of the Board of Directors be paid a yearly remuneration of EUR 34,000 and additionally EUR 1,500 for attendance at Board and committee meetings and other similar Board assignments and the other Board be paid a yearly remuneration of EUR 16,000 and additionally EUR 1,000 for attendance at Board and committee meetings and other similar Board assignments and that travel expenses and other out-of-pocket expenses arising from the Board work be compensated in accordance with the Company’s established practice and travel rules.

 

Auditor

 

Ernst & Young, certified by the Central Chamber of Commerce with Juha Hilmola, APA, having the principal responsibility, was re-elected as the auditor of the Company for the period until the end of the next Annual General Meeting.

 

Authorization for acquisition of the Company’s own shares

 

The Annual General Meeting authorized the Board of Directors to acquire the Company’s own shares by using unrestricted equity. The maximum amount to be acquired is 600,000 shares. The authorization is valid until the next Annual General Meeting.

 

Nomination Board

 

The Annual General Meeting decided to establish a Nomination Board to prepare proposals concerning Board members and their remunerations for the following Annual General Meeting. The representatives of the four largest shareholders and the Chairman of the Board of Directors, acting as an expert member, shall be elected to the Nomination Board. The shareholders whose share of the total votes of all the shares of the Company is largest on the 1st day of November preceding the AGM have the right to appoint the members representing the shareholders.

 

President and CEO’s review

 

The President and CEO’s review is available on the Company website at www.exelcomposites.com.

 

Resolutions of the Board of Directors’ formative meeting

 

At the formative meeting of the Board of Directors held after the Annual General Meeting, the Board of Directors elected from among its members Peter Hofvenstam as its Chairman.

 

 

Exel Composites Plc

Board of Directors

 

 

Forward-looking statements: It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for company growth, development and profitability, and statements preceded by “expects” or “estimates” or similar expressions, are forward-looking statements. These statements are based on current decisions and plans and currently known facts. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by the company.

 

 

Further information:

Vesa Korpimies, President and CEO, Exel Composites Plc,

tel. +358 50 590 6754, or email vesa.korpimies@exelcomposites.com; or

Ilkka Silvanto, CFO, Exel Composites Plc,

tel. +358 50 598 9553, or email ilkka.silvanto@exelcomposites.com

 

 

DISTRIBUTION

NASDAQ OMX Helsinki Ltd.

Main news media

www.exelcomposites.com

 

 

EXEL COMPOSITES IN BRIEF 

Exel Composites is a technology company which designs, manufactures and markets composite profiles and tubes for industrial applications. The Group is the leading composite profile manufacturer in the world and concentrates on growing niche segments.

 

The core of the operations is based on own, internally developed composite technology, product range based on it and a strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The personnel’s expertise and high level of technology play a major role in Exel Composites’ operations.

 

Exel Composites Plc share is listed in the Small Cap segment of NASDAQ OMX Helsinki Ltd. 

About Us

Exel Composites (www.exelcomposites.com) is a leading composite technology company that designs, manufactures and markets composite products and solutions for demanding applications. Exel Composites provides superior customer experience through continuous innovation, world-class operations and long-term partnerships. The core of the operations is based on own, internally developed composite technology, product range based on it and strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The personnel’s expertise and high level of technology play a major role in Exel Composites’ operations. Exel Composites Plc share is listed in Nasdaq Helsinki Ltd.

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