Press release from the annual general meeting of PartnerTech AB (publ), May 5, 2011
Among the resolutions passed by the meeting were:
- All of the company's unappropriated earnings of SEK 127,017,784 are to be carried over to new account, as the result of which no dividend will be payable for fiscal year 2010 (SEK 0/share for fiscal year 2009).
- The members of the board and the CEO were discharged from liability for fiscal year 2010.
- The income statement and balance sheet, as well as the consolidated income and consolidated balance sheet, were adopted.
- The board fee was set to remain at SEK 320,000 for the chairman and SEK 160,000 for other members who are not employees of the company.
- Patrik Tigerschiöld, Petter Stillström, Thomas Thuresson, Henrik Lange, Andreas Bladh and Lotta Stalin were reelected as members of the board. Rune Glavare declined reelection and was thanked for his services. Mr. Tigerschiöld was reelected as Chairman of the Board. Deloitte was elected as the company's accounting firm with Per-Arne Petersson as principal auditor. It was resolved that audit fees will be payable in accordance with approved invoices.
- Proposed guidelines were adopted governing remuneration for management. For full terms and conditions, please go to www.partnertech.com
- The proposed incentive program for the CEO, senior executives, plant managers and other key employees was adopted. The program will consist of no more than 379,950 warrants, which are expected to have a maximum dilutive effect of just under 3% of share capital upon full subscription.
- Whether with or without departure from the preferential rights of shareholders, the meeting authorized the board to reach decisions concerning one or more issues prior to the next annual general meeting totaling no more than 1,266,490 new shares, representing dilution of just under 10% of share capital and total number of votes. The purpose of the authorization is to enable acquisitions.
President and CEO Leif Thorwaldsson presented PartnerTech's sales and earnings figures for 2010 and the first quarter of 2011. He noted that both sales and earnings steadily improved in 2010 and that the company reported a profit in the fourth quarter after various measures and changes had made an impact at the same time as sales increased. The trend continued in the first quarter. He also referred to the fact that the company made significant investments in 2010 that further strengthen the competitiveness of its customers. The biggest investment was the new plant in Myslowice, Poland, one of Europe's most modern and highly automated facilities for sheet metal working and systems integration. As a result of the investment, the unit in Sieradz, Poland was streamlined to a highly efficient electronics plant with new production equipment. Customers have exhibited great interest and see many advantages of this complete production base in Eastern Europe.
Mr. Thorwaldsson emphasized that the company's main focus in 2011 will be sustainable profitability in all markets, and that activities that promote internal efficiency and capital tied-up will thereby continue to receive top priority. He concluded by remarking that PartnerTech's broad offering, industrial structure and unwavering focus provide good prospects for continued growth.
PartnerTech develops and manufactures products under contract for leading companies, primarily in Defense and Maritime, Industry, Information Technology, MedTech and Instrumentation, CleanTech and Point of Sale Applications. With almost 1,300 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2 billion. PartnerTech AB (www.partnertech.com), the parent company, has its head office in Vellinge, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange.
PartnerTech AB, corporate identity number 556251-3308
Box 103, Industrigatan 2, SE-235 22 Vellinge, Sweden
PartnerTech AB (publ) may be obligated to make the disclosures in this press release public pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The disclosures were submitted to be made public at 7 p.m. on May 5, 2011.
For additional information, please call:
Leif Thorwaldsson, President and CEO, +46 40-10 26 41
Marielle Noble, Communications and Investor Relations Manager, +46 40-10 26 43