Annual General Meeting of Bure Equity AB 2009
Key items of business at the Annual General Meeting (AGM) of Bure Equity AB (publ) on 28 April 2009:
Election of Board members
Sitting Board members Björn Björnsson, Kjell Duveblad, Håkan Larsson, Ann-Sofi Lodin and Board Chairman Patrik Tigerschiöld were re-elected. At the statutory meeting following the AGM, Håkan Larsson was re-appointed as Deputy Chairman.
Dividend
No dividend will be paid for the financial year 2008.
Amendment to the Articles of Association
The AGM adopted new Articles of Association, whereby § 9 i) "Notice of general meeting" now will read: “Notice of an Annual General Meeting and of an extraordinary general meeting at which the question of amendments to the Articles of Association will be considered, shall be issued no more than six and no less than four weeks prior to the Meeting. Notice of any other extraordinary general meeting shall be issued no more than six and no less than three weeks prior to the Meeting. Notice to attend a General Meeting shall always be announced in Post- och Inrikes Tidningar and on the Company's website. The fact that notice has been issued shall be announced in Svenska Dagbladet.”.
The AGM further decided that the resolution to amend the Articles of Association in accordance with the above shall be conditional upon that a) the change of time-limit for notice of an extraordinary general meeting at which the question of amendments to the Articles of Association will not be considered, and b) an amendment of the procedures for convening general meetings in the Swedish Companies Act (SFS 2005:551) has entered into force and that the above proposed wording of the Articles of Association is consistent with the new wording of the Swedish Companies Act.
Share option and warrant programmes in the subsidiary AB Scandinavian Retail Center
The AGM authorised the implementation of share and share option programmes in the subsidiary AB Scandinavian Retail Center (SRC). The employees will be offered the opportunity to acquire units consisting of one share and three share options. The total number of shares and share options offered corresponds to 18 per cent of Bure Equity AB's holding of shares. The offer will be made at a fair market value determined on the date of grant. The number of participants will be maximum 10 persons, all of whom are senior executives in SRC. The options have a term of five years and may be exercised to purchase shares during the period from 1 May until 31 May 2014 or such earlier date when the company’s shares are listed or transferred to another party. The exercise price will be the estimated current market value of the share today indexed by 10 per cent annually, equal to SEK 2.949 at the expiry date. The estimated fair market value, by which the acquisition price has been determined under the conditions of the offer, is based on a valuation performed by ÖhrlingsPricewaterhouse Coopers AB.
Repurchase and sale of treasury shares
The AGM authorised the Board of Directors to acquire and sell the company’s treasury shares during the period until the next Annual General Meeting. After the buy-back, Bure may hold a maximum of 10 per cent of all issued shares in the company.
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Utilization of authorization to repurchase own shares
The AGM on 28 April 2009 approved the proposal to authorize the Board of Directors to purchase the company's own shares for the purpose to enable the Board to adapt the capital structure to the company’s needs and thereby contribute to increased shareholder value. At the statutory meeting following the AGM, the Board decided to utilize this authorization.
The shares will be purchased on the NASDAQ OMX Stockholm Exchange at a price within the registered share price interval on each occasion when the Board finds it favourable for the company's shareholders.
Purchase can be made as of 29 April, 2009, until next year's AGM on 28 April, 2010. No acquisitions are intended to be made during a 30-day period prior to the announcement of quarterly result, the day of announcement included.
Bure currently holds 0 own shares. The total number of outstanding shares in Bure is currently 50,348,808. The maximum number of shares which can be repurchased is therefore 5,034,881.
Gothenburg, 29 April, 2009
Bure Equity AB (publ)
The Board of Directors
For additional information, please contact:
Carl Backman, President and CEO, Phone +46 31-708 64 59
Jonas Alfredson, CFO, Phone +46 31-708 64 41, +46 733-90 49 12