Proposal regarding Board of Directors etc. of Cardo

In a press release on March 15 2011, ASSA ABLOY has confirmed that the company completes its public offer to the shareholders of Cardo AB (publ) (”Cardo” or the ”Company”) and that ASSA ABLOY following settlement, which is expected to take place on or around March 18 2011, will hold approximately 98.2 per cent of the total number of shares and votes in Cardo. In a statement to the Board of Directors of Cardo on March 15 2011, ASSA ABLOY has informed that the company, in light of the aforementioned, proposes the following to Cardo’s Annual General Meeting on April 4 2011:

-  To elect the Chairman of the Board of Directors, Fredrik Lundberg, as Chairman of 
   the Annual General Meeting
-  That the Board of Directors shall consist of five Directors, without any Deputy Directors
-  To elect Johan Molin, Tomas Eliasson, Juan Vargues, Jacob Wahlberg and Krister Eriksson
   as Directors
-  To elect Johan Molin as Chairman of the Board and Juan Vargues as Vice Chairman of 
   the Board
-  That no fees shall be paid to the Directors
-  That the auditor’s fee shall be paid as per invoice

Against this background, Cardo’s Nomination Committee has informed the Company that it does not intend to give any proposals to the Annual General Meeting as previously communicated.

Malmö, Sweden, March 16 2011

The Board of Cardo AB (publ)

For further information, please contact:
Maria Bergving, Senior Vice President Communications & Investor Relations,
tel +46 10 4747 405, +46 70 602 61 81
Thomas Niklasson, Head of Investor and Public Relations, tel +46 10 4747 459, +46 70 277 99 50

Cardo is world-leading supplier of industrial doors and logistics systems, wastewater treatment systems, process equipment for the pulp and paper industry and garage doors. With sales of SEK 8 billion and approximately 5.400 employees worldwide, Cardo delivers solutions that help to solve some of the greatest challenges of our time in the fields of water, transportation and energy. Corporate headquarters are located in Malmö, Sweden.

Tags: