Communique from annual general meeting of Dannemora Mineral
COMMUNIQUE FROM ANNUAL GENERAL MEETING OF DANNEMORA MINERAL
The annual general meeting of the shareholders of Dannemora Mineral (publ) was held on 8 May 2012. The meeting dealt with the following business:
Allocation of earnings
The annual general meeting adopted the income statements and balance sheets of the Parent Company and the Group for 2011. The meeting also adopted the Board's proposal for allocation of profits, namely that no dividend be paid for the 2011 financial year.
Discharge from liabilityThe annual general meeting discharged the Board members and the CEO from liability for the 2011 financial year.
Election of the Board and adoption of Board feesThe annual general meeting decided that the Board would consist of seven members. Nils Bernhard, Lennart Falk, Nils Sandstedt, Christer Lindberg, Stefan Månsson and Robert Eek were re-elected to the Board, and Jarmo Tonteri were newly elected. Niklas Nordström had declined re-election to the Board.
The annual general meeting adopted the following annual Board fees: SEK 300,000 for the chairman and SEK 100,000 to each of the Board members. The Board was also granted SEK 600,000 as a fee for the Deputy Chairman and for committee work, a total annual Board Fee of SEK 1,500,000.
Mandate to issue new sharesThe AGM voted to authorise the Board to issue up to 1.5 million class B shares on one or more occasions before the next annual general meeting, with or without preferential rights for shareholders. Payment for newly issued shares shall, on the basis of the Board's decision, be made in cash, by set-off, with property other than cash or, in other cases, in accordance with Chapter 2, Section 5, paragraphs 1-3 and 5 of the Swedish Companies Act.
The purpose of the mandate and the reason for derogating from preferential rights for shareholders is to enable the Company to obtain working capital, develop Riddarhyttan and the Company's other iron ore projects and make company acquisitions and/or acquire operating assets.
Other
The meeting also adopted guidelines for remuneration of key management personnel and for the nomination process prior to the 2013 AGM. The meeting's decisions corresponded with the proposals presented in the Notice of Annual General Meeting (press release 10 April 2012) and in a press release issued on 4 May 2012.
The communique can be downloaded from the link below: