Report from IBS’ Annual General Meeting, 12 June, 2003
Improved investment climate in several markets
At IBS’ Annual General Meeting (AGM) on 12 June, 2003, CEO Magnus Wastenson stated that the investment climate is improving in several markets, e.g. in the US, Mexico, Canada and Australia. The year-end forecast of a positive result for the full year 2003 was confirmed.
"We have signed a number of large customer agreements, among others in North America, which indicate that the companies there are now beginning to make decisions regarding new investments in business software. The negotiations have moved from being technically oriented towards being business oriented, requiring an investment calculation which proves direct business advantage and return on investments made. Our forecast of a positive result for the full year 2003 remains unchanged", says Magnus Wastenson, CEO of IBS.
The AGM decided that no dividend be paid for 2002. Furthermore, the AGM agreed to discharge the Board and the Managing Director from liability for the financial year 2002. The current Board of Directors, Elisabet Annell, Staffan Ahlberg, Johan Björklund, Kai Hammerich, Lars Kylberg, Stig Nordfelt and Gunnar Rylander were re-elected.
Sigrun Hjelmquist was elected as new Member of the Board. Sigrun is Investment Manager of BrainHeart Capital, and is a Board Member of Svenska Handelsbanken, Sandvik, Sydkraft and Svenskt Näringsliv.
The registered audit firm, KPMG Bohlins AB, was re-elected as auditors, with Anders Malmeby as auditor in charge.
At the Board Meeting following the AGM, Gunnar Rylander was re-appointed Chairman of the Board. Elisabet Annell and Gunnar Rylander were appointed as members of the Compensation Committee. Lars Kylberg and Stig Nordfelt were appointed as members of the Audit Committee.
Furthermore, the AGM decided that IBS AB should, in accordance with the proposition described in the notice to the AGM, take a loan of a maximum SEK 10,000, with deviation from the preferential rights of the shareholders, by an issue of a promissory note with 4 (four) million detachable warrants, qualifying for subscription of the same number of B-shares in the Company. The issue of the promissory note with detachable warrants should, with deviation from the preferential rights of the shareholders, be directed to the wholly-owned subsidiary under formation, IBS Verksamhetsutveckling AB (the Subsidiary), with the right and obligation of the Subsidiary to offer management and key persons within the IBS Group to acquire the warrants at market price. The reason for this proposal is to create conditions for keeping and recruiting competent key staff, as well as to increase staff motivation. The Board believes that the implementation of an incentive program such as the one outlined above will benefit the Group and to the Company shareholders.
The Board of Directors
IBS AB