Annual General Meeting of Lagercrantz Group AB 30 August 2011
Resolutions including the following were passed by the Annual General Meeting and the ensuing statutory Board of Directors Meeting held 30 August 2011:
Dividend
A dividend of SEK 2.25 per share was declared in accordance with the proposal of the Board of Directors. Friday, 2 September 2011 is record day for receiving dividend that is expected to be remitted by Euroclear Sweden Wednesday, 7 September 2011.
Discharge from liability for the directors and the President
The Annual General Meeting granted discharge from liability to the Board of Directors and the President for their management during 2010/11.
Board of Directors, CEO and Vice President
The Annual General Meeting passed a resolution in accordance with the proposal of the Election Committee. The following directors were re-elected:
Pirkko Alitalo
Anders Börjesson
Tom Hedelius
Lennart Sjölund
Jörgen Wigh
Roger Bergqvist was elected as new member.
Anders Börjesson was re-elected by the Annual General Meeting as Chairman of the Board of Directors. At the ensuing statutory Board of Directors Meeting Tom Hedelius was re-elected to serve as Vice Chairman of the Board of Directors and Jörgen Wigh was re-appointed as President & CEO. The entire Board of Directors with the exception of the President & CEO was elected to serve as the Company’s Audit Committee. The Chairman and the Vice Chairman were appointed to serve as the Company’s Compensation Committee with the President & CEO submitting reports.
Magnus Söderlind was re-appointed as Executive Vice President.
Election Committee
The Annual General Meeting passed a resolution in accordance with the proposal of the year’s Election Committee to authorise the Chairman of the Board of Directors to contact the largest shareholders by vote as of 31 December 2011 and ask these shareholders to appoint members who, together with the Company’s Chairman, would constitute the Election Committee. The Election Committee shall consist of five members.
Principles for compensation to management
The Annual General Meeting passed a resolution in accordance with the proposal of the Board of Directors on principles for compensation and other terms of employment for management.
Articles of association
In accordance with the proposal of the Board of Directors the Annual General Meeting resolved to change the Articles of association.
Issuance of call options on repurchased shares and conveyance of treasury shares to managers and members of senior management
In accordance with the proposal of the Board of Directors, and in a departure from the preferential rights of existing shareholders, the Annual General Meeting resolved to offer managers and members of senior management to acquire call options on class B treasury shares. Up to 180,000 call options giving its holders the right to acquire a corresponding number of shares may be issued. Options shall be acquired at market value. The redemption price will be 120 percent of the average market price of the share during period 5 September 2011 – 16 September 2011. In order to encourage participation in the programme, a subsidy shall be paid corresponding to the premium paid after two years, providing that the option holder's employment with the Group has not been terminated.
The Annual General Meeting also resolved to convey to the option holders up to 180,000 of the shares held in treasury at the set redemption price in conjunction with any utilisation of the of call options.
Repurchase and conveyance of treasury shares
In accordance with the proposal of the Board of Directors the Annual General Meeting resolved to authorise the Board of Directors to buy and sell shares in the Company, on or more occasions, such authorisation to remain valid until the next following Annual General Meeting. The purpose of repurchases is to enable the Board of Directors to adapt the Group’s capital structure and to make possible future acquisitions of companies and businesses with payment in the form of shares in the Company, and to cover the Company’s obligations under the incentive programme resolved.
Purchases shall be made via NASDAQ OMX Nordic Exchange Stockholm at the price interval prevailing measured as the interval between the highest buy price and the lowest sale price. Purchases of own shares are limited in such a way that at no time may shares held in treasury exceed 10 percent of the number of shares outstanding in the Company.
The Annual General Meeting resolved to authorise the Board of Directors to sell treasury shares, with or without preferential right for existing shareholders, at a market price as remuneration in connection with acquisitions of businesses or companies, or to ensure delivery of treasury shares in existing incentive programmes, but not via NASDAQ OMX Stockholm.
At the ensuing statutory Board of Directors Meeting, the Board of Directors decided to utilise the authorisation received to purchase shares in the Company during the period until the next following Annual General Meeting.
Stockholm, 30 August 2011
Lagercrantz Group AB (publ)
For further information, contact:
Jörgen Wigh, President & CEO, Lagercrantz Group AB, telephone +46 8 700 66 70.
This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or according to the agreement with NASDAQ OMX Stockholm Exchange. The information was submitted for publication on 2011-08-31 at 08:30.
LAGERCRANTZ GROUP IN BIRIEF
Lagercrantz Group is a technology group in electronics, electricity, communication and adjacent areas. The Group operates in a decentralised manner with value-adding sales in close proximity to its customers and markets and commands leading market positions in several expansive niches.
Operations are organised in three divisions. Division Electronics primarily markets solutions in wireless communication and embedded systems. Division Mechatronics offers electro-mechanical components and production of cable harnesses and products in electric connection systems, electric installation material and stays and roadside barriers. Division Communications provides solutions in digital image transmission/technical security, designs software and access products. Customers are predominantly manufacturing companies. Lagercrantz is today represented in eight countries in Northern Europe and in China.
The Group has sales of approximately MSEK 2,000 and has approximately 700 employees. Lagercrantz is listed on NASDAQ OMX Stockholm, segment Small Cap. More information is available at www.lagercrantz.com.
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