RAUTE CORPORATION'S ANNUAL GENERAL MEETING
RAUTE CORPORATION STOCK EXCHANGE RELEASE
2 April 2008 at 08.00 pm
RAUTE CORPORATION'S ANNUAL GENERAL MEETING
Raute Corporation's Annual General Meeting confirmed on 2 April 2008 the
Financial Statements for 1 January to 31 December 2007 and discharged the
members of the Board of Directors and President and CEO from liability.
The Annual General Meeting decided according to the proposal of the Board of
Directors to distribute the dividend EUR 1.00 per share be paid for A and K
shares, with the payment date April 14, 2008. The record date is April 7, 2008.
The Annual General Meeting elected the Board of Directors for the next term of
office ending at the Annual General Meeting in 2009. Mr. Jarmo Rytilahti,
Chairman of the Board of Directors, Ms. Sinikka Mustakallio, Vice Chairman of
the Board of Directors and Mr. Ilpo Helander, Mr. Mika Mustakallio, Mr. Panu
Mustakallio, and Mr. Jorma Wiitakorpi members of the Board of Directors.
Ms. Anna-Maija Simola (Authorized Public Accountant)and Mr. Antti Unkuri
(Authorized Public Accountant) were re-elected as auditors. The auditing company
Ernst & Young Oy was re-elected as the deputy auditor.
The Annual General Meeting decided that the remuneration to the Chairman of the
Board is 40,000 euros and to the Vice Chairman of the Board and Board members
20,000 euros for the term of office. The Board members' travelling expenses are
compensated according to the company's travel policy.
Board of Directors' proposal to authorize the Board to decide on the repurchase
of shares
The Annual General Meeting decided to authorize the Board to decide on the
repurchase of a maximum of 400,000 Raute Corporation series A shares using
assets from the company's non-restricted equity, which would lead to a decrease
in the company's distributable assets. The number of shares is less than ten
percent (10%) of the company's overall shares.
The authorization would entitle the Board to acquire the company's series A
shares to be used for the development of the company's capital structure, as
consideration for funding or carrying out any acquisitions or other
arrangements, or to be otherwise disposed of or cancelled.
The purchase consideration paid for shares purchased by virtue of the
authorization shall be based on the price of the series A share in public
trading so that the minimum price of acquired shares is the lowest market price
quoted in public trading during the term of validity of the authorization and
the maximum price, correspondingly, the highest market price quoted in public
trading during the term of validity of the authorization.
The authorization includes the right to acquire shares otherwise than in
proportion to the holdings of the shareholders. This can take place, for
example, by acquiring shares in public trading on marketplaces whose rules and
regulations allow a company to repurchase shares. The company must have
important financial reasons to acquire shares in public trading as explained
above or otherwise than in proportion to the holdings of the shareholders.
A Series K share can be converted to a series A share in compliance with section
3 of Raute Corporation's Articles of Association.
The Board of Directors will decide on the other conditions related to share
repurchases.
The authorization is effective until the end of the next Annual General Meeting,
or or at least until 31 May 2009.
Authorization of the Board of Directors to decide on a directed issue of Raute
Corporation's series A shares
The Annual General Meeting decided to authorize the Board to decide on a
directed issue of Raute Corporation's series A shares, as well as on all of the
related conditions, including the recipients and the sum of consideration to be
paid. The Board of Directors may decide to issue either new shares or company
shares held by Raute. The maximum number of shares issued is 400,000 series A
shares. The authorization is effective until the end of the next Annual General
Meeting. As proposed, the authorization will be used to fund or carry out
acquisitions or other arrangements or for other purposes decided by the Board of
Directors.
RAUTE CORPORATION
Board of Directors
FURTHER INFORMATION:
Tapani Kiiski, President and CEO, Raute Corporation, tel. +358 3 829 3560,
mobile +358 400 814 148
Arja Hakala, CFO, Raute Corporation, tel. +358 3 829 3293,
mobile +358 400 710 387
RAUTE IN BRIEF:
Raute is a technology company serving the wood products industry worldwide. Its
most important customers are the plywood and LVL industries. The company is one
of the world's leading suppliers of mill-scale projects to these customer
industries. The total service concept also includes technology services, with
which Raute supports its customers throughout the entire life cycle of their
investments. Raute's head office and main production plant are in Nastola,
Finland. Its other production plants are in the Vancouver area of Canada, in the
Shanghai area of China, and in Jyväskylä and Kajaani, Finland. Net sales in 2007
were EUR 111 million and the number of personnel 570. More information on the
company can be found at www.raute.com.
DISTRIBUTION:
OMX Nordic Exchange, Helsinki, main media, www.raute.com