RAUTE CORPORATION'S ANNUAL GENERAL MEETING
Raute Corporation's Annual General Meeting confirmed on 21 March 2007 the
Financial Statements for 1 January to 31 December 2006 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 0.70 per share be paid for A and K
shares, with the payment date April 2, 2007. The record date is March 26, 2006.
The Annual General Meeting re-elected the company's Board of Directors for the
next term of office ending at the Annual General Meeting in 2008. Raute
Corporation's Board of Directors consists of following persons: Mr. Jarmo
Rytilahti, M.Sc.(Econ.), Chairman of the Board, Ms. Sinikka Mustakallio,
Researcher, Vice-Chairman, and Board members: Mr. Mika Mustakallio, M.Sc.
(Econ.) Mr. Panu Mustakallio, M.Sc.(Eng), Mr. Pekka Paasikivi, B.Sc.(Eng) and
Mr. Jorma Wiitakorpi, M.Sc.(Eng).
Ms. Anna-Maija Simola (Authorized Public Accountant)and Mr. Antti Unkuri
(Authorized Public Accountant) were elected as auditors and Ernst&Young Oy, as
deputy auditor.
The Annual General Meeting decided that the remuneration to the Chairman of the
Board continues to be 36,000 euros and to the Vice Chairman of the Board and
Board members 18,000 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.
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 the
world market leader as a supplier of mill-scale projects to these customer
industries. The full-service concept also includes technology services, with
which Raute supports its customers throughout the entire life cycle of their
investment. Raute's head office and main production plant are in Nastola,
Finland. Its other production plants are in the Vancouver area of Canada and in
Jyväskylä and Kajaani, Finland. Net sales in 2006 were EUR 106 million and the
number of personnel 540. More information about the company can be found at
www.raute.com.
DISTRIBUTION:
Helsinki Stock Exchanges, main media, www.raute.com