ReadSoft AB (publ) Annual Meeting 2006
CEO and President Jan Andersson noted in his address that ReadSoft´s earnings improved substantially in 2005. The main sources of growth were new customers and increased market share, which followed in to early 2006 as well. Revenue increases in the first quarter of 2006 were 22% greater than the same period of 2005. At the end of his presentation the CEO highlighted the company’s active acquisition strategy, which the annual meeting also addressed in one of the resolutions.
At ReadSoft AB’s annual meeting today, the following resolutions were among those passed:
Election of Board of directors
All Directors were re-elected for a new period. The Directors are Göran E. Larsson (chairman), Lennart Pihl, Gundor Rentsch, Anna Söderblom and Lars Appelstål.
Dividend
The annual meeting decided on no dividend for the year 2005.
Election committee
The meeting decided that an election committee shall be appointed with the assignment in connection with next year’s annual meeting to submit proposals, among others, with respect to election of the Board of Directors, compensation to the Board and the auditors and election of an election committee.
The committee shall consist of the chairman of the Board of Directors and one representative of each of the four largest shareholders as per 30 September 2006.
Incentive program
The meeting decided to approve the resolution from the board on an incentive program for employees. Right to subscribe to the convertibles shall be leading employees and key employees in the ReadSoft group. The program will consist of maximum 300,000 convertibles and one convertible may be conversed to one B-share. Conversion to B-shares may be made from December 11, 2008 to June 10, 2009. The conversion price shall correspond to 125 % of the average price paid for the B –share in the company on the Stockholm stock exchange’s official list during a given period at the beginning of May 2006. At full conversion the company’s share capital will increase with SEK 30 000 and the dilution will be approximately 1,0 percent of the share capital and 0,7 percent of the votes.
Authorization of the Board to decide on new issues of shares
The meeting decided to authorize the Board of Directors to, at one or several occasions, up to the next annual meeting 2007, execute new issues of shares with maximum 3 000 000 shares, series B. The new shares may be issued with deviation of shareholders’ preferential rights. The reasons for the Board to be able to deviate from shareholders’ preferential rights are that financing may be required in connection with future acquisitions with payment in shares and/or issue of new shares with payment in capital contributed in kind.
Amendment of the Articles of Association
The meeting decided to resolve on amendment of the Articles of Association, among other things, in order to adapt the Articles of Association to the new Swedish Companies Act.
ReadSoft AB
Jan Andersson, President/CEO
Pho: +46-(0)708 - 37 66 00
Jonna Opitz, Vice President, Corporate Communication
Pho: +46-(0)708 - 37 86 68
E-mail: jonna.opitz@readsoft.com
More about ReadSoft on www.readsoft.com
About ReadSoft
ReadSoft is the world’s leading supplier of software for Document Automation. The company develops and markets a complete product platform for Document Automation named ReadSoft DOCUMENTS. The vision is to free businesses everywhere from manual document handling. Since its founding in 1991, ReadSoft has developed into a global group with 11 subsidiaries in Europe, North and South America and Australia, and a large number of local and global partners. ReadSoft is headquartered in Helsingborg, Sweden, and its primary R&D facility is in Stockholm. ReadSoft has been listed on the Stockholm stock exchange since 1999. For more information please visit www.readsoft.com