Release from ReadSoft AB’s Annual General Meeting 2011
Jan Andersson, ReadSoft’s President and CEO, concluded in his presentation at the Annual General Meeting that the result from 2010 was one of ReadSoft's strongest ever. The market gradually improved during the year which contributed to a 93% increase of the EBITDA-result. Profit before and after tax increased manifold over the previous year. A stronger Swedish krona concealed ReadSoft’s real growth which amounted to 6% in local currencies. All markets where ReadSoft has subsidiaries grew in 2010 and in the latter half of the year ReadSoft also showed accelerating license sales. ReadSoft's new products were very well received by both the company's existing and new customers. Overall, this has created a platform for continued growth.
Jan Andersson also introduced the first quarter results for 2011 where he described a continued positive market. He noted that ReadSoft has laid a good foundation for 2011 by delivering 12% growth in local currencies; improved performance across the board and a very strong cash flow from operating activities.
At ReadSoft AB’s annual meeting today, the following resolutions were among those passed:
Election of Board of Directors
The Directors Göran E Larsson (chairman), Lennart Pihl, Anna Söderblom, Lars Appelstål, Håkan Valberg and Peter Gille were re-elected for a new period. Jan Andersson was elected new Director of the Board.
Election of auditor
The annual meeting elected Öhrlings PricewaterhouseCoopers AB as auditor until the end of the annual meeting 2012.
Dividend
The annual meeting decided on a dividend of SEK 0,25 per share with May 6, 2011 as the day of record for dividend.
Nomination committee
The meeting decided that a nomination 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 chairman of the Board shall invite minimum four of the largest shareholders as per 30 September 2011 to appoint one representative each and to together with the chairman comprise the Nomination Committee.
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 350,000 convertibles and one convertible may be conversed to one B-share. Conversion to B-shares may be made from June 23, 2014 to November 28, 2014. 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 the period May 4, 2011 – May 10, 2011. At full conversion the company's share capital will increase with SEK 35,000 and the dilution will be approximately 1.1 percent of the share capital and 0.8 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 2012, execute new issues of shares with maximum 3,200,000 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.
Purchase and transfer of own shares
The meeting decided to authorize the Board of Directors, at one or several occasions, up to the next annual meeting 2012, decide on purchase and transfer of own shares. Purchase may be made of maximum a number of shares so that the company’s possession of shares at each point in time does not exceed ten % of the total number of shares in the company. Transfer may be made without the shareholders preferential rights on NASDAQ OMX Stockholm and to third parties in connection with acquisition of companies or businesses. The purpose of the authorization is to give the Board of Directors possibility to adjust the company’s capital structure and to enable acquisition financing through use of own shares.
This information is such that ReadSoft AB (publ) is to publish in accordance with the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on May 3, 2011 at 17:30 CET.
For additional information, please contact:
ReadSoft AB
Jan Andersson, President and CEO
Phone: +46 708 37 66 00
Lars Hörberg, Legal Counsel
Phone: +46 42 – 490 21 26 alt. +46 708 37 66 53
E-mail: lars.hoerberg@readsoft.com
Johan Holmqvist, Vice President, Corporate Communications
Phone: +46 708 37 66 77
Email: johan.holmqvist@readsoft.com
About ReadSoft
ReadSoft is a leading global provider of software solutions for Document Process Automation. ReadSoft’s software enables companies to automate document processes such as accounts payable processing, document capture, document sorting, and order to cash. ReadSoft is by far the world’s number one choice for automated invoice processing, especially into business systems from SAP and Oracle. Since the start in 1991, ReadSoft has grown to a worldwide group with operations in 16 countries on five continents and a network of local and global partners. The head office is located in Helsingborg, Sweden, and the ReadSoft share is traded on the NASDAQ OMX Stockholm's Small Cap list. For more information about ReadSoft, please visit www.readsoft.com.