Release from ReadSoft AB’s Annual General Meeting 2012

Per Åkerberg, ReadSoft’s President and CEO, concluded in his presentation at the Annual General Meeting that the 2011 result was the strongest ever in ReadSoft history. ReadSoft grew by 13 percent in constant currencies despite the fact that 2011 was a turbulent year with macroeconomic instability and crises. License sales improved significantly and grew by 19% in 2011. The EBITDA result also continued to increase and was 32 percent better than in 2010. The result before and after taxes was significantly better than the previous year. In addition, the cash-flow generated by ReadSoft's operating activities reached a record level and increased by 73% compared to 2010. Most of ReadSoft's subsidiaries contributed positively to the group earnings and when it comes to products, generation 7 of ReadSoft products was launched. ReadSoft will continue to focus on growth areas such as the cloud-based solution ReadSoft Online and the workflow solution for Oracle. ReadSoft is now well prepared for continued growth.

Per Åkerberg also talked about the first quarter of 2012 and described mixed results from the first three months of the year. The revenue growth is positive and grew by 11 percent compared to the same period last year. During the first quarter, ReadSoft acquired the German company foxray AG – a leading technology provider of platforms and solutions for business process automation. Despite our growth, a number of deals were postponed into the next quarter, which primarily affected our license revenue and thus the EBITDA-result. The integration of foxray has been an intense project and in connection with this process, ReadSoft took some integration costs that also affected the results for the quarter. The postponed deals are not business lost to competitors, but primarily negotiations that have been delayed. The cash-flow from operations remains strong.


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), Jan Andersson, Lars Appelstål, Lennart Pihl, Anna Söderblom, Håkan Valberg and Peter Gille were re-elected for a new period. 

Election of auditor
The annual meeting elected Öhrlings PricewaterhouseCoopers AB as auditor until the end of the annual meeting 2013.

Dividend
The annual meeting decided on a dividend of SEK 0.50 per share with May 2, 2012 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 2012 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 may be made from June 15, 2015 to November 27, 2015. 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 April 27, 2012 – May 7, 2012. 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 2013, 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 2013, 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 is information of the type that ReadSoft AB (publ) is obligated to disclose in accordance with the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on April 26, 2012 at 16:45 CET.

For additional information, please contact:

ReadSoft AB                                                                                                        
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.

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