eng

Investment AB Kinnevik: Annual General Meeting 2008

5/15/2008 12:00 PM

Investment AB Kinnevik (publ) ("Kinnevik") today announced that the Company's Annual General Meeting (AGM) held today voted to support all of the resolutions proposed to the AGM.
 
The AGM re-elected Cristina Stenbeck, Vigo Carlund, Wilhelm Klingspor, Erik Mitteregger Stig Nordin and Allen Sangines-Krause as directors of the Board. The AGM further re-elected Cristina Stenbeck as the Chairman of the Board of Directors.
 
The AGM resolved in accordance with the proposal from the Board of Directors to distribute a cash dividend to the shareholders for 2007 of SEK 2.00 per share. The record date for the dividend is to be Tuesday 20 May 2008 and it is expected that the dividend will be distributed by VPC on 23 May 2008.
 
The AGM also resolved to:
 
  • Adopt a performance based incentive plan ("the Plan"). The Plan will include in total approximately 20 senior executives and other key employees within the Kinnevik Group. In order to participate in the Plan, the participants are required to own shares in Kinnevik. The participants will be granted, by the Company free of charge, rights to retention shares and performance shares. The number of shares the employee will receive depends on the fulfilment of defined retention and performance based conditions. The costs and dilution are expected to have marginal effect on key ratios of the Kinnevik Group.
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  • Amend Sections 4 and 5 in the Articles of Association meaning the introduction of a new class of shares, Class C shares to ensure the delivery of Class B shares under the Plan.
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  • Authorise the Board, during the period until the next Annual General Meeting, to increase the Company's share capital by not more than SEK 11,000 by the issue of not more than 110,000 Class C shares, each with a ratio value of SEK 0.10. With disapplication of the shareholders' preferential rights, Nordea Bank AB (publ) shall be entitled to subscribe for the new Class C shares at a subscription price corresponding to the ratio value of the shares. The purpose of the authorisation and the reason for the disapplication of the shareholders' preferential rights in connection with the issue of shares is to ensure delivery of Class B shares to participants under the Plan.
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  • Authorise the Board of Directors to pass a resolution for the period up until the next Annual General Meeting on repurchasing so many Class A and/or Class B shares that the Company's holding does not at any time exceed 10 per cent of the total number of shares in the Company. The repurchase of shares shall take place on the Stockholm Stock Exchange.
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  • Approve that owners of Class A shares shall have the right to reclassification of their Class A shares into Class B shares, whereby each Class A share shall be able to be reclassified as a Class B share. A request for reclassification shall be able to be made from the period from and including 5 June 2008 up to and including 19 June 2008 by notification to the Company on a special form which is to be sent to owners of Class A shares whose holdings are registered in their own names well in advance of 5 June 2008, as well as being made available at the Company's premises and on the Company's website. More detailed terms and conditions for reclassification shall be determined by the Board of Directors.
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  • Approve the following procedure for preparation of the election of the Board of Directors and auditor. The work of preparing a proposal on the Directors of the Board and auditor, in the case that an auditor should be elected, and their remuneration as well as the proposal on the Chairman of the Annual General Meeting of 2009 shall be performed by a Nomination Committee. The Nomination Committee will be formed during September 2008 in consultation with the largest shareholders of the Company at that time. The Committee will consist of at least three members representing the largest shareholders of the Company. The composition of the Committee will be communicated in the Company's interim report for the third quarter of 2008.
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    At the constituent meeting of the Board of Directors following the AGM, an Audit Committee and a Remuneration Committee were appointed. Erik Mitteregger was appointed Chairman of the Audit Committee and Wilhelm Klingspor, Stig Nordin and Allen Sangines-Krause were appointed members of the Audit Committee. Wilhelm Klingspor was appointed Chairman of the Remuneration Committee and Cristina Stenbeck, Erik Mitteregger and Allen Sangines-Krause were appointed members of the Remuneration Committee.
     
    For further information, visit www.kinnevik.se or contact:
     
    Investment AB Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The Parent Company manages a portfolio of investments focused around three comprehensive business areas; Major Listed Holdings which includes Millicom International Cellular, Tele2, Modern Times Group MTG, Metro International and Transcom WorldWide, Major Unlisted Holdings which includes the cartonboard and paper company Korsnäs, and New Ventures which is active in finding new investments in small and mid sized companies which has a significant growth potential. Kinnevik plays an active role on the Boards of its holdings.
    Investment AB Kinnevik's class A and class B shares are listed on the Stockholm Stock Exchange's Nordic list for large-cap companies within the financial and real estate sector. The ticker codes are KINV A and KINV B.