28 Apr 2009 11:15
28 April 2009
ANNUAL GENERAL MEETING OF POWERFLUTE OYJ
The Annual General Meeting of Powerflute Oyj held on 28 April 2009 resolved all matters in accordance with the proposals of the Board of Directors and its committees and as presented in the invitation to the Annual General Meeting published on 26 March 2009.
The Annual General Meeting of Powerflute Oyj (the "Company") today approved the Company's annual accounts for the financial year ended 31 December, 2008 as presented by the Board of Directors. The Annual General Meeting resolved that no dividend shall be paid in respect of the financial year ended 31 December, 2008. In addition, at the Annual General Meeting, all of the proposals by the Board of Directors to the General Meeting were passed thereby authorising the Board of Directors to resolve on the repurchase of the Company's own shares as well as the issue of new shares and the granting of options and other special rights providing entitlement to shares.
All of the current Board Members (Dermot Smurfit, Don Coates, Ian Halliday, Christopher Knight, Juha Niemelä and William Anthony Smith) were re-elected. In addition, David Walton and Ulrich Scheufelen were elected as new Board members. Dermot Smurfit was re-elected as Chairman of the Board of Directors. The term of office of Board members lasts until the end of the Annual General Meeting in 2010.
The Annual General Meeting resolved that the remuneration of the Board Members be as follows: a fee of EUR 100,000 for the Chairman, a fee of EUR 50,000 for the other Board Members and an additional compensation of EUR 10,000 for the Chairmen of each of the Board's committees for the term ending at the close of the Annual General Meeting in 2010.
Ernst & Young Oy, an auditing entity authorised by the Central Chamber of Commerce of Finland, was re-elected to act as auditors of the Company until the end of the Annual General Meeting in 2010.
www.powerflute.com
For additional information please contact:
| Powerflute OYJ Dermot Smurfit (Chairman) Don Coates (Chief Executive Officer) | c/o Billy Clegg, Financial Dynamics +44 (0)20 7269 7157 | |
| Collins Stewart Europe Ltd: Piers Coombs | +44 (0)20 7523 8319 | |
| E.Öhman J:or Fondkommission AB: Ms Arja Väyrynen | +358 9 8866 6029 | |
| Financial Dynamics: Billy Clegg Georgina Bonham | +44 (0)20 7831 3113 | |
| K Capital Source Mark Kenny Jonathan Neilan | +353 (1) 631 5500 |