30 Apr 2010 15:00
30th April 2010
POWERFLUTE OYJ
RESULT OF AGM
Powerflute Oyj (the "Company" or "Powerflute"), the packaging group with established positions in Nordic semi-chemical fluting and coated woodfree papers, released the following statement in connection with the resolutions passed at the Annual General Meeting of shareholders held in Kuopio, Finland on 29th April 2010. Powerflute is listed on the AIM market of the London Stock Exchange (Ticker: POWR) and on the First North list, the alternative market of the OMX Nordic Exchange Stockholm AB (Ticker POW1V).
The Annual General Meeting 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 8 April 2010.
The Annual General Meeting approved the Company's financial statements for the year ended 31 December, 2009 as presented by the Board of Directors and further resolved that no dividend shall be paid in respect of the financial year ended 31 December, 2009.
The proposals made by the Board of Directors in connection with authorities to be granted to them to resolve that the Company may repurchase its own shares as well as issue new shares and grant options and other special rights providing entitlement to shares were passed by the Annual General Meeting. It was resolved that such authorities shall remain in force until the later of the next Annual General Meeting or June 2011.
Dermot F. Smurfit, Christopher Knight, Juha Niemelä, Ulrich Scheufelen, William Anthony Smith and David Walton were re-elected as directors. In addition, Marco Casiraghi and Dermot S. Smurfit were elected as new Board members. Dermot F. 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 2011.
The Annual General Meeting resolved that the remuneration of the directors for the term ending at the close of the Annual General Meeting in 2011 should be as follows: a fee of EUR 100,000 per annum for the Chairman and a fee of EUR 50,000 per annum for each of the Non-executive Board Members, together with additional compensation of EUR 10,000 per annum for the Chairmen of each of the Board's committees. It was resolved that no additional fee should be paid to the Executive Directors for their services as directors.
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 2011.
- Ends-
Contacts
For additional information please contact:
| Powerflute OYJ Dermot Smurfit (Chairman) Marco Casiraghi (Chief Executive) David Walton (Chief Financial Officer)
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c/o Billy Clegg, Financial Dynamics +44 (0)20 7269 7157 |
| Collins Stewart Europe Ltd: Piers Coombs Mark Dickenson
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+44 (0)20 7523 8350 |
| E.Öhman J:or Fondkommission AB: Ms Arja Väyrynen
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+358 9 8866 6029 |
| Financial Dynamics: Billy Clegg
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+44 (0)20 7831 3113 |
| K Capital Source Mark Kenny Jonathan Neilan |
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+353 (1) 663 3686 |
About Powerflute
Powerflute Oyj ("the Company" or "Powerflute") is a packaging group with established positions in Nordic semi-chemical fluting and coated woodfree papers.
Through its subsidiary Savon Sellu Oy, the Group operates a paper mill in Kuopio, Finland which produces a specialised form of semi-chemical fluting made from birchwood sourced principally in Finland and Russia. Corrugated boxes manufactured using Nordic semi-chemical fluting demonstrate exceptional strength and moisture resistance and are extensively used for transportation of fruit and vegetables, high-value industrial goods such as electrical appliances and automotive components. The Kuopio mill has the capacity to produce up to 300,000 tonnes per annum and is one of three suppliers of Nordic semi-chemical fluting in Europe.
Through its recently acquired subsidiary Papierfabrik Scheufelen, the Group operates a paper mill in Lenningen, Germany which produces a range of coated woodfree papers from mixed hardwood and softwood pulps. Coated woodfree papers are used in the production of printed promotional material such as brochures, leaflets and other point of sale materials for producers and distributors of premium branded goods. The Lenningen mill has the capacity to produce up to 300,000 tonnes per annum and supplies the majority of its products into the European market where total demand has historically been in excess of 7.7 million tonnes per annum.