Company Announcement 20 March 2017 at 8:30 p.m. (CET)
Proposals of the shareholders to Savo-Solar Plc’s Annual General Meeting of 28 March 2017
Shareholders of Savo-Solar Plc representing approximately 15 per cent of the company’s shares and votes have made the following proposals to the Annual General Meeting on 28 March 2017:
Proposal on the remuneration of the members of the Board of Directors
Shareholders representing approximately 15 per cent of the company’s shares and votes propose that the members of the Board of Directors to be elected be paid the following remuneration for the term that begins at the end of the Annual General Meeting and ends at the end of the next Annual General Meeting: EUR 21,600 for the Chairman of the Board and EUR 10,800 for each of the other members of the Board. According to the proposal approximately 40 per cent of the remuneration to be paid to the members of the Board of Directors will be paid by giving to the Board members company’s new shares based on the authorization granted to the Board of Directors and approximately 60 per cent in cash. Cash portion of the remuneration is proposed to be paid in 12 monthly instalments to the extent it exceeds the amount of tax withholding from the remuneration. The portion of the remuneration to be paid in shares is proposed to be paid to the members of the Board of Directors in two (2) instalments, the first instalment between the period 1 – 31 May 2017 and the second instalment within two (2) weeks of the publication of the half-year report for the period 1 January – 30 June 2017. If the shares cannot be given due to insider regulations during the before mentioned time periods, the shares shall be given outright once it is possible in accordance with the insider regulations in force at that time. Members of the Board of Directors are not allowed to transfer the shares obtained as remuneration before their membership in the Board has ended.
It is also proposed that the members of the Board of Directors be reimbursed for reasonable travel and lodging costs. Travel and lodging costs would not be compensated to those members of the Board of Directors who reside in the greater Helsinki area when the meetings are held in the greater Helsinki area.
Proposal on the number of members of the Board of Directors
Shareholders representing approximately 15 per cent of the shares and votes propose to the Annual General Meeting that four (4) members be elected to the Board of Directors.
Proposal on election of members of the Board of Directors
Shareholders representing approximately 15 per cent of the shares and votes propose to the Annual General Meeting that of the current members of the Board of Directors Feodor Aminoff, Christof Gey and Sami Tuhkanen be re-elected and that Håkan Knutsson (M.Sc. Industrial Engineering and Management, born 1963) be elected as a new member of the Board. Håkan Knutsson is independent from the company. All persons have given their consent to the election. The curricula vitae of the proposed members of the Board of Directors will be available on the company’s website before the AGM. Michael Mattsson and Kenth Granljung were not available for re-election due to their other commitments. Both will anyhow continue as advisers to the company in specific projects.
Håkan Knutsson acts as Managing Director of Indepro AB supplying entrepreneurial services to cleantech companies and management consulting to energy companies. He has a background as Managing Director/General Manager of Arca Systems Scandinavia, Sani Maskiner and Sustainable Business Hub Scandinavia AB and he has also worked in sales and marketing for ABB in Sweden, Brazil, South Africa and Venezuela and for Qualitrol Corporation in the USA. He is the Chairman of the Board of Swedish Council for District Heating (Sweheat).
Board of Directors
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
Mangold Fondkommission AB
Phone.: +46 8 5030 1550
This company announcement contains information that Savo-Solar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on 20 March 2017 at 8:30 p.m. (CET).
Savo-Solar in brief
Savo-Solar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savo-Solar helps its customers to produce competitive clean energy. Savo-Solar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savo-Solar is known as the most innovative company in the business, and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savo-Solar’s shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.fi.
The Company’s Certified Adviser is Mangold Fondkommission AB, tel.: +46 8 5030 1550.