Savo-Solar Ltd. Company Announcement 12 April 2016 at 4:30 pm (CET)
Proposals of the shareholders to Savo-Solar Ltd.'s Annual General Meeting of 19 April 2016
Shareholders of Savo-Solar Ltd. representing approximately 30 per cent of the company's shares and votes have made the following proposals to the Annual General Meeting of 19 April 2016.
Proposal on the remuneration of the members of the Board of Directors
Shareholders representing approximately 30 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 class A 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 May - 31 May 2016 and the second instalment within two (2) weeks of the publication of the half-year report for the period 1 January - 30 June 2016. 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 30 per cent of the shares and votes propose to the Annual General Meeting that five (5) members be elected to the Board of Directors.
Proposal on election of members of the Board of Directors
Shareholders representing approximately 30 per cent of the shares and votes propose to the Annual General Meeting that the current members of the Board of Directors Feodor Aminoff and Sami Tuhkanen be re-elected according to their consents and that Kenth Granljung (Swedish citizen, M.Sc. (Engineering Physics) and M.B.A. (International Business), born 1971), Christof Gey (German citizen, M.Sc. (Mechanics), born 1964) and Michael Mattsson (Swedish citizen, M.Sc. (Economics and Business Administration / Finance), born 1973) be elected according to their consents as new members to the Board of Directors.
Kenth Granljung is Regional Director Nordics at Swegon Group and has successfully held several international senior management positions at IMI Hydronic Engineering, Climatewell AB and Vacon Group. Further he has held international sales management positions at Siemens and ABB. Kenth has more than 15 years of global business experience of HVAC, Cleantech, Industry and Energy. Member of the Board at ComSys AB since August 2014.
Christof Gey works for Solarstation SVS GmbH as consultant and with import and retail in the solar and heating market internationally with customers among other places in China (Linou-Ritter, Himin), USA (NTS-Solar), Canada (Enerworks, ArntjenSolar), Spain (Isophoton), Poland (Hewalex), Sweden (ClimateWell) and Germany (Consolar, Solvis, MP-TEC, Ferro, NARVA Lichtquellen GmbH etc). 1999 he founded GeySol and acted as CEO until 2004, manufacturing and selling solar collectors. 1995-1999 he worked for Erwin Maier GmbH, a heating constructor and 1993-1995 as engineer at Ing. Büro geTec.
Michael Mattsson works as professional investor, entrepreneur (2013- Svenska Pannkakshuset AB, 2006-2010 Åre Skilodge AB) and board member (QuiaPEG Pharmaceuticals AB and Copperstone Resources AB), 2011 as M&A advisor (US acquisition) to a subsidiary of Mellby Gård AB, 2003-2009 Kaupthing Funds, Private Banking/Asset Management and Kaupthing Investment Banking & Business Control, Sthlm; 1996-1999 and 2001-2002 Enskilda Securities, Corporate Finance, Stockholm; 1999-2001 Enskilda Securities, New York working at The Blackstone Group for the M&A-alliance.
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
Ingrid Östhols, communication
Phone: +46 721 810 867
Mangold Fondkommission AB
Phone: +46 (8) 5030 1550
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