Press release
Regulatory
2020-05-14 11:15 CEST
Bulletin from the annual general meeting of Green Landscaping Group AB (publ)
Adoption of income statement and balance sheet as well as consolidated income statement and consolidated balance sheet
The annual general meeting adopted the income statement and consolidated income statement as well as the balance sheet and the consolidated balance sheet for the financial year 2019.
Resolution on allocation of the company’s profits
The annual general meeting approved the proposal of the board of directors that the company’s accumulated profits of SEK 306,304,729 shall be carried forward in new account and that no dividends shall be paid for the financial year 2019.
Resolution on discharge from liability, re-election of board members and board fees
The annual general meeting resolved on discharge from liability for the members of the board of directors and the CEO for the financial year 2019.
The annual general meeting resolved that the board of directors shall consist of six board members. Per Sjöstrand, Johan Nordström, Monica Trolle, Staffan Salén and Åsa Källenius were re-elected as board members and Tomas Bergström were elected as new board member for the period until the close of the next annual general meeting. Per Sjöstrand was re-elected as chairman of the board for the period until the close of the next annual general meeting.
The annual general meeting resolved that the fees payable to the board of directors for the period until the next annual general meeting shall amount to a total of SEK 750,000 out of which SEK 250,000 (unchanged) shall be paid to the chairman of the board of directors and SEK 125,000 (unchanged) to each of the other ordinary members not employed by the company. It was further resolved that fees of SEK 75,000 shall be paid to the chairman of the auditing committee during the period until the next annual general meeting. Other than that, no fees shall be payable to the members of the committees of the board of directors.
Election of auditor and determination of fees to the auditor
The annual general meeting re-elected the auditing firm EY as auditor and resolved that the auditor shall be paid in accordance with approved invoices. EY intends to appoint the Authorized Public Accountant Charlotte Holmstrand as auditor in charge.
Resolution on principles for the appointment of and instructions for a nomination committee
The annual general meeting resolved on principles for the appointment of and instructions for a nomination committee. The resolution means, in essence, that the nomination committee shall consist of four members – one person appointed by each of the three largest shareholders (or known shareholder groups) as of the last banking day in September who wished to appoint a member of the nomination committee and the chairman of the board of directors. If one of the three largest shareholders by votes waives its right to appoint a member of the nomination committee, the right shall pass to the fourth largest shareholder by votes, and so on.
Resolution on guidelines for remuneration to the senior management
The annual general meeting approved the proposal of the board of directors regarding guidelines for remuneration to the senior management.
Resolution on establishing incentive program 2020/2023 through the issue of warrants to a subsidiary and approval of the transfer of warrants to employees
The annual general meeting resolved on establishing incentive program 2020/2023 through a directed issue of a maximum of 555,000 warrants of series 2020/2023 to the wholly owned subsidiary Green Landscaping Incentive AB. The annual general meeting further resolved on approving Green Landscaping Incentive AB to transfer a of maximum 555,000 warrants to the company’s CEO and group management, and the CEOs and certain key employees in the company’s subsidiaries, or otherwise dispose of the warrants to fulfil the commitments under incentive program 2020/2023. Each warrant entitles the holder to subscribe for one (1) new share in the company. The subscription price of the share at the time of the utilization of the warrant shall correspond to 120 per cent of the average volume weighted price paid for the company’s share on Nasdaq Stockholm, during the period from 7 May 2020 up to and including 20 May 2020. The warrants shall be subscribed for during the period from 22 May 2023 up to and including 16 June 2023. Shares subscribed for by utilizing the warrants will entitle to dividends for the first time on the record date occurring after the execution of the subscription.
Resolution on authorization for the board of directors to increase the share capital
The annual general meeting resolved on an authorization for the board of directors to, on one or more occasions during the period until the next annual general meeting, with or without deviation from the shareholders’ preferential rights, resolve upon issuance of new shares and/or convertible bonds which entails issue of or conversion of new shares corresponding to a maximum of 10 per cent of the share capital in the company as of the day the board of directors first resolve on an issue in accordance with the authorization.
The purpose of the authorization and potential deviations from the shareholders’ preferential rights is that new issues shall be made in a time effective manner in order to finance company acquisitions or investments in new or current operations.
Resolution on authorization for the board of directors to acquire and dispose of treasury shares
The annual general meeting resolved on an authorization for the board of directors, on one or more occasions during the period until the next annual general meeting, to acquire and dispose of treasury shares. Purchases may be made of as many shares that the company's holding does not exceed 10 per cent of all shares of the company. The shares may be used as full or part payment for acquisition of companies or businesses.
The purpose of the authorization is to enable the board of directors to adjust and improve the capital structure of the company in order to create increased shareholder value and to dispose of shares in connection with financing of any company and business acquisitions by paying all or part of the purchase price with the company's treasury shares.
Resolution on authorization for the board of directors to resolve upon rights issue of shares
The annual general meeting resolved on an authorization for the board of directors to, during the period until the next annual general meeting, resolve upon a rights issue with preferential right for the company’s shareholders. The total amount of shares that can be issued in accordance with the authorization shall be accommodated within the limits of the share capital pursuant to the articles of association and shall at most amount to a number of shares corresponding to issue proceeds of a maximum of SEK 155 million (prior to any issue costs).
The purpose of the authorization is to enable for the company to continue with an active acquisition agenda and to reduce the company’s debts.
Resolution to change the company’s articles of association
The annual general meeting resolved to change the company’s articles of association regarding the limits of the share capital and the record day for the right to participate in general meetings.
Additional information from the annual general meeting
Complete proposals regarding the resolutions by the annual general meeting in accordance with the above are available at www.greenlandscapinggroup.se. Minutes from the annual general meeting will be made available on the website no later than two weeks after the annual general meeting.
This information was submitted for publication at 11:15 CET on 14 May 2020.
Images