Resolution on adoption of accounts and distribution of the company’s profit
The annual shareholders’ meeting resolved to adopt the profit and loss statement and balance sheet. The annual shareholders’ meeting also resolved to distribute the company’s profit in accordance with the proposal from the board in the annual report meaning that no dividends are paid for the financial year 2017 and that available funds are brought forward.
Discharge from liability for the members of the board and the CEO
The annual shareholders’ meeting resolved to discharge the members of the board and the CEO from liability for the financial year 2017.
Election of board members and auditor as well as remuneration for the board members and auditor
The annual shareholders’ meeting resolved, in accordance with the proposal from the Nomination Committee, to re-elect Jonas Wollin, Lennart Holm, Daniel Oelker and Jonas Sjögren as ordinary board members and to elect Martin Kössler and Daniel Röme as new ordinary board members. Jonas Wollin was elected as new Chairman of the board. Remuneration to the board shall be paid with SEK 225,000 to the Chairman of the board and with SEK 125,000 to each of the other board members.
Furthermore, the annual shareholders’ meeting resolved, in accordance with the proposal from the Nomination Committee, to elect Grant Thornton Sweden AB as new auditor and that remuneration for the auditor shall be paid in accordance with customary norms and approved invoice. Grant Thornton Sweden AB has informed that Per Kjellander will be appointed as the responsible auditor.
Resolution on instruction and charter for the Nomination Committee
The annual shareholders’ meeting resolved, in accordance with the proposal from the Nomination Committee, that a Nomination Committee shall be appointed before coming election and remuneration. The Nomination Committee shall comprise four members – one representative for each of the three largest shareholders on the last banking day in September, together with the Chairman of the board. Furthermore, an instruction and charter for the Nomination Committee was adopted.
Resolution on implementation of a warrant program by way of (A) directed issue of warrants; and (B) approval of transfer of warrants
The annual shareholders’ meeting resolved, in accordance with the proposal from the board, to implement a warrant program for employees and consultants in the company based on issue and transfer of warrants.
The warrant program shall comprise a maximum of 300,000 warrants. Each warrant shall entitle to subscription of one new share in the company. The subscription price per share shall correspond to 200 per cent of the volume weighted average price according to Nasdaq First North’s official price list for shares in the company during the period as from and including 7 May 2018 to and including 14 May 2018. Subscription of shares by virtue of the warrants may be effected as from 1 June 2021 up to and including 30 June 2021.
The warrants shall be issued to a wholly owned subsidiary to the company against cash consideration which shall correspond to the warrant’s fair market value calculated in accordance with the Black Scholes formula. The calculation of the fair market value of the warrants shall be established by ÖhrlingsPricewaterhouseCoopers AB in connection with the expiration of the measurement period on 14 May 2018. Transfer to participants under the warrant program shall be made against cash consideration which shall correspond to the fair market value of the warrant calculated in accordance with the Black Scholes formula.
The reasons for the implementation of the warrant program and the deviation from the shareholders’ preferential rights are to be able to create possibilities for the company to retain competent staff through the offering of a long term ownership engagement for the employees and consultants in the company. Such ownership engagement is expected to stimulate the employees and consultants in the company to an increased interest for the business and the earnings trend as well as to increase the feeling of connectedness with the company. Since the warrants in the warrant program will be transferred to the participants at the fair market value, the company’s assessment is that the company will not incur any social costs in relation to the warrant program. The costs related to the warrant program will hence only be composed of limited costs for implementation and administration of the program. In case all warrants issued within the warrant program are utilized for subscription of new shares, a total of 300,000 new shares will be issued, which corresponds to a dilution of approximately 1.4 per cent of the company’s share capital and votes after full dilution, calculated on the number of shares that will be added upon full utilization of all warrants issued under the warrant program.
Malmö on May 4, 2018
Polygiene AB (publ)
