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:
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| Powerflute OYJ | | c/o Billy Clegg, Financial |
| Dermot Smurfit (Chairman) | | Dynamics |
| Marco Casiraghi (Chief | | +44 (0)20 7269 7157 |
| Executive) | | |
| David Walton (Chief Financial | | |
| Officer) | | |
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| Collins Stewart Europe Ltd: | | +44 (0)20 7523 8350 |
| Piers Coombs | | |
| Mark Dickenson | | |
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| E.Öhman J:or Fondkommission AB: | | +358 9 8866 6029 |
| Ms Arja Väyrynen | | |
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| Financial Dynamics: | | +44 (0)20 7831 3113 |
| Billy Clegg | | |
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| K Capital Source | | +353 (1) 663 3686 |
| Mark Kenny | | |
| Jonathan Neilan | | |
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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.
Result of AGM
| Quelle: Powerflute Oyj