Release from ReadSoft AB’s Annual General Meeting 2012

Per Åkerberg, ReadSoft’s President and CEO, concluded in his presentation at the
Annual General Meeting that the 2011 result was the strongest ever in ReadSoft
history. ReadSoft grew by 13 percent in constant currencies despite the fact
that 2011 was a turbulent year with macroeconomic instability and crises.
License sales improved significantly and grew by 19% in 2011. The EBITDA result
also continued to increase and was 32 percent better than in 2010. The result
before and after taxes was significantly better than the previous year. In
addition, the cash-flow generated by ReadSoft's operating activities reached a
record level and increased by 73% compared to 2010. Most of ReadSoft's
subsidiaries contributed positively to the group earnings and when it comes to
products, generation 7 of ReadSoft products was launched. ReadSoft will continue
to focus on growth areas such as the cloud-based solution ReadSoft Online and
the workflow solution for Oracle. ReadSoft is now well prepared for continued
growth.
Per Åkerberg also talked about the first quarter of 2012 and described
mixed results from the first three months of the year. The revenue growth is
positive and grew by 11 percent compared to the same period last year. During
the first quarter, ReadSoft acquired the German company foxray AG – a leading
technology provider of platforms and solutions for business process automation.
Despite our growth, a number of deals were postponed into the next quarter,
which primarily affected our license revenue and thus the EBITDA-result. The
integration of foxray has been an intense project and in connection with this
process, ReadSoft took some integration costs that also affected the results for
the quarter. The postponed deals are not business lost to competitors, but
primarily negotiations that have been delayed. The cash-flow from operations
remains strong.
At ReadSoft AB’s annual meeting today, the following
resolutions were among those passed:
Election of Board of directors
The
Directors Göran E Larsson (chairman), Jan Andersson, Lars Appelstål, Lennart
Pihl, Anna Söderblom, Håkan Valberg and Peter Gille were re-elected for a new
period. 
Election of auditor
The annual meeting elected Öhrlings
PricewaterhouseCoopers AB as auditor until the end of the annual meeting
2013.
Dividend
The annual meeting decided on a dividend of SEK 0.50 per share
with May 2, 2012 as the day of record for dividend.
Nomination Committee
The
meeting decided that a nomination committee shall be appointed with the
assignment in connection with next year's annual meeting to submit proposals,
among others, with respect to election of the Board of Directors, compensation
to the Board and the auditors and election of an election committee. The
chairman of the Board shall invite minimum four of the largest shareholders as
per 30 September 2012 to appoint one representative each and to together with
the chairman comprise the Nomination Committee.
Incentive program
The meeting
decided to approve the resolution from the board on an incentive program for
employees. Right to subscribe to the convertibles shall be leading employees and
key employees in the ReadSoft group. The program will consist of maximum 350,000
convertibles and one convertible may be conversed to one B-share. Conversion may
be made from June 15, 2015 to November 27, 2015. The conversion price shall
correspond to 125 % of the average price paid for the B -share in the company on
the Stockholm stock exchange's official list during the period April 27, 2012 –
May 7, 2012. At full conversion the company's share capital will increase with
SEK 35,000 and the dilution will be approximately 1.1 percent of the share
capital and 0.8 percent of the votes.
Authorization of the Board to decide on
new issues of shares
The meeting decided to authorize the Board of Directors
to, at one or several occasions, up to the next annual meeting 2013, execute new
issues of shares with maximum 3,200,000 shares, series B. The new shares may be
issued with deviation of shareholders' preferential rights. The reasons for the
Board to be able to deviate from shareholders' preferential rights are that
financing may be required in connection with future acquisitions with payment in
shares and/or issue of new shares with payment in capital contributed in
kind.
Purchase and transfer of own shares
The meeting decided to authorize the
Board of Directors, at one or several occasions, up to the next annual meeting
2013, decide on purchase and transfer of own shares. Purchase may be made of
maximum a number of shares so that the company’s possession of shares at each
point in time does not exceed ten % of the total number of shares in the
company. Transfer may be made without the shareholders preferential rights on
NASDAQ OMX Stockholm and to third parties in connection with acquisition of
companies or businesses. The purpose of the authorization is to give the Board
of Directors possibility to adjust the company’s capital structure and to enable
acquisition financing through use of own shares.
This is information of the
type that ReadSoft AB (publ) is obligated to disclose in accordance with the
Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The
information was submitted for publication on April 26, 2012 at 16:45 CET.
For additional information, please contact:
ReadSoft
AB
                         
Lars Hörberg, Legal Counsel
Phone: +46 42 490 21 26
alt. +46 708 37 66 53
E-mail: lars.hoerberg@readsoft.com 
Johan Holmqvist,
Vice President, Corporate Communications
Phone: +46 708 37 66 77
Email:
johan.holmqvist@readsoft.com
About ReadSoft
ReadSoft is a leading global provider of software solutions for
Document Process Automation. ReadSoft’s software enables companies to automate
document processes such as accounts payable
processing (http://www.readsoft.com/purchase-to-pay.aspx), document
capture (http://www.readsoft.com/enterprise-capture.aspx), document
sorting (http://www.readsoft.com/software-products/document-capture.aspx), and
order to cash (http://www.readsoft.com/order-to-cash.aspx). ReadSoft is by far
the world’s number one choice for automated invoice
processing (http://www.readsoft.com/software-products.aspx), especially into
business systems from SAP (http://www.readsoft.com/default/sap-solutions) and
Oracle (http://www.readsoft.com/default/oracle-solutions). Since the start in
1991, ReadSoft has grown to a worldwide group with operations in 16 countries on
five continents and a network of local and global partners. The head office is
located in Helsingborg, Sweden, and the ReadSoft share is traded on the NASDAQ
OMX Stockholm's Small Cap list. For more information about ReadSoft, please
visit www.readsoft.com.