AGM Information • Apr 30, 2019
AGM Information
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English office translation. In case of discrepancies the Norwegian version shall prevail.
I MAGNORA ASA (Org.nr. 983 218 180) ("Selskapet")
Aksjeeierne i Magnora ASA innkalles til ordinær generalforsamling den 21. mai 2019 kl. 10:00 i Selskapets kontorer på Lysaker Torg 12, 1366 Lysaker.
NOTICE OF ANNUAL GENERAL MEETING IN MAGNORA ASA (Reg. no. 983 218 180) (the "Company")
The shareholders of Magnora ASA are called to the annual general meeting to be held on 21 May 2019 at 10:00 (CET) at the Company's offices at Lysaker Torg 12, N-1366 Lysaker, Norway. Styret har foreslått følgende The board of directors has proposed the following
13. Valg av medlemmer til valgkomiteen 13. Election of members to the nomination committee
14. Innløsning av aksjer eiet av Selskapet 14. Redemption of treasury shares
| Vedlegg 1: | Styrets forslag til beslutninger | Appendix 1: | The board's proposed resolutions |
|---|---|---|---|
| Vedlegg | Påmeldings- og |
Appendix 2: | Notice of attendance/proxy |
| 2: | fullmaktsskjema | form | |
| Vedlegg | Skriv om aksjeeiernes | Appendix 3: | Shareholders' rights, |
| 3: | rettigheter, herunder hvordan | ||
| aksjeeierne kan delta og | |||
| stemme på generalforsamling | the general meeting | ||
| Vedlegg | Bekreftelse fra revisor, jf. sak 14 | Appendix | Auditor's confirmation, cf. |
| 4: | og 16 i Vedlegg 1 |
4: | |
| Vedlegg | Innstilling fra Valgkomiteen | Appendix 5: | Proposals from the |
| 5: | Nomination Committee |
Per datoen for denne innkallingen er Selskapets registrerte aksjekapital NOK 78.384.429 fordelt på 52.606.999 aksjer, hver pålydende NOK 1,49. Selskapet eier totalt 20.301 egne aksjer, tilsvarende ca. 0,0004 % av aksjekapitalen.
Hver aksje i Selskapet gir én stemme på generalforsamlingen. Det foreligger ingen vedtektsfestede stemmerettsbegrensninger.
Aksjeeiere som ønsker å være representert på generalforsamlingen bes melde dette til Selskapet innen 16. mai 2019 kl. 17:00, ved å sende vedlagte møteseddel til Nordea Bank Abp, norsk filial, eller melde seg på via Selskapets hjemmeside på https://magnoraasa.com/ eller via VPS Investortjenester. Fullmakt kan, om ønskelig, gis til styreleder, Torstein Sanness, eller den
| Appendix 1: | The board's proposed resolutions |
|---|---|
| Appendix 2: | Notice of attendance/proxy |
| form | |
| Appendix 3: | Shareholders' rights, |
| including how shareholders | |
| may participate and vote at | |
| the general meeting | |
| Appendix | Auditor's confirmation, cf. |
| 4: | item 14 and 16 in Appendix 1 |
| Appendix 5: | Proposals from the |
| Nomination Committee | |
As of the date of this notice, the Company's registered share capital is NOK 78,384,429 divided on 52,606,999 shares, each with a par value of NOK 1.49. The Company owns a total of 20,301 treasury shares, equivalent to approximately 0.0004% of the share capital.
Each share carry one vote at the general meeting. There are no voting restrictions set out in the articles of association.
Shareholders who wish to attend the general meeting are asked to notify the Company by 17:00 (CET) on 16 May 2019 by submitting the enclosed attendance form to Nordea Bank Abp, norsk filial, or register attendance electronically at the Company's website; https://magnoraasa.com/, or via VPS Investor Services. A proxy may, if desired, be granted to the chairman of the board, Torstein Sanness,
han utpeker. Mer informasjon om påmelding og fullmakt følger av skrivet om aksjeeiernes rettigheter, inntatt i Vedlegg 3.
or a person appointed by him. Further details about registration of attendance and proxy to vote are set out in the information document about shareholders' rights, attached as Appendix 3.
Magnora ASA
Årsrapporten for 2018, som inneholder årsregnskapet, årsberetningen, revisjonsberetningen og styrets redegjørelse for eierstyring og selskapsledelse, er tilgjengelig på Selskapets nettside, https://magnoraasa.com/financial-reports/. Det er ikke fremsatt forslag om utdeling av utbytte i forbindelse med godkjennelse av årsregnskapet for 2018. Se likevel forslaget under hhv. sak 16 om kapitalnedsettelse med utdeling til aksjeeierne, og sak 17 om fullmakt til styret til å beslutte utdeling av utbytte på grunnlag av årsregnskapet.
Styret forslår at generalforsamlingen treffer følgende beslutning:
Årsregnskapet og styrets årsberetning for 2018 for Magnora ASA og konsernet godkjennes.
Styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte er inntatt på side 54 i Selskapets årsrapport for 2018, tilgjengelig på
https://magnoraasa.com/financial-reports/.
Generalforsamlingens godkjennelse av retningslinjene er veiledende for styret. Godkjennelse av retningslinjer som gjelder godtgjørelse i form av aksjer, tegningsretter, opsjoner og andre former for godtgjørelse som er knyttet til aksjer eller utviklingen av aksjekursen i Selskapet eller andre selskaper innenfor konsernet, er derimot bindende for styret, jf. allmennaksjeloven ("asal.") § 5-6 (3) tredje punktum, jf. § 6-16a (2) fjerde punktum.
The annual report for 2018, which comprises of the annual accounts, the board' report, the auditor's statement, and the board's statement on corporate governance, is available at the Company's website;
The board does not propose to resolve distribution of dividend in connection with the approval of the 2018 annual accounts. Please however note the proposals under item 16 regarding capital decrease with distribution to the shareholders, and item 17 regarding authorisation to the board to resolve distribution of dividend based on the annual accounts. The board proposes that the general meeting passes the following resolution:
The annual accounts and the board of directors' report for 2018 for Magnora ASA and the group are approved.
The board's declaration on determination of salary and other remuneration for senior management is included on page 54 in the Company's annual report for 2018, available at https://magnoraasa.com/financial-reports/.
The general meeting's approval of the guidelines is advisory to the board. The approval of the guidelines regarding remuneration in the form of shares, subscription rights, options, and other forms of remuneration linked to shares or the development of the share price in the Company or in other group companies, are on the other hand binding to the board, cf. section 5-6 (3) third sentence, cf. section 6-16a (2) fourth sentence of the Norwegian Public Limited
Selskapet har for tiden ingen slike aksjerelaterte insentivordninger for ledende ansatte.
I styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte, er de veiledende retningslinjene angitt i punkt (i) og (ii), mens de bindende retningslinjene er angitt i punkt (iii) på side 55 i årsrapporten for 2018.
Styret foreslår at generalforsamlingen treffer følgende beslutning hva gjelder hhv. de veiledende og de bindende retningslinjene:
Generalforsamlingen gir sin tilslutning til de veiledende retningslinjene i styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte i henhold til allmennaksjeloven § 6-16a.
(b) Bindende retningslinjer (b) Binding guidelines
Generalforsamlingen godkjenner de bindende retningslinjene i styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte i henhold til allmennaksjeloven § 6-16a.
I henhold til asal. § 5-6 (4) skal den ordinære generalforsamlingen behandle styrets redegjørelse for foretaksstyring utarbeidet i tråd med regnskapsloven § 3-3b. Redegjørelsen er inntatt på side 9 i Selskapets årsrapport for 2018, tilgjengelig på
https://magnoraasa.com/financial-reports/.
Liability Companies Act (the "NPLCA"). Currently, the Company does not have any such share linked incentive programs for members of the senior management.
In the board's declaration on determination of salary and other remuneration for senior management, the advisory guidelines are set out in item (i) and (ii), and the binding guidelines in item (iii) on page 55 of the annual report for 2018.
The board proposes that the general meeting passes the following resolution with regard to the advisory and the binding guidelines, respectively:
The general meeting endorses the advisory guidelines in the declaration by the board on determination of salary and other remuneration for senior management pursuant to section 6-16a of the Norwegian Public Limited Liability Companies Act.
The general meeting approves the binding guidelines in the declaration by the board on determination of salary and other remuneration for senior management pursuant to section 6-16a of the Norwegian Public Limited Liability Companies Act.
Pursuant to section 5-6 (4) of the NPLCA, the annual general meeting shall consider the board's statement on corporate governance prepared in accordance with section 3-3b of the Norwegian Accounting Act. The statement is included on page 9 in the Company's annual report for 2018, available at
https://magnoraasa.com/financial-reports/.
I samsvar med vedtektenes § 7 har Selskapets valgkomité fremmet forslag til godtgjørelse for styremedlemmer og medlemmer av styreutvalg, se Vedlegg 5. Komiteens forslag innebærer anbefaling om følgende vedtak:
Generalforsamlingen godkjenner følgende godtgjørelse til styrets medlemmer og medlemmer av styrekomiteer for perioden fra ordinær generalforsamling i 2019 til ordinær generalforsamling i 2020: Styrets leder NOK 400.000, uavhengige styremedlemmer NOK 250.000 hver, leder revisjonsutvalg NOK 50.000 og medlem revisjonsutvalg NOK 30.000 hver.
I tillegg betales et honorar stort NOK 500.000 til Torstein Sanness for omfattende arbeid knyttet til Selskapet siden hans inntreden som styremedlem på ordinær generalforsamling i 2017, og i tiden frem til dato for denne generalforsamlingen.
Styreleder mottar 400.000 opsjoner, mens andre styremedlemmer mottar 50.000 opsjoner hver. Hver opsjon gir rett til en aksje med innløsningskurs NOK 6,50. Innløsningskursen skal justeres tilsvarende et beløp betalt per aksje av utbytte eller annen tilbakebetaling av kapital betalt etter dato for generalforsamlingen. Opptjeningsperioden er frem til ordinær generalforsamling i 2020. Opsjonene må utøves innen 5 år fra de blir utøvbare. Alle opsjoner akselereres og blir utøvbare ved gjennomføring av (i) salg av det meste av eiendeler og forpliktelser i Selskapet, (ii) avtale om fusjon hvor Selskapet ikke er overtakende selskap, og (iii) frivillig eller pliktig tilbud etter verdipapirhandelloven.
Innstillingen fra Selskapets valgkomité er tatt inn Vedlegg5.
In accordance with § 7 of the articles, the nomination committee has submitted its proposal for remuneration to the board members and members of board committees, see Appendix 5. The Committee's proposal means a recommendation for the following proposed resolution:
The general meeting approves the following remuneration for the board members and members of board committees for the period from the ordinary general meeting in 2019 to the ordinary general meeting in 2020: The chairperson of the board NOK 400,000, independent board members NOK 250,000 each, chairperson of the audit committee NOK 50,000 and members of the audit committee NOK 30,000 each.
In addition, a fee of NOK 500.000 is paid out to Torstein Sanness for extensive work done by him for the Company since joining the Board of Directors at the AGM of 2017 and up to the date of this general meeting.
The chairperson of the board shall be granted 400,000 options, whereas each other board member shall be granted 50,000 options. Each option gives the right to receive one share with strike NOK 6.50. The strike price shall be adjusted with an amount paid each share of dividend or other repayments of capital paid after the date of the general meeting. The vesting period is up the ordinary general meeting in 2020. Exercisable options must be exercised within 5 years from they vest. All options accelerate and become exercisable in case of completion of (i) a sale of a substantial part of the Company's assets and liabilities, (ii) a merger in which the Company is not the surviving entity, and (iii) voluntary or mandatory public offer pursuant to the Norwegian Securities Trading Act.
The recommendation by the nomination committee is included in Appendix 5.
Styret forslår at generalforsamlingen treffer følgende beslutning:
Revisors honorar på NOK 456.000 eks. mva for revisjonen av årsregnskapet for 2018, samt NOK 117.000 eks. mva for revisjonsrelaterte tjenester, totalt NOK 573.000 eks. mva, godkjennes.
I samsvar med vedtektenes § 7 har Selskapets valgkomité fremmet forslag til styremedlemmer, se Vedlegg 5. Forslaget innebærer gjenvalg av styrets medlemmer for ett år.
I samsvar med prinsipper for corporate governance vil det stemmes separat over hver kandidat.
I samsvar med vedtektenes § 7 har Selskapets valgkomite fremmet forslag til medlemmer av valgkomiteen, se Vedlegg 5. Forslaget innebærer gjenvalg av komiteens medlemmer for ett år.
I samsvar med prinsipper for corporate governance vil det stemmes separat over hver kandidat.
På den ekstraordinære generalforsamlingen avholdt 18. desember 2018, ble styret gitt fullmakt til å gjennomføre tilbakekjøp av Selskapets egne aksjer med samlet pålydende på inntil NOK 7.838.442, tilsvarende ca. 10 % av Selskapets aksjekapital.
The board proposes that the general meeting passes the following resolution:
The remuneration to the auditor of NOK 456,000 ex. VAT for the audit of the 2018 annual accounts, and NOK 117,000 ex. VAT for audit related services, NOK 573,000 ex. VAT in total, is approved.
In accordance with § 7 of the articles, the nomination committee has submitted its proposal for board members, see Appendix 5. The proposal is to re-elect the current board members for one year.
In accordance with principles for corporate governance, votes will be cast separately for each candidate.
In accordance with § 7 of the articles, the nomination committee has submitted its proposal for members to the nomination committee, see Appendix 5. The proposal is to re-elect the current members for one year.
In accordance with principles for corporate governance, votes will be cast separately for each candidate.
At the extraordinary general meeting held on 18 December 2018, the board was authorised to acquire treasury shares with an aggregate par value of up to NOK 7,838,442, equivalent to approximately 10% of the Company's share capital.
Den 16. januar 2019 annonserte styret et tilbakekjøpsprogram med varighet fra 16. januar til 24. april 2019, likevel slik at Selskapet sto fritt til å kansellere eller suspendere programmet til enhver tid, se børsmelding tilgjengelig på
https://newsweb.oslobors.no/message/467555. Under tilbakekjøpsprogrammet ervervet Selskapet totalt 20.301 egne aksjer, med samlet pålydende på NOK 30.248,49, tilsvarende 0,0004 % av Selskapets aksjekapital.
Styret foreslår at det gjennomføres en kapitalnedsettelse ved innløsning av samtlige aksjer ervervet av Selskapet under tilbakekjøpsprogrammet. Forslaget er begrunnet med at Selskapet har en forsvarlig egenkapital i lys av hva som er nødvendig ut fra Selskapets forpliktelser og allmennaksjelovens krav, og at Selskapet ønsker å være i stand til å erverve ytterligere egne aksjer under mulige nye tilbakekjøpsprogram.
Det vil være full dekning for gjenværende bunden egenkapital etter kapitalnedsettelsen, jf. asal. § 12-2 (2), og revisors bekreftelse inntatt i Vedlegg 4. Videre vurderer styret det slik at Selskapet, etter kapitalnedsettelsen, fortsatt vil ha en forsvarlig egenkapital og likviditet, jf. asal. § 3-4.
Styret forslår at generalforsamlingen treffer følgende beslutning:
On 16 January 2019, the board launched a share buy-back program with term from 16 January to 24 April 2019, however with a right for the Company to close or suspend the program at any time as further set out in the stock exchange notice available at
https://newsweb.oslobors.no/message/467555. Under the program, the Company acquired a total of 20,301 treasury shares, with an aggregate par value of NOK 30,248.49, equivalent to 0.0004% of the Company's share capital.
The board proposes to carry out a capital decrease by redemption of all treasury shares acquired by the Company under the share buy-back program. The basis for the proposal is that the Company's share capital and equity are adequate with respect to the Company's obligations and the requirements pursuant to the NPLCA, and that the Company wishes to be able to acquire further treasury shares in potential buy-back programs.
It will be full coverage for remaining restricted equity after the capital decrease, cf. section 12-2 (2) of the NPLCA and the auditor's confirmation included in Appendix 4. Further, the board is of the opinion that the Company, after the capital decrease, still will have a sound equity and liquidity, cf. NPLCA section 3-4.
The board proposes that the general meeting passes the following resolution:
Styrefullmakten til å gjennomføre tilbakekjøp av Selskapets egne aksjer som nevnt under sak 14 over, utløper ved ordinær generalforsamling i 2019.
Styret foreslår at det gis ny fullmakt for tilbakekjøp av aksjer som erstatter nevnte fullmakt og som utløper ved ordinær generalforsamling i 2020, dog slik at bruk av egne aksjer også skal omfatte å levere aksjer i henhold til forpliktelser tilknyttet utstedte opsjoner.
Bakgrunnen for at det bes om en slik fullmakt er at styret fortsatt skal ha muligheten til å benytte seg av de mekanismer som allmennaksjeloven gir anledning til når det gjelder distribusjon av kapital til Selskapets aksjeeiere.
På denne bakgrunnen foreslår styret at generalforsamlingen treffer følgende beslutning:
The board authorisation to acquire treasury shares as described under item 14 above, expires at the annual general meeting in 2019.
The board proposes that the general meeting grants the board a new authorisation for buy-back of treasury shares which shall replace said authorisation and have term until the annual general meeting in 2020, however so that use of treasury shares also shall cover delivery of shares in accordance with obligations under issued options.
The basis for the proposed authorisation is to enable the board the possibility to utilise the mechanisms pursuant to the NPLCA as regards distribution of capital to the Company's shareholders.
On this basis, the board proposes that the general meeting passes the following resolution:
5. Denne fullmakten erstatter fullmakten for tilbakekjøp av aksjer som ble gitt av generalforsamlingen den 18. desember 2018 ved registrering i Foretaksregisteret.
Styret foreslår at generalforsamlingen beslutter å nedsette Selskapets aksjekapital med NOK 52.586.698, fra NOK 78.354.180,51 til NOK 25.767.482,51, ved nedsetting av aksjenes pålydende fra NOK 1,49 til NOK 0,49, hvor kapitalnedsettelsen i sak 14 antas vedtatt.
Forslaget innebærer en utbetaling til aksjeeierne på NOK 1,00 per aksje og er i tråd med Selskapets kommuniserte strategi om å returnere kapital til aksjeeierne i Selskapet.
Det vil være full dekning for gjenværende bunden egenkapital etter kapitalnedsettelsen, jf. asal. § 12-2 (2), og revisors bekreftelse inntatt i Vedlegg 4. Videre vil Selskapet, etter kapitalnedsettelsen, fortsatt ha en forsvarlig egenkapital og likviditet, jf. asal. § 3-4.
Selskapet vil gi ytterligere informasjon om tidsplan for gjennomføring av kapitalnedsettelsen og nøkkelinformasjon (herunder ex-dato) i forbindelse med utløpet av kreditorfristperioden. Utdelingen vil tilfalle aksjonærer på dato når Selskapet etter utløpet av kreditorfristen melder gjennomføring av kapitalnedsettelsen til Foretaksregisteret.
Styret forslår at generalforsamlingen treffer følgende beslutning:
1. Selskapets aksjekapital settes ned med NOK 52.586.698, fra NOK 78.354.180,51 til NOK 25.767.482,51, ved nedsetting av aksjenes pålydende fra NOK 1,49 til NOK
5. This authorisation replaces the authorisation for buy-back of treasury shares as granted by the general meeting on 18 December 2018 when registered with the Register of Business Enterprises.
The board proposes that the general meeting resolves to decrease the Company's share capital by NOK 52,586,698, from NOK 78,354,180.51 to NOK 25,767,482.51, by reducing the par value of each share from NOK 1.49 to NOK 0.49, where the capital reduction in item 14 is assumed approved.
The proposal will result in a distribution to the shareholders of NOK 1.00 per share and is in line with the Company's stated aim of returning capital to its shareholders.
It will be full coverage for remaining restricted equity after the share capital decrease, cf. section 12-2 (2) of the NPLCA and the auditor's confirmation included in Appendix 4. Further, the Company will, following the capital decrease, still have a sound equity and liquidity, cf. section 3-4 of the NPLCA.
The Company will provide further information on the timeline for the share capital decrease and key date information (including ex-date) in connection with the expiry of the statutory creditor notice period. The reduction amount will be paid for shareholders at the date when the Company after the expiry of the creditor notice period files for completion of the share capital decrease with the Norwegian Register of Business Enterprises.
The board proposes that the general meeting passes the following resolution:
1. The Company's share capital is decreased by NOK 52,586,698, from NOK 78,354,180.51 to NOK 25,767,482.51, by reducing the par value of each share from NOK 1.49 to NOK 0.49.
0,49.
Selskapet har som målsetting å dele ut periodevis utbytte til aksjeeierne, se https://magnoraasa.com/corporategovernance/equity-and-dividend/.
For å tilrettelegge for slike utdelinger, foreslår styret at generalforsamlingen treffer følgende beslutning:
2. Ved bruk av fullmakten skal styret sikre at beslutning er i tråd med Selskapets vedtatte utbyttepolitikk. Styret skal før hvert vedtak om godkjenning av utbetaling av utbytte vurdere om Selskapet, etter utbytteutbetalingen, vil ha forsvarlig egenkapital og likviditet.
2. The reduction amount of NOK 52,586,698 (NOK 1 per share) shall be distributed to the shareholders, cf. section 12-1 (1) no. 2 of the NPLCA. The amount to be distributed shall in its entirety be drawn from the Company's taxrelated paid in capital.
The Company aims to distribute dividend to the shareholders on a regular basis, please see https://magnoraasa.com/corporategovernance/equity-and-dividend/.
To facilitate such distributions, the board proposes that the general meeting passes the following resolution:
3. Fullmakten gjelder frem til ordinær generalforsamling i 2020, likevel senest frem til 30. juni 2020.
Etter gjennomføringen av transaksjonen med Sembcorp Marine Integrated Yard Pte. Ltd. i september 2018 har Selskapet ikke lenger noen aktiv virksomhet i Arendal. Styret forslår derfor at generalforsamlingen treffer beslutning om å utvide Selskapets vedtektsfestede formål og å endre registrert kommune. Styret foreslår følgende beslutning:
Vedtektene § 2, § 3 og § 6 endres som følger (endringer viser forskjell fra dagens vedtekter):
§ 2 Selskapets forretningskontorer er i Arendal Oslo kommune.
Selskapets formål er å drive industri, handel og virksomhet knyttet til energi, IT og råvarer, tilby produkter og tjenester til energi-, offshoreog oljeserviceindustrien, og næringssektorer direkte eller indirekte knyttet til dette, samt investeringer i og erverv av virksomheter, verdipapirer, finansielle instrumenter og andre eiendeler og deltakelse i annen virksomhet direkte eller indirekte knyttet til dette.
Generalforsamling kan også avholdes i Oslo eller Bærum kommune. Styret kan beslutte at dokumenter som gjelder saker som skal behandles på generalforsamlingen, ikke sendes til aksjeeierne når disse gjøres tilgjengelig på selskapets internettsider. Dette gjelder også dokumenter som etter lov skal inntas i eller
3. The authorisation shall be valid until the annual general meeting in 2020, and will in all cases lapse on 30 June 2020.
Following completion of the transaction with Sembcorp Marine Integrated Yard Pte. Ltd. in September 2018, the Company does not have any active business in Arendal. Thus, the board proposes that the general meeting passes a resolution to expand on the objectives clause and amend the registered municipality set out in the articles of association. The board proposes the following resolution:
The articles of association § 2, § 3 § 6 are amended as follows (changes show differences from the current articles of association):
The Company's registered offices are in the municipality of Arendal Oslo.
The objective of the Company is the conduct of industry, trade and business associated with energy, IT and commodities to offer products and services to the energy; offshore and oil services industry, and sectors directly or indirectly related to these, in addition to investments in and acquisitions of businesses, securities, financial instruments and other assets, and participating in other businesses, directly or indirectly linked to these.
General meetings may also be held in Oslo or Bærum municipality. The Board of Directors may decide that documents concerning matters to be considered at the General Meeting are not to be sent to shareholders when the documents are made available on the Company's website. This also applies to documents which by law shall be
vedlegges innkallingen til generalforsamlingen. En aksjeeier kan likevel kreve å få tilsendt dokumenter som gjelder saker som skal behandles på generalforsamlingen.
Styret er av den oppfatning at Selskapet bør være i stand til å reagere raskt på muligheter i markedet, og det kan betinge mulighet til å utstede nye aksjer på kort frist. Styret foreslår derfor at generalforsamlingen gir styret fullmakt til å utstede nye aksjer tilsvarende opp til 30% av aksjekapitalen på tidspunktet for generalforsamlingen. For å kunne oppnå formålet med fullmakten foreslår styret videre at eksisterende aksjonærers fortrinnsrett kan fravikes. Styret foreslår følgende vedtak:
enclosed in or attached to the notice of a General Meeting. Shareholders may nonetheless request that documents concerning matters to be considered at the General Meeting be submitted to them.
The board is of the view that the Company should be capable of reacting quickly to opportunities in the market, which may signify that the possibility to issue new shares on short notice. The board thus proposed that the general meeting grants the board the authority to issue new shares equal to up to 30% of the share capital as at the date of the general meeting. In order to achieve the purpose of the authority, the board proposes that existing shareholders' preemptive rights to subscribe new share may be set aside. The board proposes the following resolution:
Styret er av den oppfatning at det behøves insentiver for å tiltrekke seg og å beholde nøkkelpersonell, det være seg ansatte, konsulenter eller andre som er tilknyttet Selskapet. Styret foreslår derfor at generalforsamlingen vedtar et opsjonsprogram som begrenses til maksimalt 1,5 millioner opsjoner (som utgjør ca 2,8% av dagens antall aksjer), og som utløper om ett år. Styret foreslår at generalforsamlingen fatter følgende vedtak:
7. The authorization does include decision on merger.
The board is of the view that incentives are needed to attract and keep key personnel, whether this is employees, consultants or others elated to the Company. The board thus proposes that the general meeting approves an option program which is limited to a maximum of 1.5 million options (which represent approximately 2.8% of the current number of shares), and which expires in a year. The board proposes that the general meeting passes the following resolution:
overtakende selskap, og (iii) frivillig eller pliktig tilbud etter verdipapirhandelloven.
is not the surviving entity, and (iii) voluntary or mandatory public offer pursuant to the Norwegian Securities Trading Act.
Ref no: PIN code:
An ordinary general meeting in Magnora ASA will be held on Tuesday, 21 May 2019 at 10:00 (CET) at the offices of the Company at Lysaker Torg 12, NO-1366 Lysaker, Norway.
Registration deadline: 16 May 2019 at 17:00 (CET)
The undersigned will attend the ordinary general meeting on 21 May 2019 and cast votes for:
own shares.
To access the electronic system for notification of attendance through the company's website, the above mentioned reference number and PIN code must be stated. Shareholders who have chosen electronic communication (via VPS Investor Services) will not receive PIN and reference number, and can only give notice through VPS Investor services.
Notice of attendance may also be sent to Nordea Bank Abp, norsk filial. E-mail address: [email protected] / Postal address: Nordea Bank Abp, norsk filial, Client Relations NO, P.O. Box N-1166 Sentrum, N-0107 Oslo, Norway. The notice of attendance should be received by 16 May 2019 at 17:00 (CET).
If the shareholder is a company, please state the name of the individual who will be representing the company: ______________________________
| Place | Date | Shareholder's signature |
|---|---|---|
Proxy without voting instructions for ordinary general meeting of Magnora ASA If you are unable to attend the meeting, you may grant proxy to another individual.
| Ref no: | PIN code: | |
|---|---|---|
| Proxy can be submitted electronically through https://magnoraasa.com/ or via VPS Investor Services. | ||
| To access the electronic system for granting proxy through the company's website, the above mentioned reference number and PIN code must be stated. | ||
| Shareholders who have elected electronic communication (via VPS Investor Services) will not receive PIN and reference numbers, and can only give proxy via | ||
| VPS Investor Services. | ||
| Proxy may also be sent to Nordea Bank Abp, norsk filial. E-mail address: [email protected] (scanned form)/ Postal address: Nordea Bank Abp, norsk filial, Client | ||
| Relations NO, P.O. Box N-1166 Sentrum, N-0107 Oslo, Norway. | ||
| If you send the proxy without naming the proxy holder, the proxy will be deemed given to the chairman of the board of directors or an individual authorised by him. | ||
| This proxy should be received within 16 May 2019at 17:00 (CET). | ||
| The undersigned hereby grants (tick one of the two) |
the chairman of the board of directors (or a person authorised by him), or
_____________________________________________
name of proxy holder (in capital letters)
proxy to attend and vote for my/our shares at the ordinary general meeting of Magnora ASA on 21 May 2019.
Place Date Shareholder's signature (Only for granting proxy)
With regards to your right to attend and vote, reference is made to the Norwegian Public Limited Liability Companies Act, in particular Chapter 5. If the shareholder is a company, the company's certificate of registration must be attached to the proxy.
If you are unable to attend the meeting in person, you may use this proxy form to give voting instructions.
Proxies with voting instructions can only be registered by Nordea Bank Abp, norsk filial. E-mail address: [email protected] (scanned form)/ Postal address: Nordea Bank Abp, norsk filial, Client Relations NO, P.O. Box N-1166 Sentrum, N-0107 Oslo, Norway. The form should be received by Nordea Bank Abp, norsk filial no later than 16 May 2019 at 17:00 (CET).
If you leave the "Name of the proxy holder" blank, the proxy will be deemed given to the chairman of the board of directors, or an individual authorised by him.
hereby grants (tick one of the two)
the chairman of the board of directors (or a person authorised by him), or
____________________________________
name of proxy holder (in capital letters)
proxy to attend and vote for my/our shares at the ordinary general meeting of Magnora ASA on 21 May 2019.
The votes shall be exercised in accordance to the instructions below. If the sections for voting are left blank, this will be deemed as an instruction to vote in favour of the board's proposed resolutions. However, if any motions are made from the attendees in addition to or in replacement of the proposals in the notice, the proxy holder may vote at his or her discretion. If there is any doubt as to how the instructions should be understood, the proxy holder may abstain from voting.
| Agenda for the ordinary general meeting on 21 May 2019 | For | Against | Abstention |
|---|---|---|---|
| Item 2: Election of a chair of the meeting and a person to co-sign the minutes | | | |
| Item 3: Election of a person to co-sign the minutes | | | |
| Item 4: Approval of the notice and the proposed agenda | | | |
| Item 6: Approval of the 2018 annual accounts and the board's report for Magnora ASA and the group | | | |
| Item 7: Election of members to the nomination committee, item (a) Advisory Guidelines | | | |
| Item 7: Election of members to the nomination committee, item (b) Binding Guidelines | | | |
| Item 9: Remuneration to members of the board, the audit committee and the compensation committee | | | |
| Item 10: Remuneration to members of the nomination committee | | | |
| Item 11: Approval of the auditor's remuneration for 2018 | | | |
| Item 12: Election of members to the board | |||
| Item 12A: Election of Torstein Sanness as chairperson | | | |
| Item 12B: Election of John Hamilton as member | | | |
| Item 12C: Election of Hilde Ådland as member | | | |
| Item 13: Election of members to the Nomination Committee | |||
| Item 13A: Election of Fredrik D. Sneve as chairperson | | | |
| Item 13B: Election of Tom Olav Holberg as member | | | |
| Item 13C: Election of Kristoffer Andenæs as member | | | |
| Item 14: Redemption of treasury shares | | | |
| Item 15: Continuation of authorisation to the board to acquire treasury shares | | | |
| Item 16: Share capital decrease with distribution to shareholders | | | |
| Item 17: Authorisation to the board to resolve distribution of dividend | | | |
| Item 18: Change of the Company's registered objective and municipality with accompanying amendments to the articles of association |
| | |
| Item 19: Board authorisation to issue new shares | | | |
| Item 20: Option program | | | |
Place Date Shareholder's signature (Only for granting proxy with voting instructions)
With regards to your right to attend and vote, reference is made to the Norwegian Public Limited Liability Companies Act, in particular Chapter 5. If the shareholder is a company, the company's certificate of registration must be attached to the proxy.
On the date of the notice of the general meeting, 52,606,999 shares are issued in the Company. The Articles of Association do not contain any restrictions to the voting rights. Each share carries one vote at the general meeting.
A shareholder is entitled to vote for the number of shares it holds, which are registered on an account with the Norwegian Central Security Depositary (VPS), and which belongs to the shareholder at the time of the general meeting. If a shareholder has acquired shares and the acquisition has not been registered with the VPS at the time of the general meeting, the right to vote for the shares acquired may only be exercised by the acquirer if a notification of the acquisition has been submitted to VPS and is documented at the general meeting. Moreover, in the event of an assignment of shares, the acquirer and the seller may agree that the seller may exercise the rights as shareholder until such rights are transferred to the acquirer.
With respect to custodian registered shares, it is the Company's view that neither the actual holder nor the custodian is entitled to vote for such shares. Decisions regarding voting rights for shareholders and proxy holders are made by the person opening the meeting, whose decisions may be reversed by the meeting by simple majority vote.
Shareholders cannot require that any further items are to be included in the agenda, as the time limit for such request has expired, cf. § 5-11 second paragraph of the Public Limited Liability Companies Act.
A shareholder has the right to present a proposal for resolution in matters to be considered by the general meeting.
A shareholder may require that the board members and the CEO present available information on matters that may affect the assessment of:
If information must be provided, to the effect that no response may be given at the general meeting, a written response must be prepared within two weeks after the meeting. The response shall be available for the shareholders at the offices of the Company, and shall be submitted to each shareholder who has requested such information.
If the response is considered as being of material importance to the assessment of matters as mentioned in the preceding paragraph, the response must be submitted to all shareholders with known address.
Shareholders who wish to attend the general meeting, either in person or by proxy, are asked to register attendance by submitting the enclosed notice of attendance by e-mail to [email protected], by mail to Nordea Bank Abp, norsk filial, Client Relations NO, P.O. Box NO-1166 Sentrum, NO-0107 Oslo, Norway. Registration may also be made electronically via VPS Investortjenester or https://magnoraasa.com/. The pin code sent to the shareholders must be stated in the event of electronic registration.
It is asked that such notification of attendance is submitted electronically, or by mail, to the effect that it is received by 16 May 2019, at 17:00 (CET).
A shareholder, who does not attend the general meeting in person, may elect to participate by proxy at its discretion.
Enclosed this notice of meeting is a form for granting proxy, which may be sent by e-mail to [email protected]; by mail to Nordea Bank Abp, norsk filial, Client Relations NO, P.O. Box NO-1166 Sentrum, NO-0107 Oslo, Norway.
A proxy may also be granted electronically via VPS Investortjenester or https://magnoraasa.com/. The pin code sent to the shareholders must be stated when the proxy is submitted electronically. The form of proxy may also be brought to the general meeting. If no names have been indicated on the proxy form, the proxy is deemed to be granted to the Chairperson of the Board of Directors or his deputy. Identification documents for the attorney and the beneficial holder of the shares must be enclosed to the proxy form, as well as a Certificate of Registration in the event the beneficial holder is a legal person.
It is requested that the proxy be submitted electronically or sent to the effect that it will be received by 16 May 2019, at 17:00 (CET).
A shareholder may grant proxy to the chairman of the Board, or a person appointed by him, or to the CEO.
Pursuant to the Norwegian Securities Trading Act a shareholder's voting rights for shares which may be exercised based on a proxy (without instructions) shall be taken into account at the calculation of his shareholding in the Company. The thresholds for disclosure are 5%, 10%, 15%, 20%, 25%, 1/3, 50%, 2/3 and 90%.
Magnora ASA has established routines for counting the proxies for the period from the notice of meeting was submitted until the general meeting is held, and will try to immediately notify the relevant shareholder, who, based on proxy, attains or passes a disclosure threshold. The Company's routines for counting are, however, dependent on the Company being advised as to any group with which the shareholder may be consolidated. We therefore request the shareholders to notify Investor Relations Coordinator; Cecilie Wiese-Hansen (e-mail: [email protected]) of any consolidations that may be of importance to the shareholder's duty of disclosure.
The following documents, published in connection with notice of the ordinary general meeting to be held on 21 May 2019, are available on the Company's website; https://magnoraasa.com/:
In accordance with section 7 of the Articles of Association, a Nomination Committee was elected at the Company's Extraordinary General Meeting (EGM) on December 18, 2018 consisting of:
| Fredrik D. Sneve | - | Chairman |
|---|---|---|
| Tom Olav Holberg | - | Member |
| Kristoffer Andenæs | - | Member |
All members of the Nomination Committee were appointed for a period until the AGM in 2019, and are therefore up for election.
The mandate of the Nomination Committee is to propose candidates for the Board of Directors to be elected by the shareholders and the Nomination Committee, and to propose the remuneration of the Board of Directors.
Since the EGM on December 18, 2018, the Board has consisted of the following shareholder elected directors:
| Torstein Sanness | - | Chairman |
|---|---|---|
| John Hamilton | - | Board member |
| Hilde Aadland | - | Board member |
All members of the Board of Directors were appointed for a period until the AGM in 2019, and are therefore up for election. Torstein Sanness has been a member of the board since 2017, John Hamilton since 2018, and Hilde Aadland since 2018.
In connection with the preparation of this proposal, the Nomination Committee has held meetings with board members, and been in dialogue with larger shareholders.
Through its work, the Nomination Committee has been able to establish satisfaction with the composition and competence of the board of directors. All current, permanent members of the board have accepted to be available for re-election.
With reference to the above, the Nomination Committee proposes the following shareholder elected directors for the period until the AGM in 2020:
| Torstein Sanness | - | Chairman | (re-elected) |
|---|---|---|---|
| John Hamilton | - | Board member (re-elected) | |
| Hilde Aadland | - | Board member (re-elected) |
Information about Board members proposed by the Nomination Committee for re-election is available at the Company's web pages www.magnoraasa.com.
The Nomination Committee notes that the composition of the proposed Board of Directors complies with recommendations and requirements pertaining to continuity, independence, professional competence (including qualifications for establishing an Audit Committee) and gender diversity.
The Nomination Committee recommends that those members of the board elected at the forthcoming AGM, are elected for a period until the AGM in 2020.
The AGM in 2018 determined the remuneration of the Board of Directors for the forthcoming election period until the AGM in 2019 as follows:
| Board's Chairman | NOK 400,000 | |
|---|---|---|
| Independent Board members | NOK 250,000 | |
| Chair Audit Committee | NOK | 50,000 |
| Member Audit Committee | NOK | 30,000 |
The Nomination Committee recommends to continue the practice of determining Board remuneration for the forthcoming election period, to be paid in quarterly installments.
Note that John Hamilton only has served as member of the board since the EGM on December 2018, and will be paid according to the time served on a pro-rata basis since the date of the EGM.
Considering the Company's present situation, the Nomination Committee will not propose any increase in Board fees for the coming period. Board fees for independent directors have thus been kept at the same level since 2013. The compensation committee and ethics committee have also been terminated by the current board. Thus, total fees have been reduced as a result of this. The number of board members have also been reduced since the previous AGM in 2018, which also reduce the total costs of the board of directors. For the coming period, it is proposed that all elected members receive the same remuneration. Board committee fees are also proposed to be kept at the same level as for the preceding period.
Accordingly, the Nomination Committee proposes that the General Meeting approves the following Board remuneration for the period from the AGM in 2019 until the AGM in 2020:
| Board's Chairman | NOK 400,000 | |
|---|---|---|
| Independent Board members | NOK 250,000 | |
| Chair Audit Committee | NOK | 50,000 |
| Member Audit Committee | NOK | 30,000 |
In addition to the renumeration to the board, the nominating committee would like to propose a new stock option program to members of the board. First and foremost the intention of the program is, given the status of the corporate development of Magnora, is to incentives the board to maximise shareholder value creation. The proposal is to award 400.000 share options to Chairman Torstein Sanness, and 50.000 share options to the other board members. The proposed strike price is set at 6.5 NOK per share, which is the average closing price of Q1 2019. The proposed vesting period until the date of the general meeting in 2020, with a 5 year duration of the options.
In addition, a fee of 500.000 NOK is proposed to be paid out to Torstein Sanness for extensive work done by him since joining the Board of Directors at the AGM of 2017 and up to this date. At the AGM in 2017, the Company was encouraged by the participants at the AGM, to utilize Torstein Sanness in the daily activities of the company in order to support the management and board of the company. The actual work performed by Torstein Sanness has been extensive related to the operations and strategic development of the Company, and related to the asset sales in 2018. Since becoming Chairman of the Board, he has operated as an Executive Chariman. In order to compensate for the extensive work in this period of time, which has contributed positively to the development of the Company, such additional fee is proposed.
Following dialogue with the Company's largest shareholders, the Nomination Committee proposes that all residing members of the committee are re-elected for a period of one year. This gives the following composition of the Nomination Committee for the period until the AGM in 2020:
| Fredrik D. Sneve | - | Chairman |
|---|---|---|
| Tom Olav Holberg | - | Member |
| Kristoffer Andenæs | - | Member |
Based on the Nomination Committee's work in the period from the EGM in 2018, hereunder the character of and time spent on the assignment (cf. the Norwegian Code of Practice for Corporate Governance section 7), the remuneration to members of the Nomination Committee is proposed to be determined as follows for the period until the AGM in 2019:
| Fredrik D. Sneve(Chairman) | NOK 50,000 |
|---|---|
| Tom Olav Holberg (Member) | NOK 40,000 |
| Kristoffer Andenæs (Member) | NOK 40,000 |
* * *
April 8, 2019
Fredrik D. Sneve Tom Olav Holberg Kristoffer Andenæs (sign.) (sign.) (sign.)
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