AGM Information • Apr 18, 2013
AGM Information
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Stockholm, Sweden,18 April 2013
The Annual General Meeting of Björn Borg AB was held at 5 pm on 17 April, 2013 at the company's offices in Stockholm.
The Annual General Meeting adopted the income statement and balance sheet, the consolidated income statement and the consolidated balance sheet for the year 2012. The Annual General Meeting resolved that no dividend be paid to the shareholders for the year 2012. Instead of a dividend, the Annual General Meeting resolved on a share redemption program as set out below.
The Annual General Meeting resolved to re-elect the Directors Kerstin Hessius, Fredrik Lövstedt, Mats H Nilsson, Vilhelm Schottenius and Michael Storåkers and new election of Isabelle Ducellier. Fabian Månsson have declined re-election. The Meeting resolved to re-elect Fredrik Lövstedt as Chairman of the Board of Directors. Further the Meeting resolved that the remuneration to the Chairman and other Directors is unchanged. It means that Chairman of the Board is to receive SEK 325,000 and other Directors SEK 125,000 each. The Meeting also decided that remuneration for committee work shall be unchanged and is to be paid with SEK 15,000 to each of the members of the remuneration committee and SEK 25,000 to the chairman of the committee, and SEK 50 000 to each of the members of the audit committee and SEK 75,000 to the chairman of the committee.
The Annual General Meeting resolved to re-elect Deloitte AB for the period until the end of the next Annual General Meeting. The Meeting also decided that fair remuneration to the auditors shall be paid on approved accounts.
The Annual General Meeting resolved on an automatic share redemption procedure, including a share split 2:1, in accordance with proposal by the Board of Directors. The proposal involves a distribution to the shareholders of SEK 3,00 per existing share. The Annual General Meeting authorized the Board of Directors to set the record date for the share split, which is estimated to occur 29 April 2013. Payment of the redemption amount is estimated to take place by 24 May 2013, through Euroclear.
In accordance with the proposal by the Board of Directors, the Annual General Meeting authorized the Board of Directors, until the next Annual General Meeting, to resolve on new issues of shares, warrants or convertibles on one or several occasions, with or without deviation from the shareholders' preferential rights. The reasons for deviating from the shareholders' preferential rights shall be to enable directed share issues for the purpose of acquisitions companies or businesses, in whole or in part, alternatively for raising capital to be used for such acquisitions.
The Meeting resolved in accordance with the Board of Directors' proposal regarding guidelines for remuneration to the executive management, comprising the managing director and the other individuals in the executive management.
The Annual General Meeting resolved in accordance with the nomination committee's proposal regarding the Nomination Committee.
The CEO presented the past year and answered questions.
Fredrik Lövstedt, Chairman of the Board, telephone: +46 708 59 54 80, [email protected] Arthur Engel, CEO, telephone +46 701 181 34 01, [email protected] Magnus Teeling, CFO, telephone +46 708 50 53 37, [email protected]
Björn Borg is required to make public the information in this press release in accordance with the Securities Market Act. The information was released for publication on 18 April, 2013 at 8 a.m. (CET).
The Group owns the Björn Borg trademark and its operations are focused on underwear. To that is offered sports wear and fragrances and through licensees also footwear, bags and eyewear. Björn Borg products are sold in around twenty markets, of which Sweden and Holland are the largest. The Björn Borg Group has operations at every level from branding to consumer sales in its own Björn Borg stores. Total sales of Björn Borg products in 2012 amounted to around SEK 1,6 billion, at the consumer level. Group net sales amounted to approximately SEK 551 million as per December 31, 2012, with 139 employees. The Björn Borg share is listed on the Nasdaq OMX Nordic in Stockholm since 2007.
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