Cargotec's Extraordinary Shareholders' Meeting Appoints a New Board of Directors
Cargotec's Extraordinary Shareholders' Meeting was held today on July 12, 2005 in Helsinki. The Meeting decided to confirm the number of members in the Board of Directors as six and appointed, according to the proposal of the Nomination Committee of the demerged KONE Corporation, the following members to the Board of Directors: Henrik Ehrnrooth, Tapio Hakakari, Antti Herlin, Ilkka Herlin, Peter Immonen and Karri Kaitue.
The Extraordinary Shareholders' Meeting authorized the Board of Directors of Cargotec to decide to repurchase the Company's own shares with assets distributable as profit. Own shares can be repurchased for use in possible acquisitions or in other arrangements as well as to develop the Company's capital structure. The maximum amount of repurchased own shares shall be less than ten percent of the Company's share capital and total voting rights. This corresponds to a maximum of 6,367,000 shares so that a maximum of 952,000 Class A shares and a maximum of 5,415,000 Class B shares can be repurchased. The repurchase authorization is in effect for one year from the date of the Meeting's decision.
In addition, the Extraordinary Shareholders' Meeting authorized the Board of Directors to decide to distribute any shares repurchased. The shares may be used as compensation in acquisitions or in other arrangements in the manner and to the extent decided by the Board of Directors. The Board of Directors was also granted the right to decide on the distribution of the shares at public trading as compensation in possible acquisitions. The authorization is limited to a maximum of 952,000 Class A shares and a maximum of 5,415,000 Class B shares repurchased by the Company. The authorization to distribute shares is in effect for a period of one year from the date of the Meeting's decision.