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Stock Exchange Release

Decisions taken at Cargotec Corporation's Annual General Meeting

3/8/2011

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 8 MARCH 2011 AT 14:20 PM EET

 

 

Cargotec Corporation's Annual General Meeting was held today, 8 March 2011 in Helsinki.

 

The Annual General Meeting approved a dividend of EUR 0.60 per each of class A shares and EUR 0.61 per each of class B shares outstanding be paid. The dividend will be paid to shareholder who on the record date for dividend distribution, 11 March 2011, is registered as shareholder in the company's share register. The dividend payment date is 18 March 2011.

 

The meeting approved the financial statements and consolidated financial statements. The meeting granted discharge from liability to the President and CEO and the members of the Board of Directors for the accounting period 1 January-31 December 2010.

 

The number of the members of the Board of Directors was confirmed at seven. Tapio Hakakari, Ilkka Herlin, Peter Immonen, Karri Kaitue, Antti Lagerroos, Teuvo Salminen and Anja Silvennoinen were re-elected to the Board of Directors. The meeting decided the yearly remuneration for the Board of Directors as follows: EUR 80,000 for the Chairman, EUR 55,000 for the Vice Chairman and EUR 40,000 for the other Board members. In addition, it was decided that members receive EUR 500 for attendance at Board and Committee meetings. The meeting decided that 30 percent of the yearly remuneration of the members of the Board will be paid in Cargotec's class B shares and the rest in cash.

 

The Annual General Meeting re-elected authorised public accountants Johan Kronberg and PricewaterhouseCoopers Ltd as auditors. The auditors' fees were decided to be paid according to invoice.

 

The Annual General Meeting authorised the Board of Directors to decide on the repurchase of own shares with non-restricted equity. The shares may be repurchased in order to develop the capital structure of the company, to finance or carry out possible acquisitions, to implement the company's share-based incentive plans, to be transferred for other purposes or to be cancelled. Altogether no more than 6,400,000 own shares may be purchased, of which no more than 952,000 are class A shares and 5,448,000 are class B shares. The authorisation shall remain in effect for a period of 18 months from the resolution by the Annual General Meeting.

 

The Annual General Meeting authorised the Board to decide on issuance of a maximum of 6,400,000 treasury shares, of which no more than 952,000 are class A shares and 5,448,000 are class B shares, in one or more lots. The share issue can be directed and it is to be used to as compensation in acquisitions and in other arrangements, to finance acquisitions or for personnel incentive purposes. The Board of Directors has also the right to decide on the transfer of the shares in public trading on NASDAQ OMX Helsinki Ltd. according to its rules and regulations. The Board of Directors was authorised to decide on other conditions of the share issue. The authorisation shall remain in effect for a period of 18 months from the date of decision of the Annual General Meeting.

 

The Annual General Meeting decided to amend Cargotec's Articles of Association so that the notice of shareholders' meeting must be published on the company's website, no earlier than three months prior to the record date of the meeting and no later than three weeks prior to the meeting, provided that the date of the publication must be at least nine days before the record date of the meeting.

 

For further information please contact:
Outi Aaltonen, Senior Vice President, General Counsel, Secretary of the Board, tel. +358 204 55 4249
Eeva Sipilä, CFO, tel. +358 204 55 4281
Anne Westersund, Vice President, Communications and Marketing, tel. +358 204 55 4460

 

 

Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 2.6 billion in 2010 and it employs approximately 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com