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RESOLUTIONS OF AFARAK GROUP'S ANNUAL GENERAL MEETING

14:00 London,  16:00 , - Afarak  ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)Helsinki29 May 2018Group Plc

 

RESOLUTIONS OF AFARAK GROUP'S ANNUAL GENERAL MEETING

 

Afarak  Group  Plc  ("Afarak"  or  the  "Company") (LSE: AFRK, NASDAQ: AFAGR) announces  that all  the resolutions  proposed at today's Annual General  Meeting  (the "AGM"), as published in the  invitation to the meeting on 8 May 2018, were passed.

 The  AGM  adopted  the  financial  statements  and  the  consolidated  financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial period 2017. The AGM resolved that no dividend would be paid for 2017.

 The AGM authorized the board of Directors to decide on its discretion on the distribution of assets from the invested unrestricted equity fund in quarter four 2018 as follows: The total amount of the capital redemption shall be a maximum of per share. The authorization is valid until the opening of the next Annual General Meeting. The Board of Directors can also decide not to use this authorization. The Board of Directors shall have a right to decide on other terms and conditions related to asset distribution.EUR 0.02

 

THE BOARD OF DIRECTORS

The  AGM  resolved  that  the  Board  of  Directors  would comprise of five (5) members:   Dr  ( citizen),  Mr Barry   Rourke (UK  citizen), Mr  Ivan Jakovcic  (Croatian citizen), Mr  (Norwegian citizen) and Mr (Luxembourg citizen) were re-elected.    Jelena ManojlovicThorstein AbrahamsenGuy KonsbruckUK

The AGM resolved the Chairman of the Board shall  be paid per month, the Chairman of the shall be paid ,550 and all Board Members are paid per month. Non-executive Board Members who serve on the Board's Committees shall be paid additional per month for committee work. Those members of the Board of Directors that are executives of the Company are not entitled to receive any remuneration for Board membership. Board Members shall be compensated for travel and accommodation expenses as well as other costs directly related to Board and Committee work in accordance with the company's travel rules.EUR 4,500EUR 5EUR 3,500EUR 1,500Audit and Risk Management Committee

 

THE AUDITOR

The  AGM resolved that the Company will  pay  the fee  to the auditor against an invoice  that is reviewed and approved by the Company and that according to the recommendation   by the  Audit Committee,  the Authorised Public Accountant Firm Ernst  & was re-elected as the Auditor of the Company. Ernst & Young Oy has  informed the Company that the  individual with the principal responsibility at , is Authorised Public Accountant Erkka Talvinko.Young OyErnst & Young Oy

 

SHARE ISSUE AND OTHER SPECIAL RIGHTS THAT ENTITLE TO SHARES

The  AGM resolved to authorize the Board  of Directors to issue shares and stock options  and other special rights that entitle to shares in one or more tranches up  to a maximum of  25,000,000 new shares or shares  owned by the Company. This equates to approximately 9.6 % of the Company's currently registered shares.

The authorization  may be used  among other  things to raise additional finance and enabling corporate and business acquisitions or other arrangements and investments of business activity or for employee incentive and commitment schemes. By virtue of the  authorization,  the  Board  of  Directors  can  decide both on share issues against  payment  and  on  share  issues  without  payment.  The  payment of the subscription  price can  also be  made with  consideration other than money. The authorization contains the right to decide on derogating from shareholders' pre- emptive  right to  share subscriptions  provided that  the conditions set in the Finnish Companies' Act are fulfilled.

 

The  authorization replaces  all previous  authorizations and  is valid  two (2) years from the decision of the Annual General Meeting.

 

ACQUIRING OF OWN SHARES

The  AGM resolved that the  Board of Directors would  be authorized to decide on the acquiring of company's own shares.

 

By  virtue of the authorization for the  acquisition of own shares, a maximum of 15,000,000 own  shares  could  be  acquired  with  the  funds from the Company's unrestricted  shareholders' equity, however, in such a way that the total number of  own shares, which the Company and  its subsidiaries have in their possession or  as a  pledge, does  not exceed  one tenth  of all  shares in accordance with Section  11 of Chapter 15 of the Finnish Companies Act. The authorization covers acquisition  of shares in public trade in and also outside of the  public trade. The compensation  paid for acquired shares  shall be based on the market value.NASDAQ Helsinki Oy

 

Derivative  contracts, share  loan agreements  or other  agreements may  be made within  laws  and  regulations  if  they  are  customary  to capital market. The authorization   entitles  the  Board  of  Directors  to  make  a  resolution  on acquisition  otherwise  than  in  the  relation  of  the  shares  owned  by  the shareholders (directed acquisition) according the preconditions set forth in the Companies Act.

 

The AGM resolved that the authorization concerning the acquisition of own shares would  among other things be used in developing the company's capital structure, in  financing and  executing corporate  acquisitions and  other arrangements, in executing  the  company's  share-based  incentive  systems or otherwise in being transferred  or  cancelled.  The  acquisition  of  shares  reduces the company's distributable non-restricted shareholders' equity.

 

The AGM resolved that the authorization replaces all previous authorizations and that it is valid 18 months as from the decision of the General Meeting

 

PROPOSAL TO CONDUCT A SPECIAL AUDIT

Joensuun Kauppa ja , , , , , Taloustieto Incrementum Ky, , Kari Kakkonen, , AJ Elite Value Hedge Sr, and who hold more than 10 % of the shares in the Company, proposed to the AGM that a special audit should be conducted regarding the administration and accounts of the Company for the accounting periods of 1.1.-31.12.2015, 1.1.-31.12.2016, 1.1.- and the accounting period from should be ordered, in accordance with Chapter 7, Section 7 of the Limited Liability Companies Act. According to the proposal, special audit should focus on operations of and its administration, and the legality of the operations should be clarified in the special audit, especially regarding and considering transactions made with the main shareholder, his controlled corporations and other parties and persons closely associated with him.Kone OyAfarakMarkku KankaalaEsa HukkanenPetri SuokasTomi HyttinenJuhani LemmettiAntti KivimaaAarne SimulaTimo Kankaala31.12.20171.1.2018 to 31.4.2018

 

The AGM considered the proposal, and as the shareholding of Joensuun Kauppa ja , , , , , Taloustieto Incrementum Ky, , Kari Kakkonen, , AJ Elite Value Hedge Sr, and exceeds 10%, the proposal was included in the meeting minutes. A shareholder may apply for a special audit from the of the company's domicile. The application must be done within one month after the AGM.Kone OyRegional State Administrative AgencyMarkku KankaalaEsa HukkanenPetri SuokasTomi HyttinenJuhani LemmettiAntti KivimaaAarne SimulaTimo Kankaala

 

THE MEETING OF THE BOARD OF DIRECTORS

Following  the  AGM,  the  Board  of  Directors  held a meeting in which Dr  was unanimously appointed as the Chairman. The Board Committees and their composition are as follows:Jelena Manojlovic

 

Audit Committee

, ChairpersonBarry Rourke

, MemberThorstein Abrahamsen

 

The Nomination and Remuneration committee

Ivan Jakovcic,Chairperson

, MemberBarry Rourke

, MemberJelena Manojlovic

 

and sustainable developmentThe Committee for Health Safety

, ChairpersonThorstein Abrahamsen

 

 

OTHER INFORMATION

Afarak  has,  on , a  total of 263,040,695 shares and votes and the Company holds in total 2,354,161 of its own shares in treasury.Group Plc29 May 2018

 

The  minutes of the Annual General Meeting  will be available on the internet at the Company's website at the latest on .www.afarakgroup.com12 June 2018

 

 

AFARAK GROUP PLC

Guy Konsbruck

CEO

 

For additional information, please contact:

 

 

Afarak Group Plc

 

Jean    Paul    Fabri, +356 2122 1566,[email protected]

 

Financial  reports and other investor information are available on the Company's

website: .www.afarak.com

 

Afarak  Group is a  specialist alloy producer  focused on delivering sustainable

growth  with a Speciality  Alloys business in  southern and a FerroAlloysEurope

business  in . The Company is  listed on NASDAQ Helsinki (AFAGR) andSouth Africa

the Main Market of the (AFRK).London Stock Exchange

 

Distribution:

NASDAQHelsinki

London Stock Exchange

Main media

 

www.afarak.com

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: via Globenewswire

Afarak Group




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