Business News
ReadSoft AB Annual General Meeting 2010
Wednesday 21. April 2010 - Jan Andersson, ReadSoft's President and CEO concluded in his presentation that the market for 2009 has been difficult and that many customers have been biding their time due to the financial crisis.
This made 2009 an in-between year for ReadSoft. The turnover increased by 6% and ReadSoft generated a record-breaking cash flow of 102.5 MSEK from operating activities. Partner sales increased by 17% and now constitute 38% of ReadSoft’s overall sales. During 2009, ReadSoft launched a number of new software products which are believed to boost sales in the future. The results from the first quarter shows that the market is still not back to normal, and that cautiousness still prevails.
At ReadSoft AB’s annual meeting today, the following resolutions were among those passed:
Election of Board of directors
The Directors Göran E Larsson (Chairman), Lennart Pihl, Anna Söderblom, Lars Appelstål, Håkan Valberg and Peter Gille were re-elected for a new period.
Dividend
The annual meeting decided on a dividend of SEK 0.15 per share with April 23, 2010 as the day of record for dividend.
Nomination committee
The meeting decided that a nomination committee shall be appointed with the assignment in connection with next year’s annual meeting to submit proposals, among others, with respect to election of the Board of Directors, compensation to the Board and the auditors and election of an election committee. The chairman of the Board shall invite minimum three and maximum five of largest shareholders as per 30 September 2010 to appoint one representative each and to together with the chairman comprise the Nomination Committee.
Incentive program
The meeting decided to approve the resolution from the board on an incentive program for employees. Right to subscribe to the convertibles shall be leading employees and key employees in the ReadSoft group. The program will consist of maximum 350,000 convertibles and one convertible may be conversed to one B-share. Conversion to B-shares may be made from December 10, 2012 to May 21, 2013. The conversion price shall correspond to 125 % of the average price paid for the B -share in the company on the Stockholm stock exchange’s official list during the period April 21 – April 27, 2010. At full conversion the company’s share capital will increase with SEK 35,000 and the dilution will be approximately 1.1 percent of the share capital and 0.8 percent of the votes.
Authorization of the Board to decide on new issues of shares
The meeting decided to authorize the Board of Directors to, at one or several occasions, up to the next annual meeting 2011, execute new issues of shares with maximum 3,200,000 shares, series B. The new shares may be issued with deviation of shareholders’ preferential rights. The reasons for the Board to be able to deviate from shareholders’ preferential rights are that financing may be required in connection with future acquisitions with payment in shares and/or issue of new shares with payment in capital contributed in kind.
Purchase and transfer of own shares
The meeting decided to authorize the Board of Directors, at one or several occasions, up to the next annual meeting 2011, decide on purchase and transfer of own shares. Purchase may be made of maximum a number of shares so that the company’s possession of shares at each point in time does not exceed ten % of the total number of shares in the company. Transfer may be made without the shareholders preferential rights on NASDAQ OMX Stockholm and to third parties in connection with acquisition of companies or businesses. The purpose of the authorization is to give the Board of Directors possibility to adjust the company’s capital structure and to enable acquisition financing through use of own shares.