KLIPPAN, Sweden, May 12, 2005 (PRIMEZONE) -- Election of Board: At KLIPPAN's annual general meeting the ordinary Board members Jan Bernander, Tommy Kullberg and Stefan Lersten were re-elected. Olof Grundberg, Maj-Liss Olsson, Claes Lindqvist and Ulf Ek were elected new ordinary members. No deputies were proposed.
Maj-Liss Olsson, born 1945, has been employed by Handelsbanken since 1967 and has worked in the legal department, as a currency and money market dealer and as department manager for project and ship financing, among other things. For the last 10 years, she has worked from Singapore, as among other things regional manager and responsible for Handelsbanken's Asian business in its entirety, with business responsibility for 18 countries in Asia.
During the period 1999-2004 Olsson was a member of the board of Swedish Business Association in Singapore, of which the last four as chairman.
Ulf Ek, born 1942, has been the MD of and a partner in PolyOhm AB in Timra for the last eight years. During 1996-1997 Ek was the acting MD of Bjornekulla Fruktindustrier and during 1993-1997 the MD of and a partner in Ny Miljo AB, Stockholm.
Ek was a member of KLIPPAN's Board previously, during 2000-2003, and was the acting mill manager of Klippan Mill and Molndal Mill during 2003 and 2004 respectively.
Claes Lindqvist, born 1950, has been the managing director and group CEO for Hoganas AB for 15 years. Previous experience includes work as divisional manager at Akerlund & Rausing and as sales and marketing manager at ABB ASEA. Lindqvist is a board member of Hoganas AB, Trelleborg AB, Jernkontorets Fullmaktige, the Southern Swedish Chamber of Industry and Commerce, Dunkerska Stiftelserna and SIMI (Scandinavian International Management Institute).
The staff organizations have appointed Johan Pettersson and Gorgen Jansson as ordinary members and Anders Karlsson and Thomas Lindell as deputy members.
Nomination committee
Jan Bernander, Goran Sundstrom and Robert Stenram were re-elected as members of the nomination committee.
The Managing Director's speech to the annual general meeting
In his speech, Thomas Billing, MD, concentrated on the structural plan which the company is intending to implement. The speech in its entirety is attached to this press release.
Authorization for the Board to decide about a new issue with priority right
It was decided to authorize the Board to increase the company's share capital on one or several occasions during the period from the day of registration of the decision with the Swedish Companies Registration Office until at most the time of the next annual general meeting. However, such issues may not cause the company's share capital to exceed SEK 165,333,320. The issue shall be carried out with priority right for the company's shareholders. Payment shall be made in cash.
It was further decided that the meeting authorized the Board to carry out the minor changes to the meeting's decision that may be necessary in conjunction with the registration with the Swedish Companies Registration Office.
Change to the articles of association
In view of the authorization for the Board to decide on a new issue, it was decided that clause 4 of the articles of association was to be changed to read that the company's share capital shall be at least SEK 41,333,330 and at most SEK 165,333,320.
Election of auditors
No election of auditors was carried out, as the annual general meeting for 2004 had elected Gert Frej and Berith Ehrenpohl as ordinary auditors and Gunnar Forslund and Stefan Nevby as deputy auditors for the period up to the end of the annual general meeting 2008. All are public authorized auditors employed by Frejs Revisionsbyra AB.
KLIPPAN AB
Thomas Billing, Managing Director
For further information, please contact Thomas Billing, MD, on telephone +44 (0)435 291 01.
KLIPPAN is a leading producer of speciality paper for the graphic industry with a total capacity of 200,000 tons per year. Production is carried out at the three mills in Klippan, Lessebo and Molndal.
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