Olvi plc pays a dividend of 0.65 euro per share for 2006. The shareholders'
meeting authorised the Board of Directors to decide on the acquisition of the
company's A shares on the company's own account and to decide on the transfer
of the company's own A shares.
OLVI PLC PAYS A DIVIDEND OF 0.65 EURO PER SHARE FOR 2006
At their Annual General Meeting held on 3 April 2007, the shareholders of Olvi
plc adopted the closing of the accounts for the year 2006 and granted discharge
from liability to the members of the Board of Directors and Managing Director
as regards the fiscal year 2006.
In accordance with the Board's proposal, the shareholders' meeting decided that
a dividend of 0.65 euro be paid on each K and A share for fiscal 2006. The
dividend to be paid represents 45.5 percent of the company's earnings per
share. The dividend payout totals 6.7 million euro.
The dividend will be paid on 16 April 2007 to all shareholders recorded in the
company's register of shareholders maintained by the Finnish Central Securities
Depository Ltd on the record date 10 April 2007 at the latest. The payment of
dividends will expire on 16 April 2012.
BOARD MEMBERS AND AUDITORS
The Annual General Meeting re-elected the current members of the Board: Mr.
Heikki Hortling, Chairman of the Board, M.Sc. (Econ), Iisalmi, Mr. Esa Lager,
CFO, LL.M., M.Sc. (Econ), Kauniainen, Mr. Lauri Ratia, Managing Director, M.Sc.
(Eng), Helsinki, and Mr. Heikki Sinnemaa, LL.M., Member of the Bar, Iisalmi,
and appointed Mr. Harri Sivula, Managing Director, M.Adm.Sc., Tuusula, as a new
member of the Board.
The Annual General Meeting appointed PricewaterhouseCoopers Ltd, Authorised
Public Accountants, as the company's auditor, with Mr. Pekka Loikkanen,
Authorised Public Accountant, as the auditor in charge. Ms. Silja Komulainen,
Authorised Public Accountant, was elected deputy auditor. Their terms of office
will end at the conclusion of the next Annual General Meeting.
ORGANISATION OF THE BOARD OF DIRECTORS
At its organising meeting held on 3 April 2007, the Board elected Mr. Heikki
Hortling as the Chairman of the Board and Mr. Esa Lager as the Vice Chairman of
the Board.
DECISION REGARDING THE ACQUISITION OF OWN SERIES A SHARES
In accordance with the Board of Directors' proposal, the Annual General Meeting
decided to revoke all existing unused authorisations to acquire own shares and
authorise the Board of Directors to decide on the acquisition of the company's
own shares using distributable funds. The authorisation is valid for one year
starting from the Annual General Meeting and covers a maximum of 245,000 A
shares. The Board of Directors may also propose that any shares acquired on the
company's own account be cancelled by reducing the share capital.
The authorisation allows the Board of Directors to acquire the company's own
shares for use as consideration in case of any upcoming corporate acquisitions,
for the funding of investments, for the incentive and commitment scheme for key
personnel or for cancellation. The shares would be purchased in accordance with
the Board of Directors' decision in public trading on the Helsinki Exchanges at
the current market price at the time of acquisition. The purchase price shall
be paid to the sellers within the payment period determined on the basis of the
Rules of the Helsinki Exchanges and the Finnish Central Securities Depository.
Because the maximum number of A shares to be acquired represents less than 5%
of all the shares in the company and approximately 1 % of all the votes, the
acquisition would not have any significant effect on the distribution of
shareholdings and voting rights in the company.
DECISION REGARDING THE TRANSFER OF OWN SERIES A SHARES
In accordance with the Board of Directors' proposal, the Annual General Meeting
decided to revoke all existing unused authorisations for the transfer of own
shares and authorise the Board of Directors to decide on the transfer of any A
shares acquired on the company's own account within one year of the Annual
General Meeting. The authorisation would comprise the transfer of all shares
purchased on the basis of acquisition authorisations granted to the Board of
Directors.
The authorisation grants the Board of Directors with the power to decide to
whom and in what order the shares held by the company shall be transferred. The
Board of Directors could transfer the company's own shares for use as
consideration in case of any upcoming corporate acquisitions, for the funding
of investments or for use within an incentive and commitment scheme for key
personnel.
The Board of Directors is authorised to decide on the transfer price of the
company's own shares and on the bases for determining the transfer price.
Lasse Aho
Managing Director
Phone +358 17 838 5200 or +358 400 203 600
Further information:
Heikki Hortling
Chairman of the Board
Phone +358 17 838 5500 or +358 500 273 058
DISTRIBUTION:
Hex Plc
Key media
http://www.olvi.fi
Appendix 1 Board of Directors' proposals to the Annual General Meeting
APPENDIX 1
BOARD OF DIRECTORS' PROPOSALS TO THE ANNUAL GENERAL MEETING 3 APRIL 2007
1. The Board of Directors proposes that the Annual General Meeting of Olvi plc
to be held on 3 April 2007 would revoke all existing unused authorisations to
acquire the company's own shares and authorise the Board of Directors to decide
on the acquisition of the company's A shares on the following terms and
conditions:
The Board of Directors shall be authorised to decide on the acquisition of the
company's own shares using distributable funds. The authorisation shall be
valid for one year starting from the Annual General Meeting and cover a maximum
of 245,000 A shares. The Board of Directors may also propose that any shares
acquired on the company's own account be cancelled by reducing the share
capital.
The authorisation allows the Board of Directors to acquire the company's own
shares for use as consideration in case of any upcoming corporate acquisitions,
for the funding of investments, for the incentive and commitment scheme for key
personnel or for cancellation. The shares would be purchased in accordance with
the Board of Directors' decision in public trading on the Helsinki Exchanges at
the current market price at the time of acquisition. The purchase price shall
be paid to the sellers within the payment period determined on the basis of the
Rules of the Helsinki Exchanges and the Finnish Central Securities Depository.
Because the maximum number of A shares to be acquired represents less than 5%
of all the shares in the company and approximately 1 % of all the votes, the
acquisition would not have any significant effect on the distribution of
shareholdings and voting rights in the company.
2. The Board of Directors proposes that the Annual General Meeting of Olvi plc
to be held on 3 April 2007 would revoke all existing unused authorisations to
transfer the company's own shares and authorise the Board of Directors to
decide on the transfer of the company's A shares on the following terms and
conditions:
The Board of Directors shall be authorised to decide on the transfer of any A
shares acquired on the company's own account within one year of the Annual
General Meeting. The authorisation would comprise the transfer of all shares
purchased on the basis of acquisition authorisations granted to the Board of
Directors.
The authorisation grants the Board of Directors with the power to decide to
whom and in what order the shares held by the company shall be transferred. The
Board of Directors could transfer the company's own shares for use as
consideration in case of any upcoming corporate acquisitions, for the funding
of investments or for use within an incentive and commitment scheme for key
personnel.
The Board of Directors is authorised to decide on the transfer price of the
company's own shares and on the bases for determining the transfer price.
Signed in Iisalmi, this 1st day of March 2007
Olvi plc
Board of Directors