STROMSDAL CORPORATION
STOCK EXCHANGE RELEASE
21 August 2007 at 18:00 hrs (Finnish time)
DECISIONS OF THE EXTRAORDINARY SHAREHOLDERS MEETING OF STROMSDAL CORPORATION,
SUBSCRIPTION OF SHARES, NEW CHAIRMAN AND DIRECTED SHARE ISSUE TO THE CHAIRMAN OF
THE BOARD OF DIRECTORS
The extraordinary shareholders meeting of Stromsdal Corporation has on 21 August
2007 decided on following issues:
1. Directed share issue and subscription of shares
The shareholders meeting unanimously decided to issue for subscription maximum
of 11,222,221 new shares in deviation of the pre emptive subscription right of
the shareholders. The shares were issued for subscription to Atine Group Oy,
Baltiska Handels AB and the managing director of the Company Mr. Mikael Åbacka
as follows: Atine Group Oy 7,407,406 shares, Baltiska Handels AB 3,703,704
shares and Mikael Åbacka 111,111 shares.
The subscription price of each share is EUR 0.45. According to issue terms, the
shares must be subscribed by 28 August 2007, unless the Board of Directors
extends the subscription time. The subscription right of the shares may not be
transferred. If the offered shares are not subscribed in full, the other parties
entitled to subscribe shares, the other shareholders or third parties do not
have subscription right for the shares. The shares must be paid according to
instructions of the Board of Directors of the Company at the time the shares are
subscribed, unless the Board of Directors extends the payment period.
The subscription price of the shares, 5,049,999.45 euros is recorded to the fund
of freely distributable funds of the Company. Atine Group Oy and Baltiska
Handels AB are entitled to set-off their receivables, total of 2,000,000 euros,
from the Company as partial payment of the subscription price.
The Company will prepare a prospectus for the purpose having the shares publicly
traded. All 11,222,221 shares offered for subscription were subscribed and paid
for in full immediately after the shareholders meeting. The new shares shall be
publicly traded in the main list of Helsinki exchanges approximately on 12
September 2007.
2. The Board of Directors of the Company and the Chairman
The shareholders meeting unanimously decided to elect five (5) members to the
Board of Directors as follows.
Attorney Juhani Erma, City Manager Mr. Petri Kangasperko project manager Mrs.
Pirjo Repo were re-elected and managing director Mr. Alexander Ehrnrooth and
managing director Mr. Harry Salonaho were elected as new members.
The meeting of the new Board of Directors, held immediately after the
shareholders meeting, decided to elect Mr. Harry Salonaho as the chairman of the
Board of Directors.
3. Directed share issue to the chairman pursuant to the authorisation given to
the Board of Directors
The annual shareholders meeting of 29 March 2007 authorised the Board of
Directors to decide on the issuing of new shares of the Company and on the right
to transfer shares of the Company that are in the possession of the Company
(authorisation). A maximum amount of 5,000,000 new shares may be issued. A
maximum amount of 1,621,317 own shares in the possession of the Company may be
transferred.
The meeting of the Board of Directors of 21 August 2007 decided to issue for
subscription a maximum of 80,000 new shares to chairman Mr. Harry Salonaho in
deviation of the pre emptive subscription right of the shareholders.
The subscription price of each share is EUR 0.63. According to issue terms, the
shares must be subscribed by 28 August 2007 unless the Board of Directors
extends the subscription time. The subscription right of the shares may not be
transferred. If the offered shares are not subscribed in full, the other
shareholders or third parties do not have subscription right for the shares. The
shares must be paid according to instructions of the Board of Directors of the
Company at the time the shares are subscribed, unless the Board of Directors
extends the payment period.
The subscription price of the shares, 50,400 euros is recorded to the fund of
freely distributable funds of the Company.
The subscription price is equal to the recent market value of the shares.
The offered shares were subscribed in full at the meeting of the Board of
Directors.
The minutes of the extraordinary shareholders meeting are available at the
headquarters of the Company within two weeks from the meeting, latest 4
September 2007.
STROMSDAL OYJ
Board of Directors
For further information, please contact:
Mikael Åbacka, Managing Director
Tel. +358 400 737 452
Distribution
Helsinki Stock Exchange
Main media
www.stromsdal.com