CENCORP CORPORATION STOCK EXCHANGE RELEASE April 23, 2014 at 14.35 Finnish time
DECISIONS AT CENCORP'S ANNUAL GENERAL MEETING AND ORGANIZING OF THE BOARD OF DIRECTORS
Cencorp Corporation's Annual General Meeting was held on 25 April 2014 in Mikkeli, Finland. The AGM approved the 2013 financial statements and discharged the members of the Board and the President and CEO from liability for the financial year 2013. According to the Board' proposal, it was decided that no dividend for the financial year 2013 will be distributed. It was also decided that the loss for the financial period that ended on 31 December 2013 will be entered in retained earnings.
It was decided that 4 members will be elected to the board of directors of Cencorp. MSc (economics) Mr. Sauli Kiuru (b. 1972) who was elected as new board member, works as Chairman of the Board of Gaselli Capital Oy and CEO of Siesta Group Oy. Previously Mr. Kiuru has been working as CFO and board member of Barona Group Oy, as auditor in KPMG and as secretary of the Auditor´s Committee of Finnish Central Chamber of Commerce. Mr. Kiuru has wide experience concerning board work in growth companies. Sauli Kiuru is the chairman of the board of Siesta Group Oy, BiiSafe Oy and Stata Oy. He has been board member of Cencorp previously in years 2006 – 2008. Gaselli Capital Oy which is controlled by Mr. Kiuru owns 95.000.000 Cencorp shares, which represents approx. 11,1 percent of the share capital of Cencorp.
Ma(ed.)Mrs. Marjukka Karttunen, industrial counsellor Mr. Hannu Savisalo and CEO Mr. Iikka Savisalo continue as old Board members in the Cencorp Corporation´s Board of Directors.
At its organizing meeting following the AGM, Cencorp's Board of Directors elected Hannu Savisalo as the Chairman and Marjukka Karttunen as the Vice Chairman of the Board. The Board of Directors decided, due to the scope of the company's business, that it is not necessary to establish any separate Board committees.
The AGM decided that an annual remuneration of EUR 40,000 will be paid to the Chairman and to the Vice Chairman of the Board, and EUR 30,000 to the members of the Board of Directors.
Ernst & Young Oy, Authorized Public Accounting Firm, continues as the Company auditor and Mikko Rytilahti, APA, as the responsible auditor.
In Mikkeli, April 25, 2014
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Cencorp Corporation is a leading provider of industrial automation solutions. The equipment in the product portfolio include, automated applications of odd-form assembly and depaneling for the electronic boards, testing equipment and advanced materials processing by laser. All Cencorp's offering improves the efficiency of the customers' production. Cencorp has clean technology, especially photovoltaic (PV) solutions as its other business segment. Cencorp now offers its automated manufacturing technology of the PV modules, manufactures and sells photovoltaic modules, based on Cencorp´s own technology as well as key components of photovoltaic modules. The product range also includes EMI shielding solutions, RFID antennas, other flexible circuits including for example conductive back sheets used in photovoltaic modules and mobile phone antennas. Cencorp's head office is located in Mikkeli, Finland. The company is part of the Finnish Savcor Group.