Rapala VMC Corporation
Stock Exchange Release
March 26, 2020 at 5:00 p.m.
DECISIONS OF RAPALA VMC CORPORATION’S ANNUAL GENERAL MEETING ON MARCH 26, 2020
The Annual General Meeting (AGM) of Rapala VMC Corporation has on March 26, 2020 adopted the financial statement of the financial year 2019 and discharged the members of the Board of Directors and the CEO from the liability for the financial year that ended on December 31, 2019. The AGM adopted the Remuneration Policy for governing bodies.
The AGM approved the Board of Director’s proposal that no dividend is distributed on the basis of the adopted balance sheet for the financial year 2019.
The AGM approved that the Board of Directors consists of six members. Jorma Kasslin, Marc Speeckaert, Emmanuel Viellard, Julia Aubertin and Louis d’Alançon will continue and Vesa Luhtanen was elected as a new member. The AGM resolved that the annual fee paid to each Board member is EUR 30 000 and EUR 80 000 to the Chairman of the Board. Board members are paid EUR 1 000 per meeting for attendance at Board and its committee meetings.
Ernst & Young Oy, Authorized Public Accountant Firm, was appointed as Rapala VMC Corporation’s auditor.
The AGM authorized the Board of Directors to resolve to repurchase a maximum of 2 000 000 own shares by using funds in the unrestricted equity. The proposed number of shares corresponds to less than 10 per cent of all shares in the company. The shares may be repurchased to develop the company’s capital structure. In addition, the shares may be repurchased to finance or carry out business acquisitions or other arrangements, to settle the company’s equity-based incentive plans, to be transferred for other purposes, or to be cancelled. The shares may be repurchased in deviation from the proportion of the shares held by the shareholders. The shares will be repurchased through public trading arranged by NASDAQ Helsinki Oy at the market price of the acquisition date. The shares will be acquired and paid in pursuance of the rules of NASDAQ Helsinki Oy and applicable rules regarding the payment period and other terms of the payment. The authorization is in force until the end of the next Annual General Meeting, however, no longer than until June 30, 2021.
The Board of Directors of Rapala VMC Corporation has in its meeting held on March 26, 2020 elected Louis d’Alançon as the Chairman of the Board of Directors.
RAPALA VMC CORPORATION
Nicolas Warchalowski
President and Chief Executive Officer
For further information, please contact:
Olli Aho, General Counsel, tel. +358 9 7562 540
Distribution: Nasdaq Helsinki and main media
Rapala group is the world’s leading fishing tackle company and the global market leader in fishing lures, treble hooks and fishing related knives and tools. Group has a strong global position also in other fishing categories and it is one of the leading distributors of outdoor, hunting and winter sport products in the Nordic countries. Rapala’s distribution network is largest in the industry. The main manufacturing facilities are in Finland, France, Estonia, Russia, Indonesia and the UK. Rapala group’s brand portfolio includes the leading brand in the industry, Rapala, and other global brands like VMC, Sufix, Storm, Blue Fox, Luhr Jensen, Williamson, Dynamite Baits, Mora Ice, StrikeMaster, Marttiini and Peltonen as well as 13 Fishing outside of the USA. Group, with net sales of EUR 275 million in 2019, employs some 2 300 people in 42 countries. Rapala VMC Corporation’s share is listed and traded on the Nasdaq Helsinki stock exchange since 1998.
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