Orion Corporation: Decisions by the AGM on 22 March 2016
ORION CORPORATION STOCK EXCHANGE RELEASE 22 MARCH 2016 4.45 p.m. EET
At the Annual General Meeting of Orion Corporation held today, the following decisions were made:
The Annual General Meeting of Orion Corporation was held today in Helsinki. The following matters were handled at the meeting:
Adoption of the Financial Statements for 1 January - 31 December 2015
The AGM confirmed the Financial Statements of the parent company and the Group as per 31 December 2015.
Dividend EUR 1.30 per share
The proposed dividend of EUR 1.30 per share was approved. The record date for the dividend payment is 24 March 2016 and the payment date is 4 April 2016.
Discharge from liability
The members of the Board of Directors and the President and CEO were discharged from liability for the financial period of 1 January - 31 December 2015.
Remunerations to be paid to the Board of Directors
Remunerations are the same as in the previous year. As an annual fee for the term of office of the Board of Directors, the Chairman shall receive EUR 76,000, the Vice Chairman shall receive EUR 51,000 and the other members shall receive EUR 38,000 each. As a fee for each meeting attended, the Chairman shall receive EUR 1,200, the Vice Chairman shall receive EUR 900 and the other members shall receive EUR 600 each. The travel expenses of all Board members shall be paid in accordance with previously adopted practice. The afore-mentioned fees for each committee meeting attended shall also be paid to the Chairmen and to the members of the committees established by the Board.
Of the annual fee, 60% shall be paid in cash and 40% in Orion Corporation B-shares, which shall be acquired to the members during 29 March - 1 April 2016 from the stock exchange in amounts corresponding to EUR 30,400 for the Chairman, EUR 20,400 for the Vice Chairman and EUR 15,200 for each of the other members. The part of the annual fee that is to be paid in cash corresponds to the approximate sum necessary for the payment of the income taxes on the fees and shall be paid no later than 29 April 2015. The annual fees encompass the full term of office of the Board of Directors.
In addition, the AGM decided that the Company shall pay the transfer tax related to the part of the annual fee of the Board of Directors paid in shares.
Composition of the Board of Directors
Hannu Syrjänen re-elected as Chairman
The number of members in the Board of Directors was confirmed to be seven. Sirpa Jalkanen, Timo Maasilta, Mikael Silvennoinen, Hannu Syrjänen, Heikki Westerlund and Jukka Ylppö were re-elected and Eija Ronkainen was elected as a new member to the Board of Directors for the next term of office. Hannu Syrjänen was re-elected as Chairman.
Auditor and their remuneration
PricewaterhouseCoopers Oy, authorised public accountants, were re-elected as the Company's auditor. The remunerations to the Auditor shall be paid on the basis of invoicing approved by the Company.
Authorisation of the Board of Directors to decide on acquisition of the Company's own shares
The Board of Directors was authorised by the AGM to decide on the acquisition of the Company's own shares on the proposed terms and conditions. The terms and conditions are as follows:
Maximum amount of shares to be acquired
On the basis of the authorisation, the Board of Directors shall be entitled to decide on the acquisition of no more than 500,000 B-shares of Orion Corporation.
Consideration to be paid for the shares
The own shares shall be acquired at the price of the acquisition moment quoted at trading on regulated market organised by Nasdaq Helsinki Ltd ("Stock Exchange"), using funds in the Company's unrestricted equity.
The own shares shall be acquired through trading on regulated market organised by the Stock Exchange in a proportion not corresponding to the shareholders' holdings. The shares shall be acquired and paid for in accordance with the rules of the Stock Exchange and Euroclear Finland Ltd.
Holding, invalidation and conveyance of the shares
The shares acquired can be kept, invalidated, or further conveyed by the Company.
The shares can be acquired for the purpose of developing the capital structure of the Company, for using them for financing possible corporate acquisitions or other business arrangements of the Company, for financing capital expenditure, as part of the Company's incentive system, or otherwise conveying or invalidating them.
Other terms and validity
The Board of Directors shall decide on other matters related to the acquisition of own shares.
The authorisation to acquire own shares shall be valid 18 months from the decision of the Annual General Meeting of the Shareholders.
Authorisation of the Board of Directors to decide on a share issue
The Board of Directors was authorised by the AGM to decide on a share issue in which the Company's own shares held by the Company can be conveyed on the proposed terms and conditions. The terms and conditions are as follows:
Maximum amount of shares to be conveyed
On the basis of the authorisation, the Board of Directors shall be entitled to decide on the conveyance of no more than 600,000 own B-shares held by the Company.
Conveyance against and without payment
The own shares held by the Company can be conveyed either against or without payment.
Shareholders' pre-emptive rights and targeted issue
The own shares held by the Company can be conveyed
Subscription price in the Balance Sheet
The amounts paid for own shares conveyed shall be recorded in the reserve for invested unrestricted equity.
Other terms and validity
The Board of Directors shall decide on other matters related to the conveyance of own shares.
The authorisation to convey own shares shall be valid five years from the decision of the Annual General Meeting of the Shareholders.
This decision cancels the share issue authorisation confirmed by the Annual General Meeting of Orion Corporation on 19 March 2013, for the part which has not yet been exercised.
The minutes of the AGM will be provided in Finnish only, and they will become available on Orion's website, http://www.orion.fi/en/agm2016, no later than 5 April 2016.
Timo Lappalainen Olli Huotari
President and CEO Senior Vice President, Corporate Functions
Olli Huotari, Senior Vice President, Corporate Functions, phone +358 50 966 3054
Orionintie 1A, FI-02200 Espoo, Finland
Orion is a globally operating Finnish company developing pharmaceuticals and diagnostic tests - a builder of well-being. Orion develops, manufactures and markets human and veterinary pharmaceuticals, active pharmaceutical ingredients and diagnostic tests. The company is continuously developing new drugs and treatment methods. The core therapy areas of Orion's pharmaceutical R&D are central nervous system (CNS) disorders, oncology and respiratory for which Orion developes inhaled Easyhaler® pulmonary drugs.
Orion's net sales in 2015 amounted to EUR 1,016 million and the company had about 3,400 employees. Orion's A and B shares are listed on Nasdaq Helsinki.