Decisions taken by the annual general meeting of SATO Corporation
Mar 3, 2016
SATO Corporation, 3 March 2016 at 1:25 pm
Adoption of financial statements and discharge from liability
On 3 March 2016 the Annual General Meeting of SATO Corporation adopted the Company's financial statements for the financial year of 1 Januaryto 31 December 2015and discharged the members of the Board of Directors and the President and CEO from liability for the 2015 financial year.
Board of Directors
A decision was made to set the number of members of the Board of Directors of SATO Corporation at seven.
The Annual General Meeting elected Erik Selin to serve as Chairman of the Board. Members Andrea Attisani, Jukka Hienonen, Esa Lager, Tarja Pääkkönen and Timo Stenius were re-elected to the Board, andMarcus Hansson was elected to the Board as a new member.
KPMG Oy Ab, a firm of authorised public accountants, was re-elected auditor, with Lasse Holopainen, APA, serving as the auditor in charge.
Authorisation of the Board of Directors to decide on one or more directed share issues against payment
The Board of Directors was authorised by the Annual General Meeting to decide on one or more directed share issues against payment such that the combined total number of new shares to be issued will not exceed 3,000,000, which corresponds to around 5.9% of all shares in the Company on the date of AGM invitation,
9 February 2016.On the basis of this authorisation, the Board of Directors may decide on the share issue according to the terms mentioned in the law directed i.e. deviated from the shareholders' pre-emptive rights.The Board of Directors may use the directed share issue for acquisition of assets relating to the Company's business operations or to finance or execute company acquisitions.The Board of Directors was authorised to decide on the other terms of the share issue.The authorisation remains in effect until and inclusive of 28 February 2017.
The authorisation decision does not revoke the authorisation given by the Annual General Meeting on 3 March 2015 whereby the Board of Directors may decide on one or more directed share issues concerning a maximum of 160,000 treasury shares held by the Company.
Authorisation of the Board of Directors to decide on a share issue against payment
Furthermore, the Board of Directors was authorised by the Annual General Meeting to decide on a share issue of the maximum of 5,200,000 new shares to the shareholders for subscription in the proportion of their existing shareholdings in the Company.The authorised maximum amount corresponds to about 10.2% of the Company's shares on 9 February 2016.The Board of Directors was authorised to decide on the other terms of the share issue.The authorisation remains in effect until and inclusive of 28 February 2017.
The authorisation decision does not revoke the above-mentioned share issue authorisation or the authorisation given by the annual general meeting on 3 March 2015 whereby the Board of Directors may decide on one or more directed share issues concerning a maximum of 160,000 treasury shares held by the Company.
**Dividend distribution **
The Annual General Meeting decided, in accordance with the proposal of the Board of Directors, on the payment of a dividend of €0.50 per share for 2015, totalling €25,420,921.00.The dividends will be paid to shareholders who at the date of record for the payment, 7 March 2016, are entered as shareholders in the Company's register of shareholders maintained by Euroclear Finland Ltd.The date of payment for will be Tuesday, 22 March 2016.
For more information please contact:
Saku Sipola, President and CEO, phone +358 201 34 4001 or +358 40 5515 953
Esa Neuvonen, CFO, phone +358 201 34 4005 or +358 40 500 1003
SATO is one of Finland's leading rental housing providers. SATO's aim is to offer comprehensive alternatives in rental housing and an excellent customer experience. All told, SATO holds roughly 23,600 rental homes in Finland's largest growth centres and in St Petersburg.
In our operations, we promote sustainable development and initiative-taking, and work in open interaction with our stakeholders to create added value. We operate profitably and with a long-term view. We increase the value of our housing property through investments, divestments and repair work.
SATO Group's net sales in 2015 were €323.4 million, operating profit €196.5 million and profit before taxes €159.4 million. SATO's investment properties have a value of roughly €2.8 billion.