Kinnevik: Annual General Meeting 2016

23 May 2016, 1:30 PM · Regulatory information

Investment AB Kinnevik (publ) ("Kinnevik") today held its Annual General Meeting (the "AGM"). The AGM resolved in accordance with all proposals of the Board and the Nomination Committee.

The AGM resolved to re-elect Board members Tom Boardman, Anders Borg, Dame Amelia Fawcett, Wilhelm Klingspor, Erik Mitteregger, John Shakeshaft and Cristina Stenbeck, and to elect Lothar Lanz and Mario Queiroz as new members of the Board. The AGM further elected Tom Boardman as Chairman of the Board.

The AGM approved the 2015 Annual Report and resolved to distribute a cash dividend to the shareholders for the 2015 financial year of SEK 7.75 per share, with Friday 27 May 2016 as record date. The dividend is estimated to be paid out to the shareholders on Wednesday 1 June 2016. The last trading day in the Kinnevik share including the right to receive dividend will be Wednesday 25 May 2016, and the first trading day in the Kinnevik share not including a right to receive dividend will be Thursday 26 May 2016.

The AGM also approved a share redemption program through which SEK 18 per existing share in Kinnevik will be paid out to the shareholders, with Monday 30 May 2016 as estimated record date for the right to receive redemption shares. Based on the estimated record date, the redemption shares will be traded on Nasdaq Stockholm from and including Tuesday 31 May 2016 to and including Monday 13 June 2016, and then automatically be redeemed by Kinnevik. The redemption amount is estimated to be paid out to the holders of redemption shares on Monday 20 June 2016. For more information regarding the share redemption, please refer to the information brochure that is available on www.kinnevik.com.

The AGM resolved on the discharge of liability of the Board and the Chief Executive Officer for the 2015 financial year.  

The AGM also resolved:

  • To approve remuneration of the Board and auditor, and procedures for the Nomination Committee.
  • To adopt guidelines for remuneration to senior executives.
  • To adopt a share-based incentive plan for all employees in Kinnevik.
  • To secure the undertakings to deliver shares to the participants in the incentive plan through a directed issue of Class C shares to a bank, and immediately following the issue repurchase the same Class C shares.
  • To authorise the Board to resolve on repurchases of own shares, subject to that Kinnevik's holding of own shares may not at any time exceed 10 per cent of the total number of shares in the company.
  • To reduce the share capital by way of cancellation of shares which were repurchased under the company's SEK 500m share repurchase program.
  • That holders of Class A shares shall be entitled to reclassify their Class A shares into Class B shares, whereby each Class A share can be reclassified into a Class B share. An application for reclassification shall be made during the period from and including 22 June 2016 up to and including 4 July 2016 by notification to the Company on a special form. Such special form will be made available on the company's website www.kinnevik.com no later than on 22 June 2016.
  • To change the company's name to Kinnevik AB.
  • To reject propsals from the shareholders.

At the constituent meeting of the Board following the AGM, Anders Borg and Dame Amelia Fawcett were appointed Deputy Chairmen of the Board. The Board also formed an Audit Committee, a Remuneration Committee and a Governance, Risk and Compliance ("GRC") Committee. John Shakeshaft was appointed as Chairman of the Audit Committee, and Tom Boardman, Lothar Lanz and Erik Mitteregger were appointed members of the Audit Committee. Dame Amelia Fawcett was appointed Chairman of the Remuneration Committee, and Tom Boardman, Erik Mitteregger and Cristina Stenbeck were appointed members of the Remuneration Committee. Further, Dame Amelia Fawcett was appointed Chairman of the GRC Committee, and Tom Boardman and John Shakeshaft were appointed members of the GRC Committee.

 

The information is of such character, which Kinnevik shall disclose in accordance with the law on Trading with Financial Instruments (1991:980) and/or the Securities Market Act (2007:528). The information was distributed for disclosure at 13.30 CET on 23 May 2016.

 

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor RelationsPhone +46 (0)8 562 000 83
Mobile +46 (0)70 762 00 83

 

 

Kinnevik is an entrepreneurial investment group focused on building digital consumer businesses. We work in partnership with talented founders and managers to create, invest in and lead fast growing digital businesses both in developed and developing countries. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.