The Annual General Meeting adopted the income statement and balance sheet, the consolidated income statement and the consolidated balance sheet for the year 2013. The Annual General Meeting resolved that no dividend be paid to the shareholders for the year 2013. Instead of a dividend, the Annual General Meeting resolved on a share redemption program as set out below.
Directors
The Annual General Meeting resolved to re-elect the Directors Kerstin Hessius, Fredrik Lövstedt, Mats H Nilsson and Isabelle Ducellier and to elect Martin Bjäringer, Nathalie Schuterman and Anders Slettengren as new Directors, meaning also that the total number of Directors increased from six to seven. Vilhelm Schottenius and Michael Storåkers declined re-election. The Meeting resolved to re-elect Fredrik Lövstedt as Chairman of the Board of Directors. Further the Meeting resolved that the remuneration to the Board shall be slightly increased, which means that the Chairman of the Board receives SEK 350,000 (previously 325,000) and other Directors SEK 140,000 (previously 125,000) each. The Meeting also resolved that remuneration to be paid to the Directors for work on board committees would remain unchanged, at SEK 15,000 to each of the members of the remuneration committee and SEK 25,000 to the Chairman of the remuneration committee, and SEK 50 000 to each of the members of the audit committee and SEK 75,000 to the Chairman of the audit committee.
Auditors
The Annual General Meeting resolved to re-elect Deloitte AB for the period until the end of the next Annual General Meeting. The Meeting also decided that fair remuneration to the auditors shall be paid on approved accounts.
Automatic share redemption procedure
The Annual General Meeting resolved on an automatic share redemption procedure, including a share split 2:1, in accordance with proposal by the Board of Directors. The proposal involves a distribution to the shareholders of SEK 1.50 per existing share. The Annual General Meeting authorized the Board of Directors to set the record date for the share split, which is estimated to occur 24 April 2014. Payment of the redemption amount is estimated to take place by 20 May 2014, through Euroclear. ISIN code for redemption share is SE0003857457 and for original share SE0005849437.
Authorization to resolve on new issues of shares, warrants and/or convertibles
In accordance with the proposal by the Board of Directors, the Annual General Meeting authorized the Board of Directors, until the next Annual General Meeting, to resolve on new issues of shares, warrants or convertibles on one or several occasions, with or without deviation from the shareholders’ preferential rights. The reasons for deviating from the shareholders’ preferential rights shall be to enable directed share issues for the purpose of acquisitions companies or businesses, in whole or in part, alternatively for raising capital to be used for such acquisitions.
Guidelines for remuneration to the executive management
The Meeting adopted the Board of Directors’ proposal regarding guidelines for remuneration to the executive management, comprising the managing director and the other individuals in the executive management.
Nomination committee
The Annual General Meeting approved the nomination committee’s proposal regarding the nomination committee.
Other
The CEO gave a presentation and answered questions. The new CEO was also introduced to the shareholders.
For further information, please contact:
Fredrik Lövstedt, Chairman of the Board, telephone: +46 708 59 54 80, e-mail fredrik.lovstedt@bjornborg.com
Björn Borg is required to make public the information in this press release in accordance with the Securities Market Act. The information was released for publication on 11 April, 2014 at 8.00 a.m. (CET).
About Björn Borg
The Group owns the Björn Borg trademark and its core business is underwear. It also offers sportswear and fragrances as well as footwear, luggage & bags and eyewear through licensees. Björn Borg products are sold in around thirty markets, of which Sweden and the Netherlands are the largest. The Björn Borg Group has operations at every level from branding to consumer sales in its own Björn Borg stores. In total, there are 38 Björn Borg stores, of which 17 are operated in the Group. Total sales of Björn Borg products in 2013 amounted to around SEK 1.5 billion at the consumer level. Group net sales amounted to SEK 499 million in 2013, with 159 employees. The Björn Borg share has been listed on NASDAQ OMX Nordic in Stockholm since 2007.
