The Annual General Meeting of Pricer AB (publ) was held on May 4, 2011. 20 percent of the total numbers of votes were present through 51 shareholders. The following major decisions were made:
Decision on dividend
The meeting decided to adopt the proposed dividend of SEK 0.02 per share. The record date for dividend is May 9th and the payment date May 12th.
Fees to the Board of Directors
Fees to the Board were decided for a total of amount of SEK 1,050,000, of which SEK 450,000 to the Chairman and SEK 200,000 to each of the other members. This is the same amount as in the previous year.
Election of Board Members
The meeting decided to re-elect Mikael Bragd, Bo Kastensson, Peter Larsson and Bernt Magnusson. Peter Larsson was re-elected as Chairman of the Board.
Formation and duties of the Nomination Committee
The meeting decided to adopt the proposal regarding the Nomination Committee’s composition and duties. The Committee then consists of the Chairman of the Board, one representative each of the three largest shareholders and a member to be independent and represent the small shareholders of Pricer.
Decision on principles for remuneration to senior executives
The meeting decided to adopt the recommendation of the Board regarding principles for remuneration to senior executives.
Decision on reverse split of shares
The meeting decided to do a reverse split of shares with one new share for each ten existing shares. The Board was authorized to conduct the transaction and issue a few additional shares in order to facilitate the reverse split. Record date for the reversed split will be published separately but is planned to take place at the end of May. A new set of by-laws incorporating the new number of shares and a few other changes was subsequently approved.
Decision on issue of warrants
The meeting decided to issue 30,000,000 warrants to be used in Pricer’s employee stock option plan. Each warrant entitles the holder to subscribe to one new B series share no later than August 31, 2015. The strike price will be 110 percent of the average share price during the 10 trading days after the meeting.
Authorisation to the Board to issue shares
The meeting decided to authorise the Board, on one of more occasions during the period before the next AGM, to decide on the issuance of no more than 50,000,000 new shares of class B. The Board shall have the right to decide on the issuance of shares in exclusion of the shareholders’ pre-emptive rights, with or without non-cash consideration.
For further information, please contact:
Fredrik Berglund, CEO or Harald Bauer, CFO at Pricer AB: +46 8 505 582 00
In its capacity as issuer, Pricer AB is releasing the information in this press release in accordance with the Swedish Securities Exchange Act (2007:528). The information was distributed to the media for publication at 17:30 hrs CET on Wednesday, May 4th, 2011.
Pricer provides the retail industry’s leading electronic display and Electronic Shelf Label (ESL) platform, solutions, and services for intelligently communicating, managing, and optimizing price and product information on the retail floor. Pricer is the only company today offering a communication platform that supports both segment based ESL and pixel-based ESL. The platform is based on a two-way communication protocol to ensure a complete traceability and effective management of resources. The Pricer system significantly improves consumer benefit and store productivity by simplifying work in the store.
Pricer, founded in 1991 in Uppsala, Sweden, offers the most complete and scalable ESL solution. Pricer has installations in more than 40 countries with the largest ESL world market share. Customers include many of the world’s top retailers and some of the foremost retail chains in Europe, Japan and the USA. Pricer, in co-operation with qualified partners, offers a totally integrated solution together with supplementary products, applications and services.
Pricer AB (publ.) is quoted on the Nordic Small Cap list of OMX. For further information, please visit www.pricer.com