Press Release From the Annual General Meeting in Invuo Technologies on 26 April 2018
STOCKHOLM, April 26, 2018 /PRNewswire/ -- At the annual general meeting in Invuo in Stockholm today the shareholders resolved, in accordance with the proposed resolutions, upon the following:
Approval of profit and loss accounts and balance sheets, and discharge from liability for the board members and the managing director
The annual general meeting approved the profit and loss accounts and the balance sheets and resolved that the company's aggregated results of SEK 63,429,276 shall be carried forward.
The board members and the managing directors were discharged from liability for the financial year 2017.
Resolutions on board of directors and auditor as well as fees to the board of directors and auditor
It was resolved to, for the time until the next annual general meeting, re-elect Tomas Jalling, Robin Saunders och Petra Sas as members of the board of directors and elect Shelizah Jamal and Danny Sternad as new members of the board of directors. Tomas Jalling was re-elected as the chairman of the board of directors.
The annual general meeting resolved that fees to the board of directors shall be paid in an aggregate amount of SEK 1,550,000, of which SEK 350,000 shall be paid to the chairman of the board of directors and SEK 300,000 shall be paid to each of the other members of the board of directors which are not employed by the company, and that no remuneration shall be paid for committee work. Further, it was resolved that fees to the auditor shall be paid as per current account.
Resolution on a directed issue of ordinary shares and warrants
The annual general meeting resolved to raise SEK 5,864,150.40 (excluding funds from potential exercise of the warrants) through a directed issue of not more than 3,665,094 new ordinary shares and 5,000,000 warrants. The right to subscribe for the new ordinary shares and the warrants in the directed issue shall, with deviation from the shareholders' pre-emption rights, be granted AJ Group. The purpose of the issue, and the reason for the deviation from the shareholders' preferential right, is to strengthen Invuo's financial position.
Resolution on new incentive program to employees and resolution to issue warrants
The annual general meeting resolved on incentive program for the executive management and other employees comprising, in total, a maximum of 7,000,000 warrants. The CEO is entitled to a maximum of 750,000 warrants and other employees are entitled to a maximum of 500,000 warrants each.
The transfer of warrants to the participants shall be made before the end of the second quarter 2018. Transfer of warrants to participants shall be made at a price corresponding to the market value of the warrant (i.e. the warrant premium) determined using the Black & Scholes-formula. The valuation of the warrants shall be made by an independent financial adviser or accounting firm. Each warrant entitles to subscription of one share in the company during a period of two weeks directly following the publication of Invuo's interim report for the period January – March 2021, to an exercise price corresponding to 170 per cent of the average volume weighted Invuo share price as quoted on Nasdaq Stockholm during the period 10 trading days calculated from the general meeting that resolves on the incentive program and onwards.
Resolution on new incentive program to the board of directors and resolution to issue warrants
The annual general meeting resolved on incentive program for the board of directors which comprises 1,000,000 warrants. Transfer of warrants to participants in the board warrant program may be made to the members of the board of directors by total maximum warrants of 1,000,000 whereby no single individual may receive more than 200,000 warrants.
The transfer of warrants to the participants shall be made before the end of the second quarter 2018. Transfer of warrants to participants shall be made at a price corresponding to the market value of the warrant (i.e. the warrant premium) determined using the Black & Scholes-formula. The valuation of the warrants shall be made by an independent financial adviser or accounting firm. Each warrant entitles to subscription of one share in the company during a period of two weeks directly following the publication of Invuo's interim report for the period January – March 2021, to an exercise price corresponding to 170 per cent of the average volume weighted Invuo share price as quoted on Nasdaq Stockholm during the period 10 trading days calculated from the general meeting that resolves on the board warrant program and onwards.
Complete information on each proposal adopted by the annual general meeting may be downloaded from www.invuo.com.
For further information, please contact
John Longhurst
CEO
john.longhurst@invuo.com
+46-8-564-878-00
About Invuo
Since 2001 Invuo has been providing its proprietary solutions and systems for mobile phone transactions. Invuo operates in two main business areas; mobile phone payment solutions provided through the brand MeaWallet™, and distribution of e-products. www.invuo.com
The information was released for publication on 26 April 2018 at 13:00 pm (CEST).
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
| Press release (PDF) |
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