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Jelmoli (JMLIF.PK) Corporate news announcement processed and transmitted by Hugin ASA. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- -------------- - All Board's proposals approved - Proposals by minority shareholders rejected - Conditions created for effective implementation of strategy
275 shareholders attended the 113th Annual General Meeting of Jelmoli Holding AG today. They represented 63.39 percent of the company's share capital and 82.01 percent of votes.
The AGM approved the 2007 annual report, annual financial statements and consolidated financial statements, as well as the Board's proposal on the appropriation of net profit. In addition the Board was discharged. The dividends to be paid out are unchanged since last year: CHF50 per bearer share and CHF10 per registered share.
Gustav Stenbolt was re-elected for a further term of two years and KPMG AG, Zurich for another year's period.
The proposals put forward by a group of minority shareholders comprising Franklin Mutual Advisers, LLC, Fortelus Special Situations Master Fund Ltd., Sandelman Partners International LLP and Obrem Capital Management, LCC, were rejected under item 6 to 8, although partially a majority of the share capital was necessary. These proposals were: (i) to split bearer shares at a ratio of 1:5 and pay a special dividend to all registered shareholders of CHF 115 per registered share; (ii) to carry out a CHF 500 million share buy-back by issuing tradable put options, (iii) to appoint experts to value the company and its assets, as well as to examine the company's cash management and its employment of financial consultants.
Christopher Chambers, the Chairman of the Board of Directors, expressed his satisfaction at the shareholders' decisions: "The board of directors will now work with great rigour on implementing the strategy. We believe that these decisions were taken to the benefit of all involved." Contact person
