Cardo AB Annual General Meeting
At Cardo AB's annual general meeting, the following resolutions were among those passed:
Board of directors
Carina Malmgren Heander was elected as a new member of the board of directors. She is vice president human resources at Sandvik AB, where she is a member of the group management team. The following members of the board were re-elected: Fredrik Lundberg, Lennart Nilsson, Tuve Johannesson, Berthold Lindqvist, Bengt Pettersson, Anders Rydin and Kjell Svensson.
At the statutory meeting of the board after the annual general meeting, Fredrik Lundberg was appointed chairman of the board and Lennart Nilsson vice chairman.
The public accounting firm of Ernst & Young AB was appointed as the company's auditor for a term of four years.
In accordance with the proposal put forward by the board of directors, the meeting declared a dividend of SEK 8.00 per share. Thursday April 8 2004 was established as the day of record for dividend. Payment is expected to be distributed by VPC AB (Swedish Central Securities Depository & Clearing Organization) on Thursday April 15 2004.
Resolution on authorization of the board of directors to acquire shares in the company
The meeting resolved to authorize the board of directors to acquire up to so many own shares before the next annual general meeting that the company's holding at no time exceeds 10 percent of all shares in the company. Acquisition is to be made on Stockholmsbörsen at the market value applying on the occasion of acquisition. The purpose of the repurchase is to give the board the opportunity to adjust the capital structure of the company during the period until the next annual general meeting.
The company is to have a nominations committee consisting of the chairman of the board, who will be the convener, and a representative of each of the company's three largest shareholders as of September 30 each year. The announcement of the members of the committee will be made in connection with the interim report for the third quarter. The duties of the nominations committee are to submit proposals to the annual general meeting in respect of the election of the board, auditors whenever appropriate and fees.
The interim report for the period January-March 2004 will be published on May 4 2004, for the period January-June on August 10 2004 and for the period January-September on November 2 2004.
President and CEO Kjell Svensson's address to the annual general meeting can be found on Cardo's website.
Cardo is an international engineering group and a leading supplier of high-quality products and systems with a good aftermarket. Cardo holds strong positions in the markets for doors and pumps. Cardo has subsidiaries in about 30 countries with the focal point resting in western Europe.