Resolutions by Uponor Corporation's Annual General Meeting
Uponor Corporation's Annual General Meeting approved the proposed dividend of
EUR 1.40 per share for 2007. Existing members of the Board renewed their
memberships, except for the Chairman of the Board, Pekka Paasikivi who was not
available for re-election. The AGM approved all Board proposals.
The AGM adopted the financial statements of Uponor Corporation and the Uponor
Group for 2007 and released the Board members and the Managing Director from
liability.
The Chairman of the Board, Pekka Paasikivi stated that even if the Board was
seeking an authorisation for the buyback of the company's own shares, it would
not consider initiating a buyback at this stage.
The dividend will be paid out on 27 March 2008, the record date being 18 March
2008.
The AGM, held in Helsinki, Finland was chaired by Pekka Merilampi,
Attorney-at-Law.
Election of Directors and the Auditor
The number of Board members was resolved on five, with Jorma Eloranta, Jari
Paasikivi, Aimo Rajahalme, Anne-Christine Silfverstolpe Nordin and Rainer S.
Simon being re-elected to the Board. The term of office of Board members lasts
until the end of the next Annual General Meeting.
At its organising meeting following the AGM, the Board of Directors elected
Jari Paasikivi Chairman and Aimo Rajahalme Deputy Chairman.
KPMG Oy Ab, a corporation of authorised public accountants accredited by the
Central Chamber of Commerce of Finland, will continue as the corporation's
auditor. KMPG Oy Ab has confirmed that Sixten Nyman will act as the principal
auditor.
Board remuneration
The increases in Board remuneration, as proposed by the Board, were approved,
and the following annual fees were decided on: 71,000 euros for the Chairman,
49,000 euros for the Vice Chairman, and 44,000 euros for ordinary members.
Proposals by the Board of Directors
The AGM authorised the Board to resolve to buy back no more than 3,500,000 own
shares, representing in total approximately 4.8 per cent of the total number of
the shares of the corporation, using distributable earnings from unrestricted
equity. The authorisation is valid for one year from the date of the AGM.
The shares will be bought back, upon the decision of the Board, otherwise than
in proportion to the existing shareholdings of the corporation's shareholders,
in public trading on the Helsinki stock exchange at the market price quoted at
the time of the buyback, as provided by the regulations on the public trading
of shares.
The corporation will buy back its own shares to use them as consideration in
connection with any company acquisitions and other industrial restructuring, to
develop the capital structure of the corporation, to finance investments, to
dispose of the shares in some other way or to cancel them. The share buyback
will reduce the corporation's unrestricted equity.
For additional information, please contact:
Ms. Reetta Härkki, General Counsel, Tel +358 (0)20 129 2835
Uponor Corporation
Tarmo Anttila
Vice President, Communications
Tel. +358(0)20 129 2852
DISTRIBUTION
Helsinki stock exchange
Media
www.uponor.com