I intend to vote, with my small number of shares, against granting discharge from liability. Things have clearly been badly bungled for the company to end up in this state. Hopefully, Kyösti Kakkonen will give the management a hard time for their incompetence, so we would get at least some bread and circuses instead of the destruction of shareholder value. I am also a bit puzzled by the authorization to print 400M new shares and what the plan for them is. I also wonder about the high meeting fees relative to the assets of a company on the brink of bankruptcy, and whether it is truly necessary to appoint a new board member when the value they add remains unclear.
16. Authorizing the Board of Directors to decide on share issues and the issuance of special rights entitling to shares / Authorizing the Board of Directors to decide on the repurchase of own shares
The Board proposes to the General Meeting that the Board be authorized to decide on
(i) the issuance of new shares and/or
(ii) the transfer of the company’s own shares and/or
(iii) the issuance of special rights referred to in Chapter 10, Section 1 of the Limited Liability Companies Act under the following conditions:
Based on the authorization, the Board may decide on share issues and the issuance of special rights also in a directed manner, i.e., in deviation from the shareholders’ pre-emptive rights, under the conditions mentioned in the law. A maximum of 400,000,000 shares may be issued based on the authorization.
The Board may use the authorization in one or more installments. The Board may use the authorization to strengthen the capital structure of the company and its subsidiaries, to reduce guarantee liabilities, to improve liquidity and the company’s financial position, to execute corporate acquisitions and other arrangements, to issue convertible bonds, or for other purposes decided by the Board. New shares may be issued and the company’s own shares may be transferred either for consideration or without consideration, provided that no more than 125,000,000 shares may be issued without consideration. New shares may also be issued as a share issue without consideration to the company itself. The Board is authorized to decide on other terms of the share issue and the issuance of special rights. Based on the authorization, the Board may decide on the realization of any own shares held by the company as collateral.
The authorization is proposed to remain valid until the Annual General Meeting to be held in 2027, but no later than June 30, 2027. The authorization cancels previously granted authorizations regarding share issues and the issuance of stock options and other special rights entitling to shares.