Extraordinary General Meeting to decide on share program for new CEO
(Thomson Reuters ONE) -
The Board of Directors of Swedish Orphan Biovitrum AB (publ) ("Sobi") has
resolved to propose that an Extraordinary General Meeting of shareholders be
held in order to approve a performance-based long-term share program for the
company's new CEO Geoffrey McDonough as well as revised guidelines for
remuneration to senior management. The Extraordinary General Meeting will be
held in the second half of August 2011.
Performance-based long-term share program for the CEO
Geoffrey McDonough has announced that, in addition to participating in the
company's 2011 share program, he is willing to make a significant one-time
investment in Sobi shares. The Board of Directors has therefore resolved to
propose that an Extraordinary General Meeting approves a performance-based long-
term share program for the CEO based on an own investment in Sobi shares of
approximately SEK 4 million in the market. Provided that certain pre-defined
performance requirements relating to the development of Sobi's share price have
been met at the end of a period ending August 15, 2014, the CEO shall be
allotted a maximum of 500,000 common shares in Sobi free of charge. In addition,
allotment requires that his own investment in Sobi shares is maintained, and
that the CEO remains employed as of this date.
To secure the company's commitments under the proposed CEO share program, the
Board of Directors has further resolved to propose that the General Meeting (a)
approves an authorization for the Board of Directors to resolve on a directed
issue of series C shares, (b) approves an authorization for the Board of
Directors to repurchase issued series C shares and (c) resolves on transfer of
own shares under the proposed CEO share program. The authorizations to issue and
repurchase series C shares are proposed to be construed as amendments of the
authorizations approved by the 2011 Annual General Meeting, to the effect that
the purpose of the authorizations will be extended to also cover shares under
the proposed CEO share program.
Revised guidelines for remuneration to senior management
The Board of Directors has resolved to propose that the Extraordinary General
Meeting approves revised guidelines for remuneration to management following a
review of the guidelines adopted by the 2011 Annual General Meeting.
Complete proposals and convening notice
The notice convening the Extraordinary Shareholders' Meeting will include the
complete proposals by the Board of Directors. The convening notice will be
published at least four weeks prior to the meeting.
For additional information, please contact:
Åsa Stenqvist, VP Communications and Investor Relations
Tel: +46 8 697 21 88
About Swedish Orphan Biovitrum (Sobi)
Sobi is a leading European specialty pharmaceutical company focused on providing
and developing specialty pharmaceuticals for patients with rare diseases and
significant medical needs. The portfolio comprises about 60 marketed products,
as well as projects in late clinical phase. Key therapeutic areas are
hematological diseases, autoimmune diseases, hereditary metabolic disorders and
therapeutic oncology. In 2010 Sobi had revenues of SEK 1.9 billion and
approximately 500 employees. The share (STO: SOBI) is listed on NASDAQ OMX
Stockholm. For more information please visitwww.sobi.com
The above information has been made public in accordance with the Swedish
Securities Market Act and/or the Financial Instruments Trading Act. The
information was released for public distribution on June 30, 2011 at 8.30 CET.
Sobi Press Release June 30, 2011 - pdf format:
http://hugin.info/134557/R/1527015/462731.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Swedish Orphan Biovitrum AB (publ) via Thomson Reuters ONE
[HUG#1527015]
Unternehmensinformation / Kurzprofil:
Datum: 30.06.2011 - 08:31 Uhr
Sprache: Deutsch
News-ID 55983
Anzahl Zeichen: 4603
contact information:
Town:
Stockholm
Kategorie:
Business News
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"Extraordinary General Meeting to decide on share program for new CEO"
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