Restamax Plc
STOCK EXCHANGE RELEASE 26 APRIL 2017 at 17.00
DECISIONS OF RESTAMAX PLC'S ANNUAL GENERAL MEETING
Restamax Plc's Annual General Meeting was held today 26 April 2017 in Tampere. The meeting confirmed the 2016 financial statements and discharged the Company's management from liability. The meeting decided that, based on the balance sheet confirmed for the financial period that ended on 31 December 2016, a dividend of EUR 0.30 per share will be paid. The dividend will be paid on 10 May 2017. The Annual General Meeting decided that the Board of Directors will comprise six (6) members and elected Deloitte & Touche Oy as the Company's auditor.
The meeting was opened by Chairman of the Board Timo Laine, lawyer Heli Piksilä-Rantanen chaired the meeting, and lawyer Hannu Selin acted as Secretary.
DECISIONS OF THE GENERAL MEETING
Financial statements
The meeting adopted Restamax Plc's financial statements and discharged the members of the Board of Directors and the CEO from liability for the 2016 financial period.
Dividend
The Board of Directors decided that, based on the balance sheet adopted for the financial period that ended on 31 December 2016, a dividend of EUR 0.30 per share will be paid. The dividend record date is 28 April 2017, and the dividend payment date is 10 May 2017.
Board of Directors
The meeting decided that the number of members of the Board of Directors will be six (6). As members of the Board, the meeting re-elected all present members of the Board, Timo Laine, Petri Olkinuora, Mikko Aartio, Jarmo Viitala, Mika Niemi and Timo Everi, to serve until the end of the next Annual General Meeting. The meeting elected Timo Laine as Chairman of the Board and Petri Olkinuora as Vice-Chairman.
The Annual General Meeting decided that the payment of remuneration and travel expense reimbursements to the members of the Board of Directors would be as follows until the following Annual General Meeting: annual remuneration to the Chairman of the Board will be EUR 25,000, to the Vice-Chairman EUR 20,000 and to other members EUR 10,000. Separate attendance allowances are not paid. Travel expenses will be reimbursed in accordance with the Company's travel rules.
Auditor
The Annual General Meeting reselected as auditor Deloitte & Touche Oy, a firm of authorised public accountants, until the end of the next Annual General Meeting. Hannu Mattila, APA, will act as the Company's responsible auditor. In accordance with the Board's proposal, the meeting decided that the auditor's remuneration will be paid based on a reasonable invoice approved by the Company.
Authorisation to purchase the Company's own shares
The Annual General Meeting decided to authorise the Board to decide on using the Company's unrestricted equity to purchase no more than 800,000 of the Company's own shares in one or several tranches, taking into account the stipulations of the Limited Liability Companies Act regarding the maximum number of shares in possession of the Company and under the following terms:
The Company's own shares shall be purchased with the funds from the Company's unrestricted equity, decreasing the distributable profits of the Company. The shares shall be purchased in trading on the regulated market in the Helsinki Stock Exchange, and therefore the purchase takes place by private placing and not in relation to the shares owned by the shareholders. The sum paid for the shares is the price announced on the acquisition day for Restamax Plc's shares on the regulated market on the stock list of Helsinki Stock Exchange. The shares are purchased in trading organised by Nasdaq Helsinki Oy in accordance with its rules and regulations. The shares can be purchased for financing or carrying out possible corporate acquisitions or other arrangements, to implement incentive schemes within the Company, or for other purposes decided by the Board. The maximum amount of the shares to be purchased is equivalent to approximately 4.8 per cent of all the shares and votes of the Company calculated using the share count on the publication date of the invitation to the Annual General Meeting, so the purchase of the shares does not have a significant influence on the share ownership and the distribution of voting rights in the Company.
The Board of Directors shall decide on other matters related to the purchase of the Company's own shares.
The authorisation will expire at the end of the 2018 Annual General Meeting, however no later than 18 months of the Annual General Meeting's authorisation decision.
Authorisation to decide on share issue
The meeting decided, as proposed by the Board of Directors, to authorise the Board of Directors to decide on a share issue under the following terms:
With this authorisation, the Board may decide to issue a maximum of 1,500,000 new shares, and to transfer no more than 800,000 of the Company's own shares held by the Company ("Share Issue Authorisation").
The new shares can be issued and the Company's own shares held by it can be assigned in one or more instalments, either with or without payment. The new shares can be issued and the Company's own shares held by it can be assigned to Company shareholders in proportion to the Company shares that they already own or, deviating from the shareholders' pre-emptive right, in a special share issue if, from the Company's perspective, there is a justified financial reason for it, such as the financing or implementation of corporate acquisitions or other arrangements, development of the Company's equity structure, improvement of share liquidity or the implementation of Company incentives schemes. The issue of new shares or transfer of the Company's own shares held by the Company can also take place against apport property or by using a claim for the Company held by the subscriber to redeem the amount to be paid for the issue price or the price to be paid for the shares. A special issue may only be arranged without payment if a justified financial reason exists in terms of the overall benefit of the Company and all of its shareholders.
The Board of Directors was authorised to decide on other matters related to share issues.
The Share Issue Authorisation will expire at the end of the Annual General Meeting of 2018, however no later than 18 months from the Annual General Meeting's Share Issue Authorisation decision.
Minutes of the Annual General Meeting
The minutes of the Annual General Meeting are available to shareholders at the Restamax Plc head office and on the Company's website at www.restamax.fi/en/investors/general-meeting/annual-general-meeting-2017 on 10 May 2017 or sooner.
Additional information:
Chairman of the Board of Directors Timo Laine, Restamax Plc, tel. +358 400 626 064
CEO Markku Virtanen, Restamax Plc, tel. +358 400 836 477
Distribution:
NASDAQ OMX Helsinki
Major media
www.restamax.fi
Restamax Plc is a Finnish restaurant business and labour hire services group established in 1996. The company, which listed on NASDAQ OMX Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 120 restaurants, nightclubs and entertainment centres all over Finland. Well-known restaurant concepts of the Group include Stefan's Steakhouse, Viihdemaailma Ilona, Classic American Diner and Colorado Bar & Grill. In 2016, Restamax Plc's turnover was MEUR 130.1 and EBITDA MEUR 19.4. Depending on the season, some 1,100 persons converted into full-time employees work at the Group. The workforce of Restamax subsidiary Smile Henkilöstöpalvelut Oy is about 4,500.
Restamax company website: www.restamax.fi, Restamax consumer website: www.ravintola.fi, Smile Henkilöstöpalvelut: www.smilepalvelut.fi