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Pandox reports on annual shareholders' meeting.

M2 EQUITYBITES-March 30, 2017-Pandox reports on annual shareholders' meeting

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Pandox AB (STO:PNDXB) reported on Wednesday that at the annual shareholders' meeting it was resolved to approve the income statement and balance sheet, as well as the consolidated income statement and the consolidated balance sheet for the financial year 2016. The members of the board and the CEO were discharged from liability for the financial year 2016.

Also, the shareholders' meeting resolved, in accordance with the board's proposal, that the funds at the meeting's disposal should be allocated so that SEK3,308,031,546 is allocated as dividends to the shareholders of SEK4.10 per share, in total SEK645,749,996, and that the remaining unrestricted equity, SEK2,662,281,550, is carried forward, with 31 March 2017 resolved as record day for dividends.

In addition, the shareholders' meeting resolved, in accordance with the board's proposal, to amend 8 [section sign] of the articles of association whereby the limits for the number of members of the board are amended.

Further, the annual shareholders' meeting resolved, in accordance with the nomination committee's proposal, that the number of members of the board of directors shall be eight without deputy members, and that the company shall have a registered public accounting firm as auditor.

Christian Ringnes, Leiv Askvig, Ann-Sofi Danielsson, Bengt Kjell, Olaf Gausla, Helene Sundt and Mats Wappling were re-elected as board members, while Jeanette Dyhre Kvisvik was elected as board member for the time until the end of the next annual shareholders' meeting. Ringnes was re-elected as chairman of the board.

At the meeting, the accounting firm PwC was elected as auditor and it was noted that the authorised public accountant Patrik Adolfson will be auditor in charge.

Furthermore, the annual shareholders' meeting resolved, in accordance with the nomination committee's proposal, that the fees to board shall be SEK3,770,000 in total, with SEK600,000 paid to the chairman of the board and a fee of SEK400,000 paid to each of the other board members.

Fees for committee work shall be SEK50,000 to each of the two members of the remuneration committee (including the chairman), SEK130,000 to the chairman of the audit committee and SEK70,000 to each of the other two members of the audit committee. In accordance with the nomination committee's proposal, auditor fees shall be paid in accordance with approved invoice.

The annual shareholders' meeting resolved to adopt guidelines for remuneration of members of management in accordance with the board's proposal.

Regarding the appointment of the nomination committee, the annual shareholders' meeting resolved that for the annual shareholders' meeting 2018, the nomination committee shall be composed of representatives of the four largest shareholders as of 31 July 2017 together with the chairman of the board.

Finally, the annual shareholders' meeting resolved to, in accordance with the board's proposal, authorise the board to resolve, at one or several occasions and for the time period until the next annual shareholders' meeting, to increase the company's share capital by new share issues, to the extent that it corresponds to a dilution of not more than 10% of the number of shares outstanding at the time of the notice of the annual shareholders' meeting. New share issues may be made with or without deviation from the shareholders' preferential rights and with or without provisions for contribution in kind, set-off or other conditions.

Pandox is an owner of hotel properties in Northern Europe with a focus on sizeable hotels in key leisure and corporate destinations.

(EUR1.00=SEK9.55)

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Publication:M2 EquityBites (EQB)
Date:Mar 30, 2017
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