Report from the annual general meeting in OXE Marine AB (publ) on 16 April 2021

Rhea-AI Summary

On April 16, 2021, OXE Marine AB held its annual general meeting, where key resolutions included the adoption of the 2020 financial statements and a decision not to pay dividends for that year. The board members reelected were Anders Berg, Magnus Folin, Jon Lind, and Mikael Mellberg, with Jonas Wikström joining the board. Anders Berg was reappointed as chairman, and remuneration for the board totaled SEK 1,020,000. The company authorized share issues not exceeding 20% of outstanding shares and planned a long-term incentive program involving up to 2,100,000 warrants.

Positive

• Board members reelected and a new member appointed, enhancing leadership continuity.
• Authorization to issue shares could provide financial flexibility for future growth.
• Introduction of a long-term incentive program may align executive interests with shareholder value.

Negative

• No dividends declared for 2020 may disappoint income-focused investors.

STOCKHOLM, April 16, 2021 /PRNewswire/ --

The annual general meeting resolved, among other things, the following:           

• The income statement and balance sheet for 2020 were adopted. The meeting resolved not to pay out dividends for the financial year 2020. The board of directors and the CEO were discharged from liability for the financial year 2020.           
• Reelection of board members Anders Berg, Magnus Folin, Jon Lind and Mikael Mellberg and election of Jonas Wikström as new member of the board.            
• Anders Berg was reappointed chairman of the board.           
• Remuneration to the board of directors shall be in total SEK 1,020,000, of which SEK 340,000 shall be paid to the chairman and SEK 170,000 shall be paid to each of the other members of the board.            
• Reelection of Ernst & Young AB as auditor for the period until the end of the annual general meeting 2022.           
• Authorization for the board of directors to resolve on new issues of shares, warrants and/or convertibles. The board shall have the right to resolve on rights issues as well as issues with deviation from the shareholders' pre-emption rights. The total increase of shares that may be issued based on the authorization cannot in aggregate exceed 20 per cent of the number of outstanding shares in OXE at the time of the resolution on the issue.            
• Implementation of a long-term incentive program for senior executives. The resolution means that OXE shall issue no more than 2,100,000 warrants to be subscribed by OXE and/or a subsidiary of OXE after which they are to be transferred to the participants in the incentive program. Each warrant entitles to subscription of one new share in OXE at the subscription price of SEK 6 per share. The warrants may be exercised for subscription of new shares during the following subscription periods: (i) three weeks after the date of publication of OXE's interim report for the first quarter of 2025, (ii) three weeks after the date of publication of OXE's interim report for the second quarter of 2025, and (iii) three weeks after the date of publication of OXE's interim report for the third quarter of 2025. The new shares which will be issued upon full subscription, transfer and exercise of all warrants will correspond to approx. 1 per cent of the total outstanding shares in OXE prior to a full exercise of the warrants of series 2018/2039 and 2020/2039 and approx. 0.9 percent if all warrants of series 2018/2039 and 2020/2039 are exercised for the subscription of shares.

All resolutions were made in accordance with the proposals that have been available before the general meeting. The complete proposals are published on the company's website www.oxemarine.com.

Certified Adviser
FNCA Sweden AB is Certified Adviser for OXE Marine AB (publ).
Contact details to FNCA Sweden AB: tel. +46 8 528 00 399, e-mail info@fnca.se  

For further information, please contact:

Myron Mahendra
CEO
myron.mahendra@oxemarine.com
+46 76 347 59 82

Anders Berg
Chairman of the board
anders.berg@oxemarine.com,
+46 70 358 91 55

OXE Marine AB (publ) (NASDAQ STO: OXE) (OTCQX: CMMCF) has, after several years of development, constructed the OXE Diesel, the world's first diesel outboard engine in the high-power segment. The Company's unique patented engine-to-propulsion power transmission solutions have led to high demand for the Company's engines worldwide.

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Report from AGM 2021

 

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SOURCE OXE Marine AB

FAQ

What were the key decisions made at OXE Marine's annual general meeting on April 16, 2021?

The meeting included the adoption of 2020 financial statements, decision not to pay dividends, and board reappointments.

What is the stock symbol for OXE Marine?

The stock symbol for OXE Marine is CMMCF on OTCQX.

What is the total remuneration approved for the board of directors at OXE Marine?

The board's total remuneration was set at SEK 1,020,000.

Was any dividend announced for OXE Marine for the financial year 2020?

No dividend was declared for the financial year 2020.

What long-term incentive program was approved during OXE Marine's AGM?

OXE Marine approved an incentive program involving up to 2,100,000 warrants to be issued.