Stevanato Group Announces Results of Annual General Meeting
Stevanato Group (NYSE: STVN) announced that all resolutions proposed at the Annual General Meeting (AGM) on May 22, 2024, were approved. Key resolutions included the approval of the financial statements for the year ending December 31, 2023, and a dividend distribution of EUR 0.053 per share.
A new twelve-member Board of Directors was appointed, featuring two new members, Karen Flynn and Luciano Santel. Shareholders also renewed the Board's authorization for the purchase and disposal of treasury shares. Detailed AGM materials are accessible on the company's investor relations website.
- All resolutions proposed at the AGM were approved, indicating strong shareholder support.
- Approval of annual financial statements for 2023 ensures transparency and regulatory compliance.
- Distribution of a EUR 0.053 dividend per share may attract and retain investors.
- Appointment of a diversified twelve-member Board of Directors, including new members, can introduce fresh perspectives.
- Renewal of authorization for the purchase and disposal of treasury shares provides flexibility for capital management.
- The press release lacks detailed financial performance metrics, such as revenue growth or profit margins, which could raise concerns about the company's financial health.
- The dividend amount of EUR 0.053 per share may be viewed as modest, potentially disappointing some investors looking for higher returns.
-All Resolutions Proposed to Shareholders Passed-
PIOMBINO DESE,
Details of the resolutions submitted to, and approved by, the AGM are included in the explanatory report prepared by the Board of Directors of the Company, which is available on the Company’s corporate website at https://ir.stevanatogroup.com/.
Shareholders approved, among other things, the annual financial statements for the financial year ended on December 31, 2023 and the allocation of annual net profits for the year, including a distribution of dividends in the amount of
A Board of Directors consisting of twelve members was appointed, comprising Sergio Stevanato, Franco Stevanato, Madhavan Balachandran, Fabrizio Bonanni, Fabio Buttignon, William Federici, Donald Eugene Morel Jr., Franco Moro, Alvise Spinazzi and Paola Vezzaro (who were also members of the previous board), together with Karen Flynn and Luciano Santel (who are newly appointed).
In addition, shareholders granted to the Board of Directors – due to the expiration of the existing authorizations – a new authorization for the purchase and the disposal of ordinary and Class A treasury shares for the period and purposes indicated in the explanatory report.
Further information regarding the AGM is available on the investors’ section of Stevanato Group’s corporate website at https://ir.stevanatogroup.com/, including the full text of the AGM notice, explanatory report and other AGM materials.
Shareholders may request a hard copy of AGM materials, free of charge, by emailing legal@stevanatogroup.com.
About Stevanato Group
Founded in 1949, Stevanato Group is a leading global provider of drug containment, drug delivery and diagnostic solutions as well as engineering solutions to the pharmaceutical, biotechnology and life sciences industries. Stevanato Group delivers an integrated, end-to-end portfolio of products, processes and services that address customer needs across the entire drug life cycle from development to clinical and commercial stages. Stevanato Group’s core capabilities in scientific research and development, its commitment to technical innovation and its engineering excellence are central to its ability to offer value added solutions to clients.
For more information, please visit www.stevanatogroup.com.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained in this press release, including statements regarding the appointment of the new Board of Directors and the accomplishment of the Company’s future goals, are forward-looking statements based on Stevanato Group’s current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including market conditions and Stevanato Group’s results of operations. As such, the reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. For a description of additional factors that could cause the Company’s future results to differ from those expressed in any such forward-looking statements, refer to the risk factors discussed under “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 7, 2024. All forward-looking statements in this press release are based on information currently available to Stevanato Group and speak only as of the date of this press release, and Stevanato Group assumes no obligation to update these forward-looking statements in light of new information or future events, except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240524718924/en/
Media
Stevanato Group
media@stevanatogroup.com
Investor Relations
Lisa Miles
lisa.miles@stevanatogroup.com
Source: Stevanato Group S.p.A.
FAQ
What resolutions were approved at Stevanato Group's AGM on May 22, 2024?
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