At Karo Bio AB's annual general meeting on Tuesday June 12th, 2012, the following was resolved.
Dividend
No dividend is to be paid for the financial year 2011.
Board of Directors
Per Bengtsson, re-election
Christer Fåhraeus, re-election
Per Anders Johansson, new election
Anders Waas, re-election
Göran Wessman, re-election
Göran Wessman was elected Chairman of the Board.
Auditors
PricewaterhouseCoopers AB are elected as auditors for the time until the end of the annual general meeting 2013.
Nominating Committee
The annual general meeting resolved that the five largest shareholders, not represented in the Karo Bio Board, shall appoint one representative each, which shall be members of the nominating committee until the 2013 annual general meeting. The Chairman of the Karo Bio Board shall be the convener of the nominating committee. The representatives shall be appointed and announced no later than six months before the annual general meeting 2013.
Guidelines for remuneration of the executive management
The annual general meeting resolved to adopt the board of director's proposal regarding guidelines for remuneration of the executive management of Karo Bio.
Authorization of the Board of Directors to issue new shares
Regarding item 20 on the agenda, Authorization of the Board of Directors to issue new shares, the Annual General Meeting decided in accordance with the proposal presented in advance. The Annual General Meeting authorized the Board of Directors to resolve to issue new shares with the right to subscribe to Azimuth Opportunity Ltd, on one or more occasions prior to the next annual general meeting, without regard to shareholders' pre-emption rights. It shall be possible to make issues for cash payment or set-off. The number of shares possible to issue pursuant to the authorization shall not be limited in a way other than as is prescribed by the Articles of Association applicable from time to time concerning limits on the number of shares and share capital. The reason for deviating from the shareholders' pre-emption rights shall be that the Company should be able to utilize the financing in accordance with the financing agreement that the Company has entered into with Azimuth Opportunity Ltd. The subscription price shall be determined in accordance with what is stated in the aforementioned agreement.
For further information, please contact:
CEO Per Bengtsson: cell: +46 734 474 128 or by e-mail: per.bengtsson@karobio.se
About Karo Bio
Karo Bio is a pharmaceutical company focused on the research and development of innovative drugs for large medical needs. The company runs a number of drug development projects within the indication areas neuropsychiatry, inflammation, autoimmune diseases, cancer and women's health. An important foundation for the company's activities is its unique knowledge of nuclear receptors as target proteins for the development of novel pharmaceuticals, as well as related mechanisms of action. Karo Bio is based in Huddinge, Sweden, has around 45 employees and is listed on NASDAQ OMX Stockholm (Reuters: KARO.ST).
Karo Bio publishes this information in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was published on June 13, 2012, at 08:30 am CET
This press release is also available online at www.karobio.comand www.newsroom.cision.com
http://www.cisionwire.com/karo-bio/r/karo-bio-annual-general-meeting,c9272234
http://mb.cision.com/Main/72/9272234/21872.pdf