Ultrasonic AG
Ultrasonic AG: Ultrasonic AG holds successful AGM
Ultrasonic AG / Key word(s): AGM/EGM
Ultrasonic AG holds successful AGM
– High attendance – Nearly 100% majority in favour of all motions put to the vote – Management Board authorized to buy back shares in the company – Resolution to change auditor – No vote on conditional capital Cologne, July 24, 2014 – The Annual General Meeting of Ultrasonic AG (Prime Standard, ISIN DE000A1KREX3, US5) in Frankfurt am Main, Germany, on July 22, 2014 was very well-attended. More than 86% of the share capital was represented at the meeting. All motions put to the vote at the AGM were agreed almost unanimously. In particular, the Management Board was authorized to buy back shares in the company. “We want to use the share buy-back programme to make our shares more attractive. Particularly since our option dividend model which we would have liked to continue has no longer been supported by some major external shareholders”, said Qingyong Wu. The company’s CEO added: “The share buy-back programme should help stabilize the present share price and at the same time bring a visible increase in the value of our shares”. Authorization for share buy-back Contrary to the motion put forward in the agenda, the authorization for the share buy-back was limited to EUR 634,890.00, just under 5% of the share capital of EUR 12,697,818.00 on the date of the AGM. Moreover, the period for the share buy-back was limited until July 21, 2015. In addition, a minimum price of EUR 15.00 per share was set for all subsequent uses of the repurchased shares. Qingyong Wu put forward this countermotion at the start of the AGM in agreement with the major shareholders, so neither the management’s original proposal, nor the countermotion put forward by Balaton AG was put to the vote. The authorization can be viewed on the company’s website at Investor Relations/Annual General Meeting. BDO AG is the new auditor Based on a countermotion proposed by Mr. Qingyong Wu, BDO AG Wirtschaftsprüfungsgesellschaft was appointed auditor for the financial statements of the company and the consolidated financial statements of the Group for 2014 with a majority of 99.8565%. The countermotion to the original motion contained in the agenda was due to a change in the audit team of the previous auditor, Warth & Klein Grant Thornton, which the Supervisory Board only became aware of after publication of the notice of the meeting. Since Warth & Klein Grant Thornton had audited the financial statements for the past six years, the Supervisory Board saw no reason why there should not be a change and supported Mr. Wu’s countermotion. Having examined several offers, BDO AG was selected on the basis of its good reputation. Actions of the Management Board and Supervisory Board ratified The AGM ratified the actions of the Management Board and Supervisory Board with a majority of over 99.9%. The proposal on the appropriation of the profit was approved by an equally clear majority. By contrast, no vote was taken on item 8 on the agenda (Resolution on authorization to issue convertible and/or warrant bonds, participation rights and/or income bonds and/or a combination of these instruments, possibly under exclusion of subscription rights, creation of conditional capital, and the corresponding amendments to the articles of association). The Supervisory Board and Management Board see a need for further clarification with the shareholders and therefore withdrew their proposal at the start of the AGM. At 4.30 p.m., Dr. Johannes Mauser, Chairman of the Supervisory Board, closed the AGM, which had run very smoothly. The presentation given at the AGM and details of the votes are available on the company’s website at Investor Relations/Annual General Meeting.
The Cologne-based company Ultrasonic AG is the German holding company of the Chinese ULTRASONIC Group, an established manufacturer and supplier of high-quality branded urban footwear. The Group has over 1,400 employees and operates in three main market segments, each of which currently contributes about a third of revenue. ULTRASONIC produces sandals and slippers for the upper price segment for the local and international market. It is also a long-term supplier of shoe soles to leading manufacturers in the established Chinese sport shoe industry such as Anta, Xtep and Unisuper. Moreover, the company has developed its own very successful high-quality urban footwear collection which is marketed under the ULTRASONIC brand and targets China’s young, fashion-conscious urban middle class, which has high purchasing power and expects high quality. The ULTRASONIC product line is currently marketed via more than 110 mono-label shops. For further information about the company visit: www.ultrasonic-ag.de/en
Ultrasonic AG
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Language: | English | |
Company: | Ultrasonic AG | |
c/o BPG mbH, Graf-Adolf-Platz 12 | ||
40213 Düsseldorf | ||
Germany | ||
Phone: | +86 1525 947 9902 (China); +852 966 227 40 (Hong Kong) | |
Fax: | +49 (0)211 172 9829 | |
E-mail: | ir@ultrasonic-ag.de | |
Internet: | www.ultrasonic-ag.de | |
ISIN: | DE000A1KREX3 | |
WKN: | A1KREX | |
Indices: | CDAX, Classic All Share, DAXsector All Consumer, DAXsector Consumer, DAXsubsector All Clothing & Footwear, DAXsubsector Clothing & Footwear, Prime All Share | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Stuttgart | |
End of News | DGAP News-Service |
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