Result of AGM

Powerflute Oyj 

26.04.2012 10:00

Dissemination of a Adhoc News, transmitted by DGAP - a company of
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The issuer is solely responsible for the content of this announcement.

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26 April 2012

                                        

                                   POWERFLUTE

                                        

                             ANNUAL GENERAL MEETING

                                        



Powerflute Oyj ('Powerflute' or the 'Company'), the packaging and paper group,
announces that the Annual General Meeting of shareholders ('AGM') held today in
Kuopio, Finland resolved in favour of all matters in accordance with the
proposals of the Board of Directors and its Committees as presented in the
Notice of the AGM published on 5 April 2012. 



Adoption of accounts and discharge from liability



The AGM approved and adopted the Company's annual accounts for the financial
year ended 31 December 2011 and granted the Board of Directors and the Chief
Executive Officer discharge from any responsibility or liability for the
period. 



Resolution on use of profits and payment of dividend



The AGM resolved that a dividend of 1.30 cent per share will be paid for the
financial year ended 31 December 2011. The record date for the dividend is 2
May 2012 and payment will be made on 18 May 2012. 



Remuneration of Directors



The AGM resolved that the remuneration of the Directors for the term ending at
the close of the Annual General Meeting in 2013 should be as follows: 



Chairman                                  EUR 100,000 per annum

Other Directors                         EUR 50,000 per annum



In addition, it was resolved that additional compensation of EUR 10,000 per
annum should be paid to the Chairmen of each of the Board's principal
committees and that the Directors should be entitled to reimbursement of any
costs incurred by them in the performance of their duties. 



Composition and membership of the Board of Directors



The AGM resolved that the Board of Directors should consist of seven members.
Of the current members, Dermot F. Smurfit, Marco Casiraghi, Christopher Knight,
Juha Niemelä, William Anthony Smith, Dermot S. Smurfit and David Walton were
re-elected and will serve as Directors until the end of the next Annual General
Meeting to be held in 2013. Dr Ulrich Scheufelen did not seek re-election. 



Remuneration and re-election of auditor



It was resolved that the auditor's fees should be paid as invoiced and Ernst &
Young Oy, an auditing entity authorised by the Central Chamber of Commerce of
Finland, was re-elected to act as the auditor of the Company until the end of
the Annual General Meeting in 2012. 



Repurchase of the Company's own shares



The proposals made by the Board of Directors on the granting of authority to
them for the repurchase of the Company's own shares and the issue of new shares
were adopted, thereby authorising the Directors to resolve on the repurchase of
up to 9.6% of the Company's own shares as well as the issuance of new shares
and the issuance of options and other special rights or entitlements to shares
representing up to 20.7% of the shares of the Company currently in issue. It
was resolved that these authorities shall remain effective until 30 June 2013,
unless revoked or altered earlier than this by a General Meeting of
shareholders. 








Decisions of the Board of Directors



At its meeting held after the AGM, the Board of Directors elected from among
its members the following: 



Dermot F Smurfit was elected as Chairman of the Board of Directors



Christopher Knight was elected as Senior Independent Director



Christopher Knight, Juha Niemelä, Tony Smith and Dermot S Smurfit were elected
as members of the Audit Committee and Christopher Knight was appointed as
Chairman of this Committee. 



Christopher Knight, Juha Niemelä, Tony Smith and Dermot S Smurfit were elected
as members of the Remuneration Committee and Tony Smith was appointed as
Chairman of this Committee. 



Christopher Knight, Juha Niemelä, Tony Smith and Dermot S Smurfit were elected
as members of the Nomination Committee and Juha Niemelä was appointed as
Chairman of this Committee. 







                                    - Ends-





For further information, please contact:





PowerfluteOyj                              c/o Billy Clegg, FTI Consulting
Dermot Smurfit (Chairman)                  +44 20 7269 7157               
Marco Casiraghi (Chief Executive Officer)                                 
David Walton (Chief Financial Officer)                                    
Canaccord Genuity Limited                  +44 20 7523 8350               
Piers Coombs                                                              
Mark Dickenson                                                            
Pareto Őhman AB                            +358 9 8866 6029               
Ms Arja Väyrynen                                                          
FTI Consulting                             +44 20 7831 3113               
Billy Clegg                                                               
Oliver Winters                                                            
FTI Consulting (Ireland)                   +353 1 663 3686                
Mark Kenny                                                                
Jonathan Neilan                                                           



About Powerflute

Powerflute Oyj ('the Company' or 'Powerflute') is a paper and packaging group
quoted on the AIM market of the London Stock Exchange (Ticker: POWR) and on
NASDAQ OMX First North, the alternative market of NASDAQ OMX Helsinki (Ticker
POW1V). Through its subsidiary Savon Sellu Oy, the Group operates a paper mill
in Kuopio, Finland which produces a specialised form of semi-chemical fluting
made from locally sourced birch. Corrugated boxes manufactured using Nordic
semi-chemical fluting demonstrate strength and moisture resistance and are used
for transportation of fruit and vegetables, high-value industrial goods such as
electrical appliances and automotive components. The Kuopio mill is one of only
three suppliers of Nordic semi-chemical fluting in Europe.
News Source: NASDAQ OMX



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Language:     English
Company:      Powerflute Oyj
              
               
              Finland
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         FI0009015291
WKN:          
 
End of Announcement                             DGAP News-Service
 
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