Valoe Oyj - Decisions of general meeting

Resolutions of Valoe's Annual General Meeting, Decision on a Follow-up Meeting, and Organising of the Board of Directors

Valoe Corporation         Stock Exchange Release         28 June 2024 at 14.10 Finnish time

        

Valoe Corporation's Annual General Meeting was held on 28 June 2024 in Mikkeli, Finland.

The AGM approved the remuneration report for Valoe’s governing bodies. The resolution on the remuneration report is advisory. It was resolved that the Board of Directors will have four members. Hannu Savisalo, Industrial counsellor; Ville Parpola, lawyer; Tuomas Honkamäki, authorized public accountant; and Iikka Savisalo, CEO, continue as old Board members in the Board of Directors.

At its organizing meeting following the Annual General Meeting, Valoe's Board of Directors elected Hannu Savisalo as the Chairman and Ville Parpola as the Vice Chairman of the Board. The Board of Directors decided, due to the scope of the company's business, that it is not necessary to establish any separate Board committees.

The Annual General Meeting resolved that an annual remuneration of EUR 40,000 will be paid to the Chairman and to the Vice Chairman of the Board, and EUR 30,000 to the members of the Board of Directors. Further, travel costs will be paid to the Board members pursuant to the company’s travel policy.

In addition, the General Meeting resolved to authorize the Board of Directors to decide on a share issue with and/or without payment, either in one or in several occasions, including right to resolve on option rights and other rights entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish Companies Act so that the number of new shares issued based on the authorization or number of shares issued based on option rights and other special rights entitling to the shares pursuant to the Chapter 10, Section 1 of the Finnish companies Act, could increase by a total maximum amount of 4,500,000 shares. The authorization does not exclude the Board’s right to decide also on directed issue of shares or option rights and other special rights pursuant to the Chapter 10, Section 1 of the Finnish Companies Act. The authorization may be used for important arrangements from the company’s point of view e.g. to strengthen the capital structure, to finance investments, for acquisitions and business transactions or other business arrangements, or to expand ownership structure, or for other purposes resolved by the Board involving a weighty financial reason for issuing shares or option rights or special rights entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish Companies Act. The share issue may be executed by deviating from the shareholders' pre-emptive subscription right provided the company has a weighty financial reason for that. The authorization is in force until 30 June 2025.

Valoe's financial statements for 2023 are not yet audited, as the company does not currently have an auditor elected by a general meeting. Therefore, the agenda items related to the financial statements, the use of the loss for 2023, the dividend payment, and the discharge were not discussed at the Annual General Meeting. It was resolved to adjourn the Annual General Meeting and postpone the discussion of the items mentioned above, as well as the decision on the remuneration and election of the auditor to a follow-up meeting. The Board of Directors will convene a follow-up meeting at a date to be announced later.

In Mikkeli 28 June 2024

Valoe Corporation

Board of Directors

For more information:
Iikka Savisalo, President and CEO, Valoe Corporation
Tel. +358 40 521 6082
email: iikka.savisalo@valoe.com

Distribution:
NASDAQ OMX, Helsinki
Main media
www.valoe.com

Valoe Corporation designs, manufacturers, and sells solar power application projects, especially for vehicles and electronics. Valoe’s applications are based on the company’s own back contact technology and IBC solar cells manufactured at the Company’s cell factory in Lithuania. Valoe is headquartered in Mikkeli, Finland, with production facilities in Juva, Finland, and Vilnius, Lithuania.