Valoe Oyj - Decisions of general meeting

DECISIONS AT VALOE'S ANNUAL GENERAL MEETING AND ORGANIZING OF THE BOARD OF DIRECTORS

Valoe Corporation                                                  Stock
Exchange Release          24 May 2016 at 13.55 Finnish time 


DECISIONS AT VALOE'S ANNUAL GENERAL MEETING AND ORGANIZING OF THE BOARD OF
DIRECTORS 



Valoe Corporation's Annual General Meeting was held on 24 May 2016 in Mikkeli,
Finland. The AGM approved the 2015 financial statements and discharged the
members of the Board and the President and CEO from liability for the financial
year 2015. According to the Board' proposal, it was decided that no dividend
for the financial year 2015 will be distributed. It was also decided that the
loss for the financial period that ended on 31 December 2015 will be entered in
retained earnings. 

It was decided that the Board of Directors will have three members. Industrial
counsellor Hannu Savisalo, Ville Parpola and Iikka Savisalo 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, the Annual General
Meeting resolved that 29,500,000 option rights pursuant to Valoe’s option
scheme 2015 will be issued to Hannu Savisalo, Chairman of the Board; 19,500,000
option rights to Ville Parpola, Vice Chairman of the Board; and 10,000,000
option rights to Iikka Savisalo, Member of the Board. Further, travel costs
will be paid to the Board members pursuant to the company’s travel policy. 

KPMG Oy Ab, Authorized Public Accounting Firm, continues as the company’s
auditor and Petri Kettunen, APA, as the responsible auditor. 

The Annual 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, would equal to the total maximum amount of
1,000,000,000 shares which equals to approximately 36.2 percent, at the most,
of all shares in the company including shares issued based on the authorization
and/or shares to be issued based on option rights and other special rights
entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish
Companies Act. 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 incentive plans, 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 2017. 



In Mikkeli  24 May 2016



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 specializes in the clean energy, especially in photovoltaic
solutions. Valoe provides automated production technology for solar modules
based on the company’s own technology; production lines for modules; solar
modules and special components for solar modules. Valoe's head office is
located in Mikkeli, Finland.