Orava Asuntorahasto Oyj - Decisions of general meeting

DECISIONS OF THE ANNUAL GENERAL MEETING OF ORAVA RESIDENTIAL REIT PLC

Orava Residential REIT plc

Stock Exchange Release on 22 March 2017 at 1.30 pm





DECISIONS OF THE ANNUAL GENERAL MEETING OF ORAVA RESIDENTIAL REIT PLC





Decisions of the Annual General Meeting

The Annual General Meeting of Orava Residential REIT plc was held in Helsinki
on 22 March 2017. The Meeting approved the consolidated financial statements
and the financial statements of the parent company and granted discharge from
liability to those accountable for the financial period 1 January 2016 - 31
December 2016. Discharge from liability was granted to following persons: 

Jouni Torasvirta, chairman of the board;

Patrik Hertsberg, member of the board;

Mikko Larvala, member of the board;

Tapani Rautiainen, member of the board;

Veli Matti Salmenkylä, member of the board;

Timo Valjakka, member of the board; and

Pekka Peiponen, executive director

The dividends were approved in accordance with the Board of Director’s
proposal. The Board of Directors was authorised to decide on dividends per
share of no more than EUR 0.12 according to the following table. 

ISIN code    Dividend right   Shares(pcs)  Dividend/y(€)  Total/y(€)

FI4000068614     100 %           9,598,910       0.12      1,151,869.20



A total of EUR 1,151,869.20, at maximum, can be paid as dividends. For each
instalment, the dividend to be paid quarterly is no more than EUR 0.03 per
share. 

The payment dates of the dividends are 31 March 2017, 30 June 2017, 29
September 2017 and 29 December 2017. The Board of Directors was authorised to
decide on the amount and payment of dividends quarterly within the above
limits, provided that the Company’s solvency is not endangered due to the
distribution of dividends. The Board of Directors was authorised to determine
the record date for the payment of dividend. 

The Annual General Meeting confirmed the remunerations to be paid to the
members of the Board of Directors as follows: chairman EUR 2,000 and members
EUR 1,200 per month, plus a meeting-specific fee of EUR 600 for the chairman
and EUR 300 for a member for each meeting. 

The number of members of the Board of Directors was confirmed as six. Patrik
Hertsberg, Mikko Larvala, Veli Matti Salmenkylä, Jouni Torasvirta and Timo
Valjakka were re-elected. Petra Thorén was elected as a new member. 

PricewaterhouseCoopers Oy, Authorised Public Accountants, with Tuomas
Honkamäki, Authorised Public Accountant, as the chief auditor, were elected as
the company’s auditor. 

Authorisation of the Board of Directors to decide on a share issue and the
issuance of option rights and other special rights entitling to shares 

The Annual General Meeting decided on granting a share issue authorisation and
authorisation to issue option rights and other special rights entitling to
shares to the Board of Directors so that, on the basis of the authorisation,
the Board of Directors may issue no more than 5,000,000 new shares in the
company which carry no right to dividends during 2017. On the basis of the
authorisation, the Board of Directors may use directed issues. Shares may be
issued in deviation from shareholders’ pre-emptive rights through a directed
issue if there is a weighty financial reason for it from the point of view of
the company, such as developing the company's capital structure or financing or
implementing transactions in shares in housing companies. The subscription
price of shares may be paid in cash or, instead of cash, in its entirety or
partly in subscriptions in kind. The authorisation will be valid until 31 March
2018. The authorisation will repeal the previous authorisation given on 22
March 2016. 





Orava Residential REIT plc





Additional information:

Pekka Peiponen, CEO, tel. +358 (0)10 420 3104

Veli Matti Salmenkylä, CFO and administrative director, tel. +358 (0)10 420 3102