Marcolin approves the 2008 separate financial statements
During their ordinary meeting held yesterday on first call, the Shareholders of Marcolin S.p.A. approved unanimously the Company’s separate financial statements as at and for the year ended 31 December 2008, confirming the figures disclosed to the market on 25 March 2009. During the meeting, the 2008 consolidated financial statements were also discussed.
In line with the proposal put forward by the Board of Directors, the Shareholders decided not to distribute dividends and to allocate the profit for the year as follows: Euro 73 thousand to the Legal reserve and Euro 1,388 thousand to Retained earnings.
The Shareholders have also appointed Antonio Abete as Director from the only list of candidates filed by the members of the Shareholders’ agreement, granting him 44,220,112 shares, equal to 71.163% of Marcolin S.p.A. share capital.
Antonio Abete qualified as a non-independent director.
His curriculum vitae can be viewed on the company’s website (www.marcolin.com).
Finally, the Shareholders approved a new buy-back plan, subject to the cancellation of the existing one. The plan can be summarised as follows:
- purchase of treasury shares up to the maximum number permitted by law, therefore, up to 10% of the share capital at that time, also considering that the 681,000 treasury shares currently held by the Company, represent approximately 1.10% of the share capital;
- authorisation to purchase will be valid for an 18-month period from the date of the shareholders’ meeting resolution. With respect to the treasury shares already held in portfolio, authorisation to dispose of them will be granted with no time limits or constraints, in accordance with the law;
The purchase of treasury shares is aimed at minimising the unusual fluctuations of share prices and regulating trading and share prices with respect to the distorting effects of excessive volatility or thin share liquidity. Moreover, it will be used to both support the existing incentive plan for the Managing director and for further incentive plans for directors and/or employees and/or consultants of the Company or its subsidiaries.
Pursuant to article 144-bis, paragraph 4 of Consob (the Italian Commissions for Listed Companies and the Stock Exchange) Issuers Regulation, we note that, with respect to the buy-back plan approved on 29 April 2008 and withdrawn on this date, the Company did not purchase and/or sell any treasury shares.
