The 2021 Annual General Meeting (AGM) of LeoVegas was held on Tuesday, 11. The shareholders passed several resolutions. Due to the COVID-19 pandemic, the meeting was held by postal vote, with no physical presence.
The company’s CEO, Gustaf Hagman summarized the actions of 2020 and the beginning of this year. In addition, participants in the general meeting approved the LeoVegas income statement and balance sheet, as well as the consolidated income statement and consolidated balance sheet.
LeoVegas Profit Distribution
The General Meeting resolved, in accordance with the Board of Directors’ proposal, that of the amount available for distribution to shareholders, a total of 34,973,570 euros, will be distributed to shareholders. Board members and the CEO were exempt from liability for the year 2020.
Election of the board of directors and auditor
The LeoVegas meeting determined that the Board of Directors should consist of seven directors and no alternates. It was defined that the company must have an auditing company accredited as an auditor.
Per Norman, Anna Frick, Fredrik Rüden, Mathias Hallberg, Carl Larsson, Torsten Söderberg and Hélène Westholm were re-directed directors. Per Norman was again appointed to the position of Chairman of the Board.
PricewaterhouseCoopers AB was re-elected as an auditor for LeoVegas. As such, PricewaterhouseCoopers has announced that authorized public accountant Aleksander Lyckow will continue as the responsible auditor.
Authorization to the Board of Directors to decide on repurchase and transfer of LeoVegas shares
The LeoVegas Assembly also authorized the Board of Directors to decide on the purchase of the company’s own shares. Share repurchases can only be made at Nasdaq Stockholm or any other regulated market.
The authorization can be exercised on one or more occasions before the Annual General Meeting of 2022. The maximum number of own shares that can be repurchased so that the ownership of LeoVegas shares at any time does not exceed 10% of the total number of shares of LeoVegas organization.
Repurchases of the company’s own shares in Nasdaq Stockholm can only be made at a value within the range of the highest purchase price and the lowest sale price in a specific period. Payment for shares will be made in cash.
In addition, the Board of Directors has received authorization to decide on transfers of own shares. Transfers can be made at Nasdaq Stockholm or outside Nasdaq Stockholm in connection with acquisitions of companies, operations or assets. The measure can be taken in one or more situations before the 2022 General Assembly.
And, stock transfers at Nasdaq Stockholm can only be carried out at a price corresponding to the highest purchase price and the lowest selling price in a given period. For transfers outside Nasdaq Stockholm, the price must be fixed in such a way that the transfer takes place within market conditions.
The purpose of the authorizations is to give the Board of Directors greater leeway and opportunity to adapt and improve the company’s capital structure and, thus, create more value for shareholders. And, still take advantage of acquisition opportunities.
Authorization to the Board of Directors to define a new issue of shares
The LeoVegas meeting also served to enable the Board of Directors, on one or more occasions, until the next Annual General Meeting, to increase the company’s share capital from a new issue of shares.
A new issue of shares may be promoted with or without deviation from the shareholders’ preemptive rights. Shares with preemptive rights of shareholders must be issued under market conditions. And the Administrative Council will have the right to decide on the remaining terms of the transaction.
Remuneration report
Finally, the participants approved the remuneration report. To check the details and all the deliberations taken during the LeoVegas annual meeting, just go to the bookmaker’s official website.
