STOCKHOLM, SWEDEN--(Marketwire - June 30, 2011) - The Board of Directors of Swedish Orphan Biovitrum AB (publ) (“Sobi”) has resolved to propose that an Extraordinary General Meeting of shareholders be held in order to approve a performance-based long-term share program for the company’s new CEO Geoffrey McDonough as well as revised guidelines for remuneration to senior management. The Extraordinary General Meeting will be held in the second half of August 2011.
Performance-based long-term share program for the CEO
Geoffrey McDonough has announced that, in addition to participating in the company’s 2011 share program, he is willing to make a significant one-time investment in Sobi shares. The Board of Directors has therefore resolved to propose that an Extraordinary General Meeting approves a performance-based long- term share program for the CEO based on an own investment in Sobi shares of approximately SEK 4 million in the market. Provided that certain pre- defined performance requirements relating to the development of Sobi’s share price have been met at the end of a period ending August 15, 2014, the CEO shall be allotted a maximum of 500,000 common shares in Sobi free of charge. In addition, allotment requires that his own investment in Sobi shares is maintained, and that the CEO remains employed as of this date.
To secure the company’s commitments under the proposed CEO share program, the Board of Directors has further resolved to propose that the General Meeting (a) approves an authorization for the Board of Directors to resolve on a directed issue of series C shares, (b) approves an authorization for the Board of Directors to repurchase issued series C shares and (c) resolves on transfer of own shares under the proposed CEO share program. The authorizations to issue and repurchase series C shares are proposed to be construed as amendments of the authorizations approved by the 2011 Annual General Meeting, to the effect that the purpose of the authorizations will be extended to also cover shares under the proposed CEO share program.
Revised guidelines for remuneration to senior management
The Board of Directors has resolved to propose that the Extraordinary General Meeting approves revised guidelines for remuneration to management following a review of the guidelines adopted by the 2011 Annual General Meeting.
Complete proposals and convening notice
The notice convening the Extraordinary Shareholders’ Meeting will include the complete proposals by the Board of Directors. The convening notice will be published at least four weeks prior to the meeting.
About Swedish Orphan Biovitrum (Sobi)
Sobi is a leading European specialty pharmaceutical company focused on providing and developing specialty pharmaceuticals for patients with rare diseases and significant medical needs. The portfolio comprises about 60 marketed products, as well as projects in late clinical phase. Key therapeutic areas are hematological diseases, autoimmune diseases, hereditary metabolic disorders and therapeutic oncology. In 2010 Sobi had revenues of SEK 1.9 billion and approximately 500 employees. The share (STO: SOBI) is listed on NASDAQ OMX Stockholm. For more information please visit www.sobi.com
The above information has been made public in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was released for public distribution on June 30, 2011 at 8.30 CET.
Sobi Press Release June 30, 2011 - pdf format: http://hugin.info/134557/R/1527015/462731.pdf
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Source: Swedish Orphan Biovitrum AB (publ) via Thomson Reuters ONE
[HUG#1527015]
For additional information, please contact:
Asa Stenqvist
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