AGM Statement

Posted: May 08, 2011

The shareholders of Pilum held the 2011 AGM on 6 May when the following main decisions were taken.

• The income statement and balance sheet and consolidated income statement and balance sheet for the fiscal year 2010 were approved.
• It was resolved that no dividend be paid and that the results are brought forward.
• The Board of Directors and the CEO were discharged from liability for their management during the financial year 2010.
• It was decided that remuneration to the Chairman of the Board shall amount to SEK 240,000, the remuneration to other directors shall amount to 90,000 kronor each, and that the Auditor's fees shall be paid as per approved invoice.
• Magnus Groth, Hans Möller and Lars Ransgart were re-elected directors and Johan Hernmarck was elected as a director to the board.
• It was resolved that the Election Committee shall consist of the Chairman and the representatives of the two largest shareholders of the company at the end of the third quarter of 2011. If any shareholder waives its right to appoint a representative, the shareholders who then is the largest shareholder will appoint a representative. In the event that a member leaves the Committee before its work is completed, the shareholder who appointed the resigning member shall appoint a new representative. If a shareholder is no longer one of the two largest shareholders, its representative will resign and the shareholder who has become one of the two largest shareholders to appoint a representative.
• It was decided that the starting point must be that salaries and other remunerations to senior executives shall be competitive so that it can attract and retain qualified senior management and compensation structures as far as possible should be reasonably predictable for both the company and the employee.
• It was decided to adopt new Articles of Association to the effect that the procedures for convening changed, the limits of the share capital and number of shares changed and that the ability to have A-shares is removed
• It was resolved to authorise the Board to decide on new share issues with preferential rights for shareholders on the following conditions. The total issue proceeds will be maximised to 12,000,000 SEK. The board may decide on the amount which the share capital shall be increased by, the number of Class B shares to be issued and the subscription price per share. The Board's proposal to be presented no later than one week before the record date. The subscription of new shares shall be made during the period from and including 23 May 2011 to and including 6 June 2011. The board may extend the subscription period. The record date for determining which shareholders are entitled to subscribe for new shares shall be 20 May 2011.
• It was decided to issue 2,500,000 options to subscribe. Right to subscribe for the options will belong to the wholly owned subsidiary Pilum Technologies with the right and obligation to transfer them to senior executives within the Group at market value. The market value of the transfer of the options shall be the market value calculated using the Black-Scholes option pricing model at the time of any transfer.
• It was resolved to authorise the Board until the next AGM, on one or more occasions, with or without preferential rights for shareholders, to issue new shares, issue options and / or issue convertible bonds. Payment may be made in cash, in kind or by set-off. The authorisation shall be used primarily for the purpose of acquisitions and financing. The conditions must be balanced against the market rate and overall on market conditions. The authorisation for private placements are limited to a maximum of 8,000,000 shares, while the authorisation for preferential rights issues is limited to a maximum of 20,000,000 shares.

For further information
Jan Törner
CEO, Pilum AB (publ)
jan.torner@pilum.se
Tel: +46 (0) 705-37 98 40, +46 (0) 8-591 124 10

Pilum AB (publ) is listed on First North Premier and Mangold Fondkommission AB (tel. 08-503 015 00) is its Certified Adviser.

Pilum’s concept is to be an energy and environmental company that creates added value to the power-, water treatment- and process industries. Pilum offer bespoke solutions for flue gas- and water treatment and heat recovery for bio- and waste incinerators.
www.pilum.se