Elcoteq’s Annual General Meeting held on March 22, 2007, authorized the Board of Directors to issue, in one or several installments, Series A shares and/or to issue specific rights entitling to shares pursuant to Chapter 10 §1 of the Finnish Companies Act, in the total amount of 15,527,573 Series A shares. Based on the authorization to issue shares, the Board may issue either new shares or those in the company’s possession.
Furthermore, the Meeting authorized the Board of Directors to purchase at most 1,576,994 of the company’s own Series A shares in public trading in order to develop the company’s capital structure, to use as consideration in corporate acquisitions or when the company acquires assets related to its business, and as part of the company’s personnel incentive scheme, in the manner and scope determined by the Board, and otherwise to dispose of or nullify these shares. The purchase price of the shares to be purchased shall be based on the share price in public trading such that the subscription price corresponds to the fair value of the shares formed in public trading at the time of purchase. The holders of the company’s Series K shares have given their approval to the effect that the decision will not be used to purchase the Series K shares in their possession. The purchase of own shares will reduce the company’s distributable funds.
The authorizations have not been used and they have become void as a result of the transfer of the company’s domicile as of January 1, 2008.