IMSK - Annual General Meeting

Tuesday, 10. March 2009 09:01
All resolutions were made in accordance with the summons for the
Annual General Meeting of I.M. Skaugen SE held on 9 March 2009. 50.54
per cent of the share capital was represented.


All resolutions were made in accordance with the summons for the
Annual General Meeting of I.M. Skaugen SE held on 9 March 2009. 50.54
per cent of the share capital was represented.

The shareholders present were given information about the current
operations of the Company. The company expressed confidence that 1Q09
performance will be better than 4Q08 for IMSK. The presentation made
is available at the web site (www.skaugen.com).

The following resolutions were passed:

Re. Authorisation to acquire the Company's own shares

On 3 March 2008, the company's Ordinary Annual General Meeting
granted the Board the authority to acquire treasury shares. The Board
of Directors believes that the acquisition of the Company's treasury
shares may be right for the Company with a view, inter alia, to
improving the shareholders' return. The Board of Directors proposes
that this authorisation be renewed. This also assures the company
greater financial flexibility. The acquisition of the Company's own
shares can for example be relevant in a situation where the Company's
equity- and liquidity situation is good, while at the same time there
is a limited supply of attractive investment opportunities.

The Board of Directors proposes therefore that the Annual General
Meeting passes the following resolution:

a) The Board of Directors of I.M. Skaugen SE is hereby
granted authorisation to acquire on behalf of the Company up to
2.717.859 of the Company's treasury shares with a total nominal value
of NOK 40,767,885, corresponding to 10% of the Company's current
share capital.
b) The highest price that may be paid per share is NOK
200, and the lowest price is NOK 1.
c) The acquisition and disposal of the Company's treasury
shares may be carried out as deemed appropriate by the Board of
Directors not, however, by subscription for the Company's treasury
shares.
d) The authorisation shall remain in effect for 18 months
from 9 March 2009.
e) The authorisation for acquiring treasury shares dated 3
March 2008 is suspended.

The authorisation is registered in the Register of Business
Enterprises.


Re. Authorisation to increase the share capital

The Board of Directors proposes to the Annual General Meeting to
authorise the Board of Directors to increase the share capital with
up no NOK 203,839,420. It is proposed that the Board of Directors
shall decide when to execute the authorisation, and in such regards,
also set the subscription price.

The Board of Directors proposes therefore that the Annual General
Meeting passes the following resolutions:

a) Pursuant to the SE Act section 2, cf the Public
Limited Companies Act section 10-14, the Board of Directors of I.M.
Skaugen SE is authorised to on behalf of the Company increase the
share capital with up to NOK 203.839.420.
b) The shareholders' preferential right to new
shares pursuant to the SE Act section 2, cf the Public Limited
Companies Act section 10-4 may be deviated.
c) The Authorisation also comprises increase of share
capital with other assets that monetary etc.
d) The Authorisation comprises increase of share
capital by merger pursuant to the SE Act section 2, cf the Public
Limited Companies Act section 13-5.
e) The Authorisation remains in force until 9
March 2011.

The authorisation is to be registered in the Register of Business
Enterprises.


Re. Authorisation to issue convertible bonds with up to NOK
400,000,000

The Board of Directors proposes that the Annual General Meeting gives
the Board of Directors authorisation to issue convertible bonds of up
to NOK 400,000,000. The authorisation may for example be used to
issue convertible bonds on advantageous terms and conditions in a
position under which the Company needs financing promptly. The Board
of Directors shall make the further assessment of the time for
possible issuance of such convertible bonds, and also set the time
limit to call for conversion.

The Board of Directors proposes therefore that the Annual General
Meeting passes the following resolutions:

a) The Board of Directors of I.M. Skaugen SE is
granted the authorisation to on behalf of the Company issue
convertible bonds with amounts equivalent of up to NOK 400,000,000.
The convertible loans may be raised in USD, EUR and NOK.
b) The share capital shall by conversion be subject
to an increase of up to NOK 203,893,420.
c) The Board of Directors may deviate from the
shareholders' preferential right pursuant to the SE Act section 2, cf
the Public Limited Companies Act section 11-4, cf sections 10-4 and
10-5, to subscribe for shares in the convertible loans.
d) The Authorisation shall remain in force until 9
March 2011.

The authorisation is to be registered in the Register of Business
Enterprises.


Re. The Board of Directors

Karen Helene Ulltveit-Moe was re-elected for two years.

The members of the Board of Directors are thus the following:

Erik Eik, Chairman
Bertel O. Steen jr.
Jon-Aksel Torgersen
Karen Helene Ulltveit-Moe
Liselott Kilaas

Morits Skaugen, Deputy member.



Oslo, 10 March 2009
I.M. Skaugen SE
If you have any questions, please contact:
Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 30/+47
91 64 56 08 or by e-mail: bente.flo@skaugen.com. This press release
is also available on the Internet at our website:
http://www.skaugen.com.


Listed on the Oslo Stock Exchange under the ticker code IMSK, I.M.
Skaugen SE (IMS) - is a marine transportation service company engaged
in the hassle-free transportation of petrochemical gases LPG and LNG,
marine transfer of crude oil and LNG, and the design and construction
of smaller and specialised high quality vessels.

We are a fully integrated shipping company that designs, builds,
owns, mans and manages our own ships. IMS customers are major
international companies in the oil and petrochemical industry, whom
we serve worldwide from our presence in Bahrain, Freeport and Houston
(USA), Oslo and Stavanger (Norway), Singapore, Sunderland (UK) and
Nanjing, Shanghai, Taizhou, Zhangjiagang and Wuhan (China). We also
operate recruitment and training programmes in St. Petersburg
(Russia) and Wuhan (China) for the crewing of vessels.

IMS employs approximately 1,700 people and currently operates about
35 vessels worldwide. The fleet comprises petrochemical gas and LPG
carriers, Aframax tankers and lightering support vessels, barges and
tugs.

We have a comprehensive newbuilding programme in China, of which
three 3,200cbm LPG vessels are delivered and sold; three
purpose-designed combination carriers with LPG/Ethylene/VCM and
Organic chemicals carrying capability; and up to ten advanced
10,000-12,000cbm LNG/ LPG/Ethylene gas carriers, with delivery from
2009 and onwards. IMS has invested and built up internal resources
and infrastructure in China to ensure innovative and flexible vessels
at lower cost. During 2008 we also completed our latest fleet renewal
programme for SPT, with the delivery of six new purpose-designed and
-built Aframax tankers on a long-term bareboat charter.


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

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