NOTICE TO THE ANNUAL GENERAL MEETING OF TULIKIVI CORPORATION 2024
TULIKIVI CORPORATION STOCK EXCHANGE RELEASE 27 MARCH 2024 AT 1:00 P.M. EET
Notice is given to the shareholders of Tulikivi Corporation to the Annual General Meeting to be held on Thursday 25 April 2024 starting at 14:00 p.m. at the premises of Borenius Attorneys Ltd, Eteläesplanadi 2, 00130 Helsinki. The reception of persons who have registered for the meeting will commence at 13:30 p.m.
A. Matters on the agenda of the general meeting
The following matters will be considered at the Annual General Meeting:
1. Opening of the meeting
2. Calling the meeting to order
3. Election of persons to scrutinise the minutes and to supervise the counting of votes
4. Recording the legality of the meeting
5. Recording the attendance at the meeting and adoption of the list of votes
6. Presentation of the annual accounts, the report of the Board of Directors and the auditor’s report for the year 2023
- Review by the CEO
The annual report of the company, including annual accounts for the year 2023, consolidated financial statements, the report of the Board of Directors and the auditor's report, will be published on 28 March 2024 and will be available from the publication date on the company's website.
7. Adoption of the annual accounts, which also includes the adoption of consolidated financial statements
8. Resolution on the use of the profit shown on the balance sheet
The company’s distributable assets were EUR 4,263,613.47 on 31 December 2023, and the profit for the period was EUR 5,129,440.39.
The Board of Directors proposes to the General Meeting that a dividend of EUR 0.01/share be paid on A shares and EUR 0.0083/share be paid on K shares for the year 2023. After taking the proposed dividend into account, the company’s distributable assets are EUR 3,679,203.29. The remainder of the assets will remain in the company’s equity.
The dividend will be paid to shareholders who are registered in the shareholders’ register of the company, maintained by Euroclear Finland Ltd, on the record date for dividend payment, 29 April 2024. According to the proposal, the dividend payment date would be 15 October 2024.
9. Resolution on the discharge of the members of the Board of Directors and the CEO from liability
10. Handling of remuneration report for governing bodies
The remuneration report will be published on 28 March 2024 and will be available afterwards on the company’s website at www.tulikivi.com/en/.
The Board of Directors proposes that the remuneration report for governing bodies be approved. The decision is advisory.
11. Handling of the company’s remuneration policy
The Board of Directors proposes the adoption of the company’s remuneration policy. Under the Finnish Limited Liability Companies Act, the resolution is advisory.
The company’s remuneration policy is appended to this notice and is available on the company's website at https://www.tulikivi.com/en/tulikivi/remuneration_policy.
12. Resolution on the remuneration and grounds for the compensation of travel costs of the members of the Board of Directors
The Nomination Committee of the Board of Directors proposes to the General Meeting that the annual remuneration of each member of the Board of Directors is EUR 21,500. The annual remuneration shall be paid primarily in the form of Series A shares in Tulikivi Corporation so that the shares are purchased on the stock exchange by 31 December 2024. The company will acquire shares from the market or transfer the company’s own shares held by the company to and on behalf of the board members. The company will bear the costs of acquiring the shares. Unless the Board of Directors grants express permission in advance on a case-by-case basis, the members of the Board of Directors are not allowed to transfer any shares received until their membership on the Board of Directors has ended. Alternatively, the annual remuneration may be paid in whole or in part in cash. The Chair of the Board of Directors shall, in addition to this, be paid a monthly remuneration of EUR 4,500 for this work. Those members of the Board of Directors who perform non-Board of Directors assignments for the company shall be paid a fee on the basis of time rates and invoices approved by the Board of Directors. Travel costs shall be reimbursed in accordance with the company’s travelling compensation regulations.
The members of the Audit Committee and the Nomination Committee of the Board of Directors shall receive a fee of EUR 330 per meeting. The Chair of the Audit Committee shall receive a fee of EUR 660 per meeting.
13. Resolution on the number of members of the Board of Directors
The Nomination Committee of the Board of Directors proposes to the General Meeting that six members be elected to the Board of Directors.
14. Election of members of the Board of Directors
The Nomination Committee of the Board of Directors proposes to the General Meeting that the following current members of the Board of Directors be re-elected for a term of office ending at the closing of the following Annual General Meeting: Jaakko Aspara, Niko Haavisto, Ludmila Niemi, Tarmo Tuominen, Jyrki Tähtinen and Heikki Vauhkonen. The Nomination Committee of the Board of Directors also proposes that Satoko Taguma be elected to the Board of Directors as a new member.
All candidates have consented to being elected.
Further information on the current and proposed members of the Board of Directors is available on the company’s website at https://www.tulikivi.com/en/tulikivi/Board_of_directors.
15. Resolution on the remuneration of the auditor
The Board of Directors proposes to the General Meeting that the fees of the auditor be paid according to approved invoices.
16. Election of auditor
The Board of Directors proposes to the General Meeting that the firm of authorised public accountants KPMG Oy Ab will be elected as the auditor, with Ms Heli Tuuri, Authorised Public Accountant, acting as the auditor in charge, for a term of office ending at the closing of the following Annual General Meeting.
17. Authorising the Board of Directors to decide on the issuance of shares and issuance of rights of option and other special rights entitling to shares
The Board of Directors proposes to the General Meeting that the General Meeting authorises the Board of Directors to decide on the issue of new shares or the company’s own shares in the possession of the company. The new shares and the company’s own shares in possession of the company could be issued either against payment or without payment to the company's shareholders in accordance with their proportional ownership of the company’s shares or through a directed issue by deviating from the shareholders’ pre-emptive subscription right provided that there is a weighty financial reason for the deviation from the company’s point of view. A directed share issue could only be made without payment if there is an especially weighty financial reason for it from the point of view of the company and all its shareholders.
In addition, the authorisation would include a right to issue shares without payment to the company itself, provided that the number of shares issued to the company would not exceed one tenth (1/10) of all shares in the company. When calculating this number, the number of shares held by the company as well as those held by its subsidiaries must be taken into account as set out in Chapter 15, section 11(1) of the Companies Act.
The authorisation would also include the right to issue special rights, as defined in Chapter 10, section 1 of the Companies Act, which entitle to subscribe for new shares in the company or the company's own shares in the possession of the company against payment. The payment may be made either in cash or by setting off the subscriber’s receivable against the company as payment for the share subscription.
The Board of Directors is entitled to decide on other issues related to the share issues.
On the basis of this authorisation, (including shares issued on the basis of special rights) a maximum total of 10,437,748 Series A shares and a maximum total of 1,536,500 Series K shares, i.e. a maximum of 11,974,248 shares in the aggregate, may be issued, regardless of whether such shares are new shares or the company’s own shares in the company’s possession.
The authorisation to issue shares is in force until the Annual General Meeting to be held in 2025 but until 30 June 2025 at the latest. The authorization will not revoke any prior authorizations granted to the Board of Directors.
18. Amendment of the article on notice to the general meeting in the company’s articles of association
The Board of Directors proposes to the Annual General Meeting that article 8 of the company’s articles of association concerning the notice to the general meeting be amended so that the change reflects the wording of the Limited Liability Companies Act (amendments underlined):
The notice of a General Meeting shall be delivered by the Board of Directors by publishing the notice as a stock exchange release and on the company’s website no earlier than three months and no later than three weeks before the General Meeting, and in any event no later than nine days before the General Meeting record date referred to in section 2(2), chapter 4 of the Limited Liability Companies Act.
To be able to participate in a General Meeting, shareholders intending to do so must register their intention to participate no later than on the date specified in the notice of the General Meeting, which date may not be earlier than ten (10) days prior to the meeting, at the place mentioned in the notice of meeting.
19. Closing of the Meeting
B. Documents of the general meeting
The above-mentioned proposals of the Board of Directors, the remuneration report for governing bodies, and this notice are available on Tulikivi Corporation’s website at http://www.tulikivi.com/en/tulikivi/General_meetings. The annual report of Tulikivi Corporation, including the company’s annual accounts, the report of the Board of Directors, and the auditor’s report as well as remuneration policy and the Corporate Governance Statement, shall be disclosed and will be available on the above-mentioned website as from 28 March 2024. Copies of the aforementioned documents and this notice will be sent to shareholders upon request. The minutes of the General Meeting will be available on the above-mentioned website 9 May 2024 at the latest.
C. Instructions for the participants to the General Meeting
1. Shareholders registered in the shareholders' register
Each shareholder who is registered on the record date of the General Meeting on 15 April 2024 in the shareholders' register of the company held by Euroclear Finland Ltd. has the right to participate in the General Meeting. Shareholders whose shares are registered on their personal Finnish book-entry account are registered in the shareholders’ register of the company.
Changes in shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the number of voting rights held in the meeting.
Shareholders wishing to participate in the General Meeting shall register for the meeting no later than 15 April 2024 by notifying the company of their participation. The registration shall be received by the company no later than on the above-mentioned date.
Shareholders can register for the General Meeting:
a) by email / maj-lis.kallinen@tulikivi.fi;
b) by telephone at +358 207 636 321 (Mon to Fri from 8 a.m. to 4 p.m);
c) by regular mail to Tulikivi Corporation / General Meeting, Kuhnustantie 65, FI-83900 Juuka, Finland; or
d) at the company’s offices at Kuhnustantie 65, 83900 Juuka (Mon to Fri from 8 a.m. to 4 p.m).
In connection with the registration, shareholders shall notify requested information including their name, personal identity code or company ID and contact details, and the name of any assistant or proxy and his / her personal date of birth.
Personal data given to Tulikivi Corporation is used only in connection with the General Meeting and with the processing of related registrations.
Shareholders and their representatives or proxies shall be able to prove their identity and / or right to represent the shareholder upon request.
2. Proxy representative and powers of attorney
Shareholders may participate in the General Meeting and exercise their rights at the meeting by way of proxy representation. Proxy representatives shall produce a dated proxy document or otherwise prove in a reliable manner their right to represent the shareholder at the General Meeting. When a shareholder participates in the General Meeting by means of several proxy representatives representing the shareholder with shares at different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the General Meeting.
Any proxy documents should be delivered in originals to the address: Tulikivi Corporation / General Meeting, Kuhnustantie 65, FI-83900 Juuka, Finland on or before the last date for registration.
3. Holders of a nominee registered shares
Holders of nominee registered shares have the right to participate in the General Meeting by virtue of such shares based on which he / she on the record date of the General Meeting, i.e. on 15 April 2024, would be entitled to be registered in the shareholders’ register of the company held by Euroclear Finland Ltd. In addition, the right to participate in the General Meeting requires that the shareholder on the basis of such shares has been registered into the temporary shareholders’ register held by Euroclear Finland Ltd. at the latest by 22 April 2024 10:00 a.m. As regards nominee registered shares, this constitutes due registration for the General Meeting. Changes in the ownership of shares after the record date of the General Meeting do not affect the right to participate in the General Meeting or the number of votes of the shareholder.
Holders of nominee registered shares are advised to request in good time necessary instructions regarding the temporary registration in the shareholders' register of the company, the issuing of proxy documents and registration for the General Meeting from their custodian bank. The account management organisation of the custodian bank shall register the holder of nominee registered shares who wishes to participate in the General Meeting to be temporarily entered into the shareholders’ register of the company at the latest by the time stated above.
4. Other instructions and information
Information regarding the General Meeting set out in the Limited Liability Companies Act and the Securities Markets Act are available on the company’s general meeting website at http://www.tulikivi.com/en/tulikivi/General_meetings.
The meeting will be held in Finnish. Pursuant to Chapter 5, section 25 of the Companies Act, a shareholder who is present at the General Meeting has the right to request information with respect to the matters to be considered at the meeting.
On the date of this notice to the Annual General Meeting, the total number of shares in Tulikivi Corporation is 59,871,243 of which the number of Series A shares is 52,188,743 and the number of Series K shares is 7,682,500. Of these shares, a total of 124,200 Series A shares are held by the company. Series A shares have 52,064,543 votes altogether and Series K shares have 76,825,000 votes. On the basis of the above, a maximum of 128,889,543 votes can be cast at the General Meeting.
In Helsinki, on 27 March 2024
TULIKIVI CORPORATION
BOARD OF DIRECTORS
Distribution:
Nasdaq Helsinki
Key media
www.tulikivi.com
Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555
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