Preston Rabl is elected into Saurer BOD

12 May '06

2 min read

General Meeting of Saurer Management AG's Shareholders which was held in Arbon on May 11, 2006, the shareholders voted in line with recommendations issued by the Board of Directors and accepted the pay-out of CHF 1.80 per registered share.

The pay-out of CHF 9.45 per registered share Laxey Partners demanded was withdrawn by Laxey Partners. Mr Preston Rabl was elected to be a member of the Board of Directors. With this result, the shareholders confirm the Board of Directors in the pursuit of its growth strategy.

At the General Meeting, 207 persons were represented, holding 10.2m shares (70% of the total share capital). This high presence was highly appreciated as it assured that important decisions could be made in a representative way.

The current members of the Board of Directors Prof. Dr. Giorgio Behr, Ulrich Schmidt, Heinrich Fischer, Heinz Bachmann, Alexis Fries, Hans-Georg Härter and Prof. Dr. Günther Schuh were reelected. The candidate of Laxey Partners, Mr. Preston Rabl, was newly elected.

The prolongation of the authorized capital by two years was rejected. Furthermore, shareholders present and represented also accepted the presented Annual Report, the Financial Statements and the Consolidated Financial Statements, and took note of the reports of the statutory and group auditors. Discharge was given to the members of the Board of Directors for the business year 2005.

All other changes in the articles of association were also accepted as well as PricewaterhouseCoopers AG as Statutory and Group Auditors were elected for a further term of office of one year.

Textile embroidery manufacturer Saurer Board of Directors (BOD) sees these decisions as a signal to pursue the strategy commenced on sustainable growth in accordance with the clear and communicated targets.

Saurer Management AG

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