Significant Outcomes from Orrön Energy AB's Recent AGM
The Annual General Meeting of Shareholders (the “AGM”) of Orrön Energy AB (“Orrön Energy” or the “Company”) took place recently.
During this event, the financial results for the previous year were reviewed. The income statements and balance sheets for the financial year were approved, and the Board of Directors along with the Chief Executive Officer were officially discharged from any liabilities related to the financial performance.
In a noteworthy decision, the AGM determined that there would be no dividends distributed for the financial year, instead opting to carry forward the distributable reserves for future use.
Another significant resolution was the approval of the Remuneration Report, which outlines how board members will be compensated moving forward. The annual fees for board members were set at EUR 60,000, with the Chair of the Board receiving EUR 120,000. Additionally, Committee members will receive EUR 5,000 per assignment and Committee Chairs will earn EUR 10,000. It's important to note that total fees for Committee work will not exceed EUR 50,000.
The AGM saw the re-election of Grace Reksten Skaugen, Jakob Thomasen, Peggy Bruzelius, William Lundin, and Mike Nicholson as members of the Board of Directors, with Grace Reksten Skaugen continuing as Chair. A new addition to the Board for the term until the next AGM in 2026 is Richard Ollerhead.
Furthermore, the AGM decided that auditor fees would be settled upon invoice approval, and Ernst & Young AB was confirmed as the auditor until the end of the next anticipated AGM.
Long-Term Incentive Plan and Future Issuances
In alignment with the recommendations from the Board of Directors, the AGM approved an innovative long-term, performance-based incentive plan titled “LTIP 2025.” This program is designed for Group Management and key employees, offering shares in Orrön Energy contingent upon meeting specific performance targets and maintaining employment over a three-year timeframe. These targets assess both share price growth and strategic achievements.
The performance metrics include a 75 percent weighting on Total Shareholder Return relative to a peer group, and a 25 percent weighting on reaching strategic goals. A total of 5,450,000 performance shares will be available under LTIP 2025, ensuring that participants are rewarded for both company growth and share price appreciation.
The AGM also greenlit the issuance of up to 5,450,000 warrants of series 2025:1, enabling efficient share delivery to participants and covering related expenses like taxes. The exercise price for these warrants will reflect the company's share value.
Authorization of New Share Issuance and Repurchases
In addition to the incentive plan, shareholders authorized the Board of Directors to issue new shares or convertible debentures amounting to a maximum of 28,500,000 shares. This flexibility is meant to facilitate acquisitions or support major investment initiatives.
The AGM also granted the Board of Directors permission to purchase and sell shares on Nasdaq Stockholm or through an offer presented to all shareholders, ensuring that treasury shares don't exceed 10 percent of the total outstanding shares.
About Orrön Energy
Orrön Energy is a publicly traded renewable energy company listed on Nasdaq Stockholm (Ticker: ORRON) and forms part of the Lundin Group. The company focuses on developing a robust portfolio of cash-generating assets across the Nordics while exploring growth opportunities in the UK, Germany, and France. With strong backing and a proven management team, Orrön Energy is poised to deliver significant value as it navigates the evolving energy landscape.
For any further inquiries, kindly reach out to:
Robert Eriksson
Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
robert.eriksson@orron.com
Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
jenny.sandstrom@orron.com
Frequently Asked Questions
What were the main decisions made at the AGM?
The AGM focused on key financial approvals, re-elections of board members, and the introduction of a long-term incentive plan for employees.
Who were re-elected to the Board of Directors?
Grace Reksten Skaugen, Jakob Thomasen, Peggy Bruzelius, William Lundin and Mike Nicholson were re-elected, with Richard Ollerhead joining as a new member.
What is LTIP 2025?
LTIP 2025 is a long-term performance-based incentive program for key employees that links rewards to share price and strategic achievements over a three-year period.
What were the resolutions regarding share issuance?
The Board was authorized to issue up to 28,500,000 new shares or convertible debentures and to manage the repurchase and sale of shares.
How can stakeholders get in touch with Orrön Energy?
Stakeholders can contact Robert Eriksson or Jenny Sandström directly via the provided phone numbers and email addresses.
