Incap Oyj : Decision of Incap Corporation's Annual General Meeting in 2013 and of the Board of Directors

Incap Oyj : Decision of Incap Corporation's Annual General Meeting in 2013 and
                          of the Board of Directors

Incap Corporation 
Stock Exchange Release  10 April 2013 at 6.30 p.m.

DECISIONS OF INCAP CORPORATION'S ANNUAL GENERAL MEETING IN 2013 AND THE BOARD
OF DIRECTORS

The Annual General Meeting of Incap Corporation was held on Wednesday, 10
April 2013 in Helsinki. A total of 16 shareholders participated in the
meeting, representing a total of 50.0% of all shares and votes.

Adoption of the annual accounts, resolution on the use of the profit shown on
the balance sheet and the payment of dividend
The Annual General Meeting adopted the annual accounts for the financial year
ending at 31 December 2012. The Annual General Meeting decided in accordance
with the proposal of the Board of Directors that no dividend be distributed
and that the loss for the financial year, a total of EUR 5,505,693.92, be
recognised in equity. The Annual General Meeting discharged the members of the
Board of Directors and the President and CEO from liability.

The remuneration of the members of the Board of Directors and the auditor
The Annual General Meeting decided that the fees for the members of the Board
of Directors stay the same than in 2012 as follows: the annual fee to be paid
for Chairman of the Board is EUR 48,000, for the Deputy Chairman of the Board
EUR 36,000 and for the Board members EUR 24,000. Moreover, EUR 200 will be
paid for each meeting for those who have been present. Eventual travel
expenses are compensated according to the travel regulations of the company.
The auditor is paid against an invoice.

Members of the Board of Directors and the auditor
The Annual General Meeting decided that the number of members of the Board of
Directors shall be five. From previous members of the Board of Directors,
Raimo Helasmäki, Matti Jaakola, Susanna Miekk-oja and Lassi Noponen were
re-elected to the Board of Directors. Janne Laurila was elected as a new
member of the Board of Directors. All the members of the Board of Directors
are independent of the company and four members are independent of its major
shareholders. The firm of independent accountants Ernst & Young Oy was
re-elected as the company's auditor, with Jari Karppinen, Authorised Public
Accountant, as the principal auditor.

Measures to remedy the company's financial position
Following the write-down on deferred tax assets in the financial statements
for 2012 the equity of Incap Group's parent company decreased to less than one
half of the share capital, and because of this the Board of Directors proposed
- according to the Companies Act, chapter 20, section 23, paragraph 3 - that
the Annual General Meeting shall consider the financial position of the
company. An action plan to ensure the profitability of the company in 2013
was presented to the Annual General Meeting. The plan includes an issuance of
shares, withdrawal of additional financing that has been granted by the bank,
a reorganisation of the company's operations, enhancement of the efficiency of
production as well as the improvement of inventory turn.

Authorising the Board of Directors to decide on the issuance of shares as well
as the issuance of other special rights entitling to shares
The Annual General Meeting authorised the Board of Directors to decide during
one year after the Annual General Meeting to issue a maximum of 300,000,000
new shares either against payment or without payment.

The new shares may be issued to the company's shareholders in proportion to
their current shareholdings in the company or deviating from the shareholders'
pre-emptive right through one or more directed share issue, if the company has
a weighty financial reason to do so, such as developing the company's equity
structure, implementing mergers and acquisitions or other restructuring
measures aimed at developing the company's business, financing of investments
and operations or using the shares as a part of the company's remuneration and
compensation system, upon terms and scope decided by the Board of Directors.

Based on the authorisation, the Board of Directors can pursuant to chapter 10,
section 1 of the Companies Act, also decide on issuing other special rights
entitling to new shares of the company against payment.

The subscription price of the new shares can be recorded partly or fully to
the invested unrestricted equity reserves or to equity according to the
decision of the Board of Directors.

The Board of Directors is entitled to decide on conditions regarding the
issuance of shares as well as the issuance of other special rights entitling
to shares.

First meeting of the new Board of Directors
The new Board of Directors held a meeting after the Annual General Meeting and
elected Lassi Noponen as the Chairman of the Board and Matti Jaakola as the
Deputy Chairman of the Board.

The minutes of the Annual General Meeting are available at the company's
website as from 23 April 2013.

INCAP CORPORATION

Sami Mykkänen
President and CEO

Further information:
Sami Mykkänen, President and CEO, tel. +358 40559 9047
Kirsti Parvi, CFO, tel. +358 50517 4569
Hannele Pöllä, Director, Communications and Investor Relations, tel. +358 40
504 8296

DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.incap.fi

INCAP IN BRIEF
Incap Corporation is an internationally operating contract manufacturer whose
comprehensive services cover the entire life-cycle of electromechanical
products from design and manufacture to maintenance services. Incap's
customers include leading equipment suppliers in energy efficiency and
well-being technologies, for which the company produces competitiveness as a
strategic partner. Incap has operations in Finland, Estonia, India and China.
The Group's revenue in 2012 amounted to EUR 64.1 million and the company
currently employs approximately 610 people. Incap's share is listed on the
NASDAQ OMX Helsinki. Additional information: www.incap.fi.

------------------------------------------------------------------------------

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Incap Oyj via Thomson Reuters ONE
HUG#1692079
 
Press spacebar to pause and continue. Press esc to stop.