Precise Biometrics‘ AGM was held this week, and produced mixed results with respect to the proposals of the company’s Board of Directors.
As per one of the Board’s proposals, it was resolved that dividends would not be paid out for 2017, reflecting the considerable market challenges that Precise Biometrics and its peers faced in the mobile biometrics sector. The AGM also resolved to adopt remuneration schemes that would include variable salary based on executives’ success in meeting certain goals. But the Board’s proposal to establish an incentive program for Precise Biometrics’ incoming new CEO Stefan K. Persson – framed as a matter “of great importance” when it was first outlined – did not attain majority support at the AGM.
Meanwhile, Anna Almlöf, Torbjörn Clementz, Torgny Hellström, Matts Lilja, Mats Lindoff, and Synnöve Trygg were all re-elected to the company’s Board, and Torgny Hellström was re-elected as its Chairman. And the Board was authorized to make decisions on new issues of shares and convertibles, with the company announcing in a statement that the aim here is “to strengthen the company’s capital base in connection with company acquisitions or strategic capital or other investments, and to obtain capital contributions from new owners that are considered strategically important from an operational, financial, structural or other perspective.”
The resolutions come after the publication of Precise Biometrics’ Q1 report, which showed relatively strong fiscal results given the market challenges that Precise Biometrics was forced to confront over the past year.
May 18, 2018 – by Alex Perala