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TURKU, Finland - Faron Pharmaceuticals Oy (LON:FARN) announced its Annual General Meeting (AGM) is scheduled for March 21, 2025, at 10:00 a.m. EET at Biocity in Turku, Finland. Registration will begin at 9:30 a.m. EET on the same day.
The agenda includes the presentation of the financial statements and the Board of Directors’ report for the year ended 2024, as well as the auditor’s report. The CEO will review the financial year during the meeting.
One key proposal by the Board is to carry forward the company’s losses of EUR 26.0 million for the financial year 2024, resulting in no dividend payment to shareholders. The AGM will also address the remuneration of board members, with the Shareholders’ Nomination Board recommending unchanged annual remuneration for board members and additional fees for committee chairs and members.
The election of board members is on the agenda, with five current members proposed for re-election and one new member recommended to join. Information about the candidates is available on the company’s website.
Proposals also include the re-election of PricewaterhouseCoopers Oy as the company’s auditor, with Panu Vänskä as the key audit partner.
The Board has proposed amending the terms of the Share Option Plan 2019, suggesting an extension of the validity period of the granted options by one year and increasing the maximum number of options offered to each board member.
Furthermore, the Board has proposed amendments to the Articles of Association, including the addition of a new Article 17.1 to clarify notification procedures related to the company’s dual listing and the removal of Article 18, which conflicts with current Finnish Securities Markets Act provisions due to recent changes.
Additionally, the Board seeks authorization to decide on the issuance of shares, option rights, or other special rights entitling to shares, with a proposed maximum of thirty million (30,000,000) new shares, representing approximately twenty-seven percent of the existing shares and votes.
The Company’s Annual Report 2024 and other relevant documents are available for review on the Faron website, and the minutes of the AGM will be posted online by April 4, 2025.
Shareholders on the record date of March 11, 2025, are entitled to attend the AGM, with registration closing on March 18, 2025. Instructions for nominee-registered shareholders and proxy representation are detailed in the notice.
The information provided is based on a press release statement by Faron Pharmaceuticals.
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