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TURKU, FINLAND - Faron Pharmaceuticals Oy (LON:FARN) (AIM: FARN, First North: FARON) held its annual general meeting (AGM) today, where shareholders approved all proposals by the Board of Directors and the Shareholder’s Nomination Committee. The AGM, with forty shareholders representing 42,951,148 shares and votes, took decisive actions regarding the company’s governance and financial structure.
The AGM adopted the financial statements for 2024 and absolved the company’s Board members and CEO from liability for that year. In light of a reported EUR 25.9 million loss for the financial year, no dividend will be distributed, and the loss will be carried forward to the company’s reserve for invested unrestricted equity.
The board composition was confirmed with seven members. Tuomo Pätsi, Markku Jalkanen, John Poulos, Marie-Louise Fjällskog, and Christine Roth were re-elected, while Juho Jalkanen and Colin Bond joined as new members. The board members’ annual remuneration was maintained, with the chair receiving EUR 35,000 and additional fees allocated for committee chairs and members. Meeting fees were set at EUR 1,000 for board meetings attended physically on another continent, with no fees for non-physical attendance or meetings on the same continent.
Audit firm PricewaterhouseCoopers Oy was re-elected as the auditor, with Panu Vänskä as the key audit partner, to be remunerated as per the approved invoice.
Significant changes were made to the Share Option Plan 2019, extending the validity of options by one year and increasing the maximum number of options for a Board member from 125,000 to 200,000. Additionally, the Articles of Association were amended, notably removing the obligation to purchase shares and adjusting the notification requirements for changes in holdings to comply with AIM listing regulations.
The Board received authorization to decide on the issuance of up to thirty million new shares, options, or special rights entitling to shares, which is about 27% of the current shares and votes. This authorization remains effective until June 30, 2026, and does not cancel the previous authorization granted on April 5, 2024.
After the AGM, the Board elected Tuomo Pätsi as the Chair in a subsequent meeting. The minutes of the AGM will be made available on the company’s website by April 4, 2025.
This article is based on a press release statement from Faron Pharmaceuticals.
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