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Annual General Meeting of Komax Holding AG: Shareholders approve all proposals of the Board of Directors

Media Release

Ad hoc announcement pursuant to Art. 53 LR

At the Annual General Meeting of 11 May 2020, the shareholders of Komax Holding AG approved all the proposals of the Board of Directors. The Annual General Meeting was held at the premises of Komax Holding AG in Dierikon without the shareholders attending in person. In total, 42.8% of the votes were represented by the independent proxy.

Owing to the Federal Council’s COVID-19 Ordinance 2 on measures to prevent coronavirus, shareholders were not permitted to attend the Annual General Meeting. Instead, they were able to exercise their powers in respect of voting and electing via electronic or written instructions to the independent proxy, who represented 42.8% of the 3.85 million shares in total.

The shareholders approved all the proposals of the Board of Directors by a clear majority. They thus re-elected all six existing members of the Board of Directors for a further term of office of one year. These are Beat Kälin (Chairman), David Dean, Andreas Häberli, Kurt Haerri, Mariel Hoch, and Roland Siegwart. The shareholders elected Andreas Häberli, Beat Kälin, and Roland Siegwart to the Remuneration Committee.

Robust financial base

The proposed appropriation of profit and thus the dividend cancellation were also approved by the shareholders with a large majority. In this regard, Chairman Beat Kälin emphasized that farsighted liquidity planning was a high priority for the Board of Directors: “In the current extraordinary situation, it is vital to secure liquidity and thereby maintain our room for maneuver.” He also confirmed that Komax’s finances are still sound: “We increased the syndicated loan facility from CHF 160 million to CHF 190 million in the first quarter of 2020. Komax also has a credit line of CHF 30 million with other banks. Altogether, Komax has credit facilities of CHF 220 million, of which it had drawn CHF 155 million or around 70% on 31 March 2020. We are therefore well placed financially in this extraordinary time.”