Annual General Meeting 2008

The Annual General Meeting of Lassila & Tikanoja plc, which was held on 1 April 2008, adopted the financial statements for the financial year 2007 and released the members of the Board of Directors and the President and CEO from liability.

Dividend

The AGM resolved that a dividend of EUR 0.55, a total of EUR 21.2 million, as proposed by the Board of Directors, be paid for the financial year 2007. The dividend was paid to shareholders registered in the Company’s List of Shareholders maintained by the Finnish Central Securities Depository Ltd on 4 April 2008. The dividend payment date was 11 April 2007.

Board of Directors

The Annual General Meeting confirmed the number of the members of the Board of Directors six. The following Board members were re-elected to the Board until the end of the following AGM: Eero Hautaniemi, Lasse Kurkilahti, Juhani Lassila and Juhani Maijala. Heikki Bergholm and Matti Kavetvuo were elected as new members for the same term.

The Meeting resolved on the following annual fees: Chairman EUR 46,250, Vice Chairman EUR 30,500 and the ordinary members EUR 25,750. The fees shall be paid so that each member purchases company shares worth of the net amount of the fee (40%) in public trading on the Helsinki Stock Exchange within the next fourteen trading days, free from restrictions on trading, from the Annual General Meeting.

Auditor

PricewaterhouseCoopers Oy, Authorised Public Accountants, were elected auditors with Heikki Lassila, Authorised Public Accountant, acting as Principal Auditor.

Option scheme 

The Annual General Meeting  resolved to issue share option rights to key personnel of the Lassila & Tikanoja Group and/or to a wholly-owned subsidiary of Lassila & Tikanoja plc.

The share options will be granted free of charge. The maximum number of share options to be issued shall be 230,000. Each share option entitles its holder to subscribe for one (1) share of Lassila & Tikanoja plc. As a result of the exercise of the 2008 share options, the number of shares issued by Lassila & Tikanoja plc may increase by a maximum of 230,000 new shares. The share options issued under this share option scheme entitle their holders to subscribe for a maximum of 0.59% of the Company’s current number of shares and voting rights.

The exercise price of the 2008 share options shall be the trading volume weighted average price of the Company's share on the OMX Nordic Exchange in May 2008, rounded off to the nearest cent. The exercise price of the share options shall, as per the dividend record date, be reduced by the amount of dividend which exceeds 70% of the profit per share for the financial period to which the dividend applies. However, only such dividends whose distribution has been agreed upon after the option pricing period and which have been distributed prior to the share subscription are deducted from the subscription price. The exercise price shall, however, always amount to at least EUR 0.01.

The exercise period shall be from 1 November 2010 to 31 May 2012.

Organisation of the Board of Directors

At its organising meeting following the Annual General Meeting, the Board of Directors re-elected Juhani Maijala as Chairman of the Board and Juhani Lassila as Vice Chairman.