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Männedorf, Switzerland, April 7, 2020 – The Annual General Meeting of the Tecan Group (SIX Swiss Exchange: TECN) endorsed all motions proposed by the Board of Directors on April 7, 2020.
The Annual General Meeting was thus held on the announced date but at the headquarters of the company, without personal attendance by shareholders. Voting rights could only be exercised through the independent proxy in line with COVID-19 Ordinance 2 of the Swiss government to combat the pandemic. Shareholders were informed of the procedure by Tecan on March 23, 2020.
Shareholders approved the Annual Report, the financial statements and the consolidated financial statements, and granted discharge to the Board of Directors and the Management Board. They agreed to an increase in the dividend from CHF 2.10 to CHF 2.20 per registered share. Half of the dividend, i.e. CHF 1.10, will be paid out from the available capital contribution reserve and is therefore not subject to withholding tax. The payout will take place on April 15, 2020.
All members of the Tecan Board of Directors were confirmed by the shareholders for a term of one year: Heinrich Fischer, Dr. Oliver Fetzer, Lars Holmqvist, Dr. Karen Huebscher, Dr. Christa Kreuzburg, Dr. Daniel R. Marshak and Dr. Lukas Braunschweiler. Lukas Braunschweiler was re-elected as Chairman of the Board of Directors. The shareholders also confirmed Christa Kreuzburg, Oliver Fetzer and Daniel R. Marshak as members of the Compensation Committee.
Amendment to the Articles of Incorporation on renewal of the authorized capital approved
The Annual General Meeting also approved an amendment to the Articles of Incorporation to renew the authorized capital. The shareholders had most recently approved the creation of authorized capital at the Annual General Meeting on April 17, 2018, with validity for the two years up to the 2020 Annual General Meeting. At this year's Annual General Meeting, the Board of Directors proposed the extension of the authorized capital to April 17, 2022. Subscription rights will be ruled out for just under 10% of the newly issued shares only. As a general rule, extending the authorized capitals enables Tecan to retain additional entrepreneurial freedom and flexibility to exploit external growth opportunities.
Other proposals also approved
The shareholders voted on the conditions governing the compensation of the Board of Directors and Management Board for the following fiscal year, according to the Ordinance Against Excessive Compensation in Listed Stock Companies of the Swiss government (OaEC). They made a binding decision to endorse the proposed maximum total amount of compensation for fiscal year 2021 and also, for the Board of Directors, for the period until the 2021 Annual General Meeting. The 2019 Compensation Report, which was submitted for an advisory vote, was also accepted by shareholders.
Ernst & Young AG, Zurich, was reappointed as the statutory auditors for fiscal year 2020.
Shareholders approved the motion proposed by the Board of Directors to appoint Proxy Voting Services GmbH, Zurich, as the independent proxy for the period up to the close of the Tecan Group 35th Annual General Meeting in 2021.
Key upcoming date
Tecan will publish the 2020 Interim Report on August 12, 2020.
Tecan (www.tecan.com) is a leading global provider of laboratory instruments and solutions in biopharmaceuticals, forensics and clinical diagnostics. The company specializes in the development, production and distribution of automation solutions for laboratories in the life sciences sector. Its clients include pharmaceutical and biotechnology companies, university research departments, forensic and diagnostic laboratories. As an original equipment manufacturer (OEM), Tecan is also a leader in developing and manufacturing OEM instruments and components that are then distributed by partner companies. Founded in Switzerland in 1980, the company has manufacturing, research and development sites in both Europe and North America and maintains a sales and service network in 52 countries. In 2019, Tecan generated sales of CHF 637 million (USD 643 million; EUR 574 million). Registered shares of Tecan Group are traded on the SIX Swiss Exchange (TECN; ISIN CH0012100191).
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