Decisions of the annual general meeting of Westend ICT Plc

24.03.2010 00:00

Westend ICT Plc Stock Exchange Release March 24, 2010 at 12.40

The Annual General Meeting of Westend ICT Plc on 24 Marh 2010 resolved to adopt the accounts of Westend ICT Plc for the accounting period of 1 January–31 December 2009. It also granted the members of the Board of Directors and the Chief Executive Officer discharge from liability for the accounting period. The profit of the accounting period will be left in the Company's profit and loss account. No dividend will be distributed.

The current members of the Board of Directors—Hannu Jokela, Jörg Ott and Mikko Salminen—were reselected as the members of the Board of Directors. No deputy members were selected for the Board of Directors. The Annual General Meeting decided that the members of the Board of Directors will be paid attendance allowance as follows: the Chairman of the Board of Directors will be paid 1,500 euros/month and the members of the Board of Directors 1,000 euros/month. In its first meeting, the Board of Directors decided that Mikko Salminen will continue as the Chairman of the Board.

Ernst & Young Oy, an auditing firm authorized by the Central Chamber of Commerce, with Juha Nenonen (CA) as the main responsible auditor, was elected as the auditor for the Company.

The Annual General Meeting decided to change the terms of the company's convertible loan in accordance with the proposal of the Board of Directors. The terms of the convertible loan decided by the Annual General Meeting on 27 March 2003 and changed by the Annual General Meeting on 18 June 2009 (registered on 17 July 2009) will be changed to extend the loan period until 31 December 2011 and so that when the loan is converted, the entire subscription price is booked to the reserve for invested unrestricted equity.

Additionally, the Annual General Meeting authorised the Board of Directors to negotiate with the subscribers of the loan and agree on changing the terms of the loan to improve the capital and financing situation of the company.

51.32 percent of the Company's share capital and votes were present in the Annual General Meeting. The decisions of the meeting were made unanimously.

The minutes of the meeting will be displayed for view of the shareholders at the head offices of the company on 7 April 2010, at the latest.


Westend ICT Plc
Hannu Jokela
CEO
Tel. +358 207 91 6700


Distribution:
NASDAQ OMX Helsinki
Main media
www.westendict.com