Vacon : Decisions taken by Vacon Plc's Extraordinary General Meeting and the Board of Directors' organizing meeting

Vacon Plc, Stock Exchange Release, 12 January 2015 at 10.45 a.m. (EET)

Vacon Plc's Extraordinary General Meeting (EGM) was held in Vaasa today, 12 January 2015.

Board of Directors

The number of members of the Board of Directors was confirmed to be five (5). Niels Bjørn Christiansen, the President & Chief Executive Officer of the Danfoss Group; Kim Fausing, the Executive Vice President and Chief Operations Officer of the Danfoss Group; Jesper V. Christensen, the Executive Vice President and Chief Financial Officer of the Danfoss Group; Kim Christensen, the President of Global Services of the Danfoss Group and Anders Stahlschmidt, Senior Vice President and General Counsel of the Danfoss Group, were elected as members of the Board.

Fees of the Board of Directors

The EGM resolved that no remuneration be paid to the newly elected Board members for the remaining term.

Revoking the decision to establish a Shareholders' Nomination Board

In accordance with the Board of Directors' proposal, the EGM revoked the resolution to establish a Shareholders' Nomination Board made by the Annual General Meeting on 27 March 2014.

The minutes of the EGM will be available on the Company's website on http://www.vacon.com/investors/Corporate-Governance/Annual-general-meetings/Vacon-EGM-2015/:
http://www.vacon.com/investors/Corporate-Governance/Annual-general-meetings/Vacon-EGM-2015/ as of 26 January 2015 at the latest.

Decisions taken by the Board of Directors at its organization meeting

After the EGM, the Board of Directors at its organization meeting elected Niels Bjørn Christiansen as Chairman and Kim Fausingas Vice Chairman of the Board. At its organization meeting, the Board of Directors also resolved not to establish any Board committees and thus, the Board of Directors will handle the matters that were previously handled by the Board committees. The Board of Directors' resolution not to establish any Board committees relates to the fact that the compulsory redemption process in accordance with Chapter 18 of the Finnish Companies' Act for the remaining shares in Vacon Plc has been initiated by Oy Danfoss Ab, a holder of approximately 98 percent of all shares in the Company. In connection with said process, the delisting of the shares of Vacon Plc from the NASDAQ OMX Helsinki shall be applied for. 

VACON PLC

Further information:

• Sebastian Linko, Director, Corporate Communications and Investor Relations, +358 (0)40 8371 634, sebastian.linko(at)vacon.com

Vacon in brief

Vacon is driven by a passion to develop, manufacture and sell the best AC drives and inverters in the world - and provide customers with efficient product lifecycle services. Our AC drives offer optimum process control and energy efficiency for electric motors. Vacon inverters play a key role when energy is produced from renewable sources. Vacon has production and R&D facilities in Europe, Asia and North America, and sales offices in 31 countries. Further, Vacon has sales representatives and service partners in nearly 90 countries. In 2013, Vacon's revenues amounted to EUR 403.0 million, and the company employed globally approximately 1,600 people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the Helsinki stock exchange (NASDAQ OMX Helsinki). Vacon is part of Danfoss Group

Driven by Drives, www.vacon.com

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NASDAQ OMX Helsinki
Financial Supervisory Authority
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