Repower AGM elects four new members to the Board of Directors

Resolutions of the 109th Repower annual general meeting in Poschiavo

(PresseBox) ( Poschiavo, )
On 15 May 2013 the 109th Repower annual general meeting (AGM) in Poschiavo approved Repower AG's 2012 financial statements and Repower's 2012 consolidated accounts. The AGM also acknowledged the report of the auditors and discharged the members of the Board of Directors.

The AGM resolved to pay a dividend of CHF 2.50 per share or participation certificate, to be paid from capital reserves. Following the introduction of the capital contribution principle as of 1 January 2011 as part of Corporate Tax Reform II, it is now possible to pay dividends to shareholders from capital reserves free of withholding tax. This dividend is free of withholding tax, at least for private individuals who are domiciled in Switzerland for tax purposes and hold the shares as part of their private assets.

The AGM elected Dr Rudolf Huber, Gerhard Jochum, Dr Myriam Meyer Stutz and Dr Manfred Thumann as new members of the Board of Directors to replace Kurt Baumgartner, Michael Wider, Daniel Spinnler and Dr Guy Bühler, who stepped down as of the AGM. Manfred Thumann was proposed for election by Axpo, while the three other new members replace the previous members proposed by Alpiq.

PricewaterhouseCoopers (Chur) was appointed statutory auditor for a further term of one year.

Before the resolutions were passed, chairman of the Board of Directors Dr Eduard Rikli and CEO Kurt Bobst explained the 2012 results and commented on aspects of the current energy industry and energy policy environment.

In his opening address, Dr Eduard Rikli called for a free market in the energy industry as well, saying that the political authorities should restrict themselves to laying down a framework allowing scope for competition in a fair market environment. He said that wrong models of incentives and subsidies for renewable energy were currently distorting the market to a considerable degree, leading to a situation where investment in flexible hydropower, for example, could almost no longer be justified.

Kurt Bobst explained how Repower was positioning itself in the face of a very difficult economic environment by systematically implementing the efficiency programme launched in January, streamlining the project portfolio, and continuing to concentrate on innovative solutions and new technologies. This, he said, was creating a firm foundation enabling Repower to master the challenges and 'continue to act as a reliable and innovative partner to our customers at all levels of value creation in the marketplace'.

The 109th Repower annual general meeting in Poschiavo was attended by 162 shareholders representing 2,578,544 of a total of 2,783,115 voting shares. Around 130 guests were also present.

Repower published its 2012 annual results on 3 April 2013. The full annual report is available at www.repower.com/investor.

Key dates:
- 2013 half-year results will be announced on 27 August 2013.
- The 110th annual general meeting will take place on 14 May 2014 in Landquart.
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