Otello Corporation ASA (OTEC) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to the extraordinary General Meeting of Otello Corporation ASA. My name is Geir Evenshaug, I'm a partner with the law firm Schjodt in Oslo, and the Board has asked me to open the meeting and make a registration of attending shareholders. . The record shows that we have approximately 55.3 million shares and votes attending either by proxy or [indiscernible] vote that equals approximately 40% of the total share capital of the company. . Item 2 on the agenda is election of a person to chair the meeting, and the Board has proposed I chair the meeting. We have no votes against that proposal, so at least 100% majority, and I will then continue to chair this meeting. Item 3 is approval of the calling notice and the agenda. And again, there are no votes against, that it is approved. Item 4 on the agenda is election of a person to co-sign the minutes together with me. I propose that the General Counsel of the company, Jason Hoidas, is elected to co-sign the minutes. And there are no votes against that proposal. So Jason will co-sign the minutes. Item 5 is proposal to reduce the share capital of the company, and this is due to the company having own shares through their buyback program. And the proposal is that the share capital is reduced by canceling those own shares. So the share capital reduction does not involve any repayment or distribution to the shareholders. There are no votes against the proposal. So the share capital reduction has been approved by 100% majority. Item 6 on the agenda is a proposal to add a new provision in the company's Article of Association, which will entitle the company to redeem own shares. And the reason for this proposal is to avoid having to call for extraordinary general meetings, each time the company needs to cancel own shares, which they have bought in the market through the buyback program. There are no votes against this proposal and the new provision in the articles has been approved. The last item on the agenda is Item 7, which is a proposal to grant the Board the authorization to acquire own shares. And this is basically just to extend the current Board authorization to acquire our own shares so that the Board will be able to continue the buyback program. There are no votes against the proposal in Item 7. And the Board authorization has been approved. Then just a small comment on the capital -- share capital reduction, which has been approved, that capital reduction will not formally be implemented and completed until after a 6-week creditor notice period has expired. And the duly notice will be given by the company over the Stock Exchange news release system when that has taken place. That was all the matters which were on the agenda for today's extraordinary general meeting. I thank everyone for calling in and participating. The minutes will be available as soon as we have them finalized and signed. Thank you, and goodbye.