26.03.2015
Agenda and Explanatory Notes of the Annual General Meeting of AMG Advanced Metallurgical Group N.V.
Thursday May 7, 2015 at 13.00 CET World Trade Centre (WTC), Strawinskylaan 1, 1077XW Amsterdam, the Netherlands
AGENDA AMG ANNUAL MEETING.
Agenda of the Annual General Meeting of AMG Advanced Metallurgical Group N.V. (the “Company”) (the "AGM 2015") Thursday May 7, 2015 at 13.00 CET World Trade Centre (WTC), Strawinskylaan 1, 1077 XW Amsterdam, the Netherlands 1.
Opening
2.a.
Report of the Management Board for the 2014 financial year including discussion Annual Report 2014 (discussion item)
2.b.
Report of the Remuneration Committee of the Supervisory Board for the 2014 financial year (discussion item)
3.
Adoption of the 2014 financial statements (voting item)
4.
Discharge of liability of the members of the Management Board for the 2014 financial year (voting item)
5.
Discharge of liability of the members of the Supervisory Board for the 2014 financial year (voting item)
6.
Composition of the Management Board Reappointment of Dr. Heinz Schimmelbusch as Chief Executive Officer (CEO) and Chairman of the Management Board (voting item)
7.
Composition of the Supervisory Board 7.1 Reappointment of Prof. Steve Hanke (voting item) 7.2 Appointment of Mr. Robert Meuter (voting item) 7.3 Appointment of Mr. Petteri Soininen (voting item)
8.
Amendment of the articles of association of the Company (voting item)
9.
Re-appointment of Ernst & Young Accountants LLP as external auditor of the Company for the financial year 2015 (voting item)
10.
Renewal of the authorization to (i) issue shares and/or grant options and (ii) to restrict or exclude the pre-emptive rights for general corporate purposes (voting items)
11.
Renewal of the authorization to (i) issue shares and/or grant options and (ii) to restrict or exclude pre-emptive rights for the purpose of mergers and acquisitions, strategic alliances and financial support arrangements relating to the Company and/or participations (deelnemingen) of the Company (voting items)
12.
Renewal of the authorization to acquire shares (voting item)
13.
Any other business (discussion item)
14.
Closing
.
Explanatory Notes to the Agenda for the Annual General Meeting of AMG Advanced Metallurgical Group N.V. (“the Company” or “AMG”) to be held on Thursday May 7, 2015 (the "AGM 2015") Agenda item 2.a. Report of the Management Board for the 2014 financial year including discussion Annual Report 2014 This item will include the speech by the Chief Executive Officer and Chairman of the Management Board, who will look back on the 2014 financial year, and will look ahead, explaining the strategy of the AMG Group going forward. Agenda item 2.b. Report of the Remuneration Committee of the Supervisory Board for the 2014 financial year In this item the Chairman of the Remuneration Committee will discuss the implementation of the Remuneration Policy for the Management Board during the year 2014 in accordance with recent legislation aimed at improving transparency regarding the implementation of the remuneration policy for members of the Management Board. Please refer to the Report of the Supervisory Board, including the Remuneration Report 2014 in the Annual Report 2014 for an overview of the remuneration policy and the implementation thereof in the 2014 financial year. Agenda item 3. Adoption of the 2014 financial statements Proposal to the General Meeting to adopt the financial statements of AMG for the financial year 2014 (the "2014 Financial Statements"). The 2014 Financial Statements, including the explanatory notes, have been published on the company’s website as of March 26, 2015. The 2014 Financial Statements have been audited by Ernst & Young Accountants LLP and have been approved by the Supervisory Board in its meeting of March 11th, 2015. The Management Board recommends that the 2014 Financial Statements will be adopted by the General Meeting. Agenda item 4. Discharge of liability of the members of the Management Board for the 2014 financial year Proposal to the General Meeting to discharge the members of the Management Board from all liability in relation to the exercise of their duties in the financial year 2014, to the extent such exercise is apparent from the 2014 Financial Statements or has been otherwise disclosed to the General Meeting prior to the adoption of the 2014 Financial Statements. Agenda item 5. Discharge of liability of the members of the Supervisory Board for the 2014 financial year Proposal to the General Meeting to discharge the members of the Supervisory Board from all liability in relation to the exercise of their duties in the financial year 2014, to the extent such exercise is apparent from the 2014 Financial Statements or has been otherwise disclosed to the General Meeting prior to the adoption of the 2014 Financial Statements. Agenda item 6. Composition of the Management Board. The current term of Dr. Schimmelbusch who serves as CEO and Chairman of the Management Board of the Company ends in 2015. In accordance with the articles of association of the Company, the Supervisory Board has made a binding recommendation to re-appoint Dr. Schimmelbusch as member of the Management Board. It is the intention of the Supervisory Board to appoint Dr. Schimmelbusch as Chief Executive Officer (CEO) and Chairman of the Management Board after he has been reappointed as member of the Management Board at the AGM 2015. Dr. Schimmelbusch has stated that he is prepared to continue in his current position as CEO and Chairman of the Management Board. The Supervisory Board has initiated an orderly process to select a successor as CEO and Chairman of the Management Board, as Dr. Schimmelbusch has indicated that this will be his last
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term and that he is willing to vacate his position earlier as soon as a suitable candidate is ready to take over from him as CEO and Chairman of the Management Board. The full curriculum vitae of Dr. Schimmelbusch is available for inspection at the offices of the Company as well as on the Company’s website www.amg-nv.com. Dr. Schimmelbusch was born in 1944 and has the Austrian nationality. He was appointed as member of the Management Board on November 21, 2006 (Chief Executive Officer and Chairman). He has served in a similar capacity for the businesses and companies comprising AMG Group since 1998. Dr. Schimmelbusch also serves as non-executive Chairman of the Board of various companies, including Allied Resource Corporation,(United States) and Chairman of the Supervisory Board of PFW Aerospace, Speyer, Germany. Dr. Schimmelbusch served as Chairman of Metallgesellschaft AG (Germany) from 1989 until he resigned in 1993 and was a board member at a variety of companies including Allianz Versicherung AG, Mobil Oil AG, Teck Corporation and Methanex Corporation. Dr. Schimmelbusch received his graduate degree (with distinction) and his doctorate degree (magna cum laude) in economics from the University of Tubingen, Germany. th
Dr. Schimmelbusch holds 337,797 ordinary shares in the Company’s share capital as of February 28 , 2015. The Supervisory Board proposes by way of binding nomination to re-appoint Dr. Schimmelbusch as member of the Management Board for the maximum term of four (4) years, with effect from May 7, 2015, in view of his excellent performance, vast experience in and deep knowledge of the global metallurgical industry and outstanding leadership qualities. Agenda item 7. Composition of the Supervisory Board Under the prevailing rotation schedule of the Supervisory Board the terms of Mr. P.P. Kuczynski, Chairman, Professor S. Hanke and Ms. U. Wolf end after the AGM on 7 May 2015. Mr. Kuczynski has indicated that he is not prepared to be nominated for another term. The Supervisory Board regrets but accepts the decision of Mr. Kuczynski and wishes him all the best in his future endeavours and wishes to thank him for his 8 years of dedication and service as Chairman of the Supervisory Board. As a result the Supervisory Board has decided to appoint Mr. N. Quinkert as his successor as Chairman of the Supervisory Board with effect as of 7 May 2015. Also Ms. Wolf has indicated that she is not prepared to be nominated again for another term as member of the Supervisory Board, given her busy schedule and other commitments. The Supervisory Board regrets but accepts the decision of Ms. Wolf and wishes her all the best in her future endeavours while thanking her for the work done as member of the Supervisory Board and Audit Committee member. Professor Hanke has indicated that is prepared to be re-appointed to the Supervisory Board for another term. Furthermore, the Supervisory Board is mindful of the agreement reached between AMG and its largest (17,9 %) shareholder RWC European Focus Master Inc. (“RWC”) which was announced on 9 March 2015. Following the agreement, the Supervisory board will nominate Mr. R. Meuter as independent member of the Supervisory Board and Mr. P. Soininen, partner of RWC Asset Management LLP, as non-independent member of the Supervisory Board, for appointment at the AGM 2015 The Supervisory Board accordingly has made non-binding nominations for the re-appointment of Professor S. Hanke and for the appointment of Mr. Meuter and Mr. Soininen as members of the Supervisory Board. The following persons are proposed for (re-)appointment: a. Professor Mr. Steve Hanke The Supervisory Board proposes to re-appoint Professor. Hanke as member of the Supervisory Board for the maximum term of four (4) years, with effect from May 7, 2015 until immediately after the Annual General Meeting in 2019. Professor Hanke will be an independent Supervisory Board member within the meaning of the Dutch corporate governance code.
.
Professor Hanke was born in 1942 and has the United States nationality. He is a Professor of Applied Economics and Co-Director of the Institute for Applied Economics, Global Health and the Study of Business Enterprise at the Johns Hopkins University in Baltimore. Professor Hanke is also a Senior Fellow at the Cato Institute in Washington, D.C., a Distinguished Professor at the Universitas Pelita Harapan in Jakarta, Indonesia, a Senior Advisor at the Renmin University of China’s International Monetary Research Institute in Beijing, Special Counselor to the Center of Financial Stability in New York, a member of the National Bank of Kuwait’s International Advisory Board (chaired by Sir John Major), a member of the Financial Advisory Council of the United Arab Emirates and a contributing editor at Globe Asia Magazine. In addition Prof. Hanke serves as Chairman of Richmond Optimus LLC, a global macro hedge fund located in Richmond, Virginia and as Chairman Emeritus of the Friedberg Mercantile Group, Inc, in Toronto, Canada. Professor Hanke currently owns 9432 ordinary shares in the Company’s share capital. The Supervisory Board is pleased to propose to re-appoint Professor. Hanke in view of his broad international and financial markets experience and background, his extensive knowledge of the business of the Company and the way he fulfils his role as member of the Supervisory Board and member of the Risk Management / Audit Committee. b. Mr. Robert Meuter The Supervisory Board proposes to appoint Mr. Meuter as member of the Supervisory Board for the term of four (4) years, with effect from 7 May, 2015 until immediately after the Annual General Meeting in 2019. Mr. Meuter will be an independent Supervisory Board member within the meaning of the Dutch corporate governance code. Mr. Meuter is a Dutch national (born in 1947) and a banker by profession. He was Vice Chairman of Wholesale Bank at ABNAMRO Bank NV until he retired in 2005. Prior to that he was member of the Management Board of Kempen & Co (Dutch merchant bank) from 1990 to 2000 after having served in various positions at Citibank, J.P. Morgan and Algemene Bank Nederland NV. He currently serves as Chairman of the Supervisory Board of Propertize, which is the national bad bank owned by the Dutch Government after the bail out of SNS Real Estate Finance in 2013. He also is a member of the Supervisory Board of TD bank NV. Mr. Meuter holds a Master’s Degree in Economics from the University of Groningen in the Netherlands and a Master’s Degree in Industrial Administration of Carnegie Mellon University in the USA.
Mr. Meuter currently does not own any shares in the Company’s share capital. The Supervisory Board is pleased to propose to appoint Mr. Meuter as member of the Supervisory Board in view of his extensive background and experience in the field of banking and financial markets and his vast management experience in financial institutions. c. Mr. Petteri Soininen The Supervisory Board proposes to appoint Mr. Soininen as member of the Supervisory Board for the term of four (4) years, with effect from May 7, 2015 until immediately after the Annual General Meeting in 2019. Mr. Soininen will be a non-independent Supervisory Board member within the meaning of the Dutch corporate governance code. Mr. Soininen is a Finnish national (born in 1974) and is partner of RWC Asset Management LLP and Co-Head of RWC European Focus Fund, which is affiliated to RWC European Focus Master Inc. which owns 17,9 % of the issued share capital of the Company. Mr. Soininen was Co-head of Hermes European Focus Fund until 2012 and before that Principal at the Boston Consulting Group from 1999 – 2008. He currently is a Board member at Electromagnetic Geoservices ASA and holds a “M.Sc” degree in Industrial Engineering from Helsinki University of Technology in Finland. Mr Soininen does not own any shares in the Company’s share capital but RWC European Focus Master Inc., which is affiliated to the RWC company of which Mr. Soininen is partner, owns 4,939,780 shares in the Company's share capital.
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The Supervisory Board is pleased to propose to appoint Mr. Soininen as member of the Supervisory Board in view of his background and experience in the investment fund industry and his position as Co-Head of the fund that is AMG’s largest shareholder. 8. Amendment of the articles of association of the Company RWC currently owning 17.9 % of the Company’s share capital has requested the Company to include in the agenda for the AGM 2015 a proposal to amend the articles of association of the Company. As a result thereof, this proposal will be adopted only when it is passed by a majority of at least two-thirds of the votes cast in a meeting in which at least fifty percent (50%) of the issued share capital is represented. In the event that not at least fifty percent (50%) of the issued share capital is represented at the AGM 2015, a second meeting shall be convened, to be held no later than six weeks after the AGM 2015. In this second meeting the proposal to amend the articles of association as set out in this agenda item can be validly adopted with a majority of at least two-thirds of the votes cast, regardless the share capital represented in that second meeting. The proposal by RWC to amend the articles of association of the Company reads as follows: Proposed amended Art. 14.4: If a managing director must be appointed the supervisory board shall be authorised to prepare a binding nomination. The general meeting may, by resolution passed by an absolute majority of the votes cast representing at least one-third of the issued share capital, deprive such a nomination of its binding nature, after which the provisions of the first sentence will again be applicable. If an absolute majority of the votes cast is in favour of a resolution to cancel the binding nature of a nomination (or, in other words; an absolute majority of the votes cast is against the appointment of the relevant nominee), but such majority does not represent at least one-third of the issued share capital, a new meeting will be convened within 30 days at which the resolution to cancel the binding nature of a nomination may be passed by an absolute majority of the votes cast, regardless of the proportion of the capital that is represented by such absolute majority. The nomination shall be included in the convocation to the meeting in which the appointment is to be dealt with, or shall be deposited at a place in Amsterdam referred to in the convocation until the end of the meeting for inspection by the shareholders and the persons with meeting rights. If no nomination has been made in accordance with this article 14.4, the general meeting shall be free in the appointment. Proposed amended Art 14.6: A managing director may be suspended and dismissed by the general meeting only on the basis of a resolution passed by an absolute majority of the votes cast representing at least one-third of the issued share capital. If an absolute majority of the votes cast is in favour of a resolution to suspend or dismiss a managing director, but such majority does not represent at least onethird of the issued share capital, a new meeting will be convened within 30 days at which the resolution may be passed by an absolute majority of the votes cast, regardless of the proportion of the capital that is represented by such absolute majority. The majority referred to in the first sentence does not apply if the dismissal or suspension has been proposed by the supervisory board. Proposed amended Art 19.6: A supervisory director may be suspended and dismissed by the general meeting only on the basis of a resolution passed by an absolute majority of the votes cast representing at least one-third of the issued share capital. If an absolute majority of the votes cast is in favour of a resolution to suspend or dismiss a supervisory director, but such a majority does not represent at least onethird of the issued share capital, a new meeting will be convened within 30 days at which the resolution may be passed by an absolute majority of the votes cast, regardless of the proportion of the capital that is represented by such an absolute majority. The majority referred to in the first sentence does not apply if the dismissal or suspension has been proposed by the supervisory board.
.
The proposal to amend the articles of association of the Company includes the proposal to authorize each member of the Management Board, as well as each lawyer and paralegal employed by De Brauw Blackstone Westbroek, to execute the notarial deed of amendment of the articles of association The verbatim text of the proposal to amend the articles of association is laid down in a triptych, which triptych is attached to these Explanatory Notes as Annex A. In the left column the text of the current articles of association is written, with the proposed changes in the column in the middle and an explanation to each change in the right column. The relevant draft amendment of the articles of association of the Company has also been published on the Company's website (www.amg-nv.com) and is also available at the offices of the Company and will be available at the AGM 2015. Agenda item 9. Re-appointment of Ernst & Young Accountants LLP as external auditor of the Company for the financial year 2015 Proposal to re-appoint Ernst & Young Accountants LLP as external auditor of the Company for the financial year 2015. The Audit Committee of the Supervisory Board has reviewed the functioning of Ernst & Young Accountants LLP and its performance during the financial year 2014 and proposes to re-appointment Ernst & Young Accountants LLP as external auditor for the financial year 2015. The Audit Committee of the Supervisory Board has furthermore started the process to appoint a new external auditor for the financial year 2016 in view of Dutch legislation (effective 1 January 2016) on the total period of the consecutive terms of appointment of the external auditor. The Chairman of the Audit Committee will comment during the AGM 2015 about the process and the timing when the Supervisory Board expects to nominate a new external auditor for appointment by the General Meeting. Agenda item 10. Renewal of the authorization to (i) issue shares and/or grant options to acquire shares and (ii) to restrict or exclude the pre-emptive rights for general corporate purposes a.
b.
Proposal to authorize the Management Board for a period of 18 months as of May 7, 2015, i.e., up to and including November 6, 2016, subject to the approval of the Supervisory Board, to issue shares in the Company’s share capital and/or grant rights to subscribe for shares in the Company’s share capital up to a maximum of 10% of the Company’s issued share capital as per December 31, 2014. Proposal to authorize the Management Board for a period of 18 months as of May 7, 2015, i.e., up to and including November 6, 2016, subject to the approval of the Supervisory Board, to restrict or exclude the pre-emptive rights accruing to shareholders.
On May 8, 2014, the General Meeting designated the Management Board as the corporate body which, subject to the approval of the Supervisory Board, is authorized to issue shares and grant rights to subscribe for shares, without the right, however, to restrict or exclude pre-emptive rights. The authorization referred to in the previous sentence was restricted to 10% of the Company’s issued share capital as per December 31, 2013 and will expire on November 7, 2015. Under this agenda item 10 it is proposed to renew this authorization for a period of 18 months with effect from May 7, 2015, however, including the right for the Management Board to restrict and/or exclude pre-emptive rights. The authorization provides the Management Board with the flexibility necessary to manage net equity or to enter into financial support arrangements or involving the Company and/or to respond to any demand for shares in the Company’s share capital in the context of general corporate purposes that may arise at any time. Agenda item 11. Renewal of the authorization to (i) issue shares and/or grant options to acquire shares and (ii) to restrict or exclude the pre-emptive rights for the purpose of mergers, acquisitions, strategic alliances and financial support arrangements (relating to the Company and/or participations (deelnemingen) of the Company) a.
Proposal to authorize the Management Board for a period of 18 months as of May 7, 2015,
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b.
i.e., up to and including November 6, 2016, subject to the approval of the Supervisory Board, to issue ordinary shares in the Company’s share capital and/or grant rights to subscribe for ordinary shares in the Company’s share capital up to a maximum of 10% of the Company’s issued share capital as per December 31, 2014, Proposal to authorize the Management Board for a period of 18 months as of May 7, 2015, i.e., up to and including November 6, 2016, subject to the approval of the Supervisory Board, to restrict or exclude the pre-emptive rights accruing to shareholders.
On May 8, 2014, the General Meeting designated the Management Board as the corporate body which, subject to the approval of the Supervisory Board, is authorized to issue shares and grant rights to subscribe for shares in connection with or on the occasion of mergers, acquisitions, strategic alliances and financial support arrangements, with the power to restrict and/or exclude the pre-emptive rights. The authorization referred to in the previous sentence was restricted to 10% of the Company’s issued share capital as per December 31, 2013, in addition to the authorization to issue 10% of the Company’s issued share capital as per December 31, 2013 for general corporate purposes (including share based compensation plans for employees) as referred to in agenda item 9. This authorization will expire on November 7, 2015. Under this agenda item 11 it is proposed to renew this authorization for a period of 18 months with effect from May 7, 2015. This authorization to issue shares and/or grant rights to subscribe for shares as well as the authorization to restrict and/or exclude the pre-emptive rights, provides the Management Board with the flexibility in financing mergers, acquisitions and financial support arrangements and the necessary tools to respond decisively to emerging business opportunities. Agenda item 12. Renewal of the authorization to acquire shares Proposal to authorize the Management Board for a period of 18 months as of May 7, 2015, i.e., up to and including November 6, 2016, to acquire, subject to the approval of the Supervisory Board, shares in the Company’s share capital up to 10 % of the Company’s issued share capital at the date of acquisition, at the stock exchange or otherwise, at a price between par value and 110 percent of the average closing price of the Company’s shares at Euronext Amsterdam N.V. on the five consecutive trading days immediately preceding the day of purchase by or for the account of the Company. On May 8, 2014, the General Meeting resolved to authorize the Management Board, subject to the approval of the Supervisory Board, to acquire up to a maximum of 10% of the Company’s issued share capital at the date of acquisition at the stock exchange or otherwise, at a price between par value and 110 percent of the average closing price of the Company’s shares at Euronext Amsterdam N.V. on the five consecutive trading days immediately preceding the day of purchase by or for the account of the Company. This authorization will expire on November 7, 2015. Under this agenda item 12 it is proposed to renew this authorization for a period of 18 months with effect from May 7, 2015. The authorization provides the Management Board with the flexibility necessary to manage net equity, or to enter into financial support arrangements involving the Company and to respond to any demand for shares in the Company’s share capital that may arise at any time. This authorization may, for example, be used if shares need to be acquired to hedge the Company’s share and option schemes.
. Annex A Triptych (Dutch and English version) for the proposed amendment of the articles of association of the Company
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CONCEPT-WIJZIGING VAN DE STATUTEN VAN AMG ADVANCED METALLURGICAL GROUP N.V.
Onderstaand drieluik bevat de concept-wijziging van de statuten van AMG Advanced Metallurgical Group N.V. ("AMG") zoals voorgesteld onder item 8 van de agenda van de algemene vergadering te houden op 7 mei 2015. De wijziging van de statuten is voorgesteld door AMG's grootste aandeelhouder, RWC European Focus Master Inc. die dat voorstel heeft gedaan door gebruik te maken van het agenderingsrecht. Dat recht vloeit voort uit artikel 2:114a Burgerlijk Wetboek in combinatie met artikel 28 lid 2 van de statuten van AMG. Het voorstel tot statutenwijziging is niet overgenomen door AMG en daarom geen voorstel van de Raad van Bestuur en de Raad van Commissarissen van AMG.
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AKTE VAN STATUTENWIJZIGING AMG ADVANCED METALLURGICAL GROUP N.V. Op [●] tweeduizendvijftien verschijnt voor mij, [Professor Mr Martin van Olffen], notaris met plaats van vestiging te Amsterdam: [●]. De comparant verklaart dat (i) door de algemene vergadering van de naamloze vennootschap: AMG Advanced Metallurgical Group N.V., statutair gevestigd te Amsterdam en met adres: 1077 XX Amsterdam, Strawinskylaan 1343, nummer handelsregister: 34261128, (de "Vennootschap"), op zeven mei tweeduizendvijftien is besloten de statuten van de Vennootschap te wijzigen en (ii) de raad van bestuur van de vennootschap met gebruikmaking van de bevoegdheid als bedoeld in artikel 2:124 lid 2 tweede zin Burgerlijk Wetboek heeft besloten de comparant te machtigen deze akte te doen verlijden. Ter uitvoering van die besluiten verklaart de comparant in de statuten van de Vennootschap de volgende wijzigingen aan te brengen: Artikel 14 lid 4, artikel 14 lid 6 en artikel 19 lid 6 worden gewijzigd en komen te luiden als volgt:
Dit betreft de aanhef van de akte van statutenwijziging.
2
HUIDIGE STATUTEN 14.4.
Indien moet worden overgegaan tot
VOORGESTELDE WIJZIGING 14.4.
Indien moet worden overgegaan tot
TOELICHTING Zoals toegelicht onder agenda item 8 wordt
benoeming van een directeur is de raad van commissarissen bevoegd een bindende voordracht op te maken. De algemene
benoeming van een directeur is de raad de wijziging van artikel 14.4 voorgesteld door van commissarissen bevoegd een bindende AMG's grootste aandeelhouder, RWC voordracht op te maken. De algemene European Focus Master Inc.
vergadering kan aan deze voordracht steeds het bindend karakter ontnemen bij besluit, genomen met volstrekte
vergadering kan aan deze voordracht steeds het bindend karakter ontnemen bij besluit, genomen met volstrekte
meerderheid van de uitgebrachte stemmen, vertegenwoordigend ten minste een derde van het geplaatste kapitaal, waarna het
meerderheid van de uitgebrachte stemmen, algemene vergadering bijeen te roepen om vertegenwoordigend ten minste eenderde het bindende karakter aan de voordracht te van het geplaatste kapitaal, waarna het ontnemen in het geval dat in de eerste
bepaalde in de eerste zin opnieuw toepassing vindt. De voordracht wordt
bepaalde in de eerste zin opnieuw toepassing vindt. In het geval met een
algemene vergadering een volstrekte meerderheid tegen het voorstel heeft
opgenomen in de oproeping tot de algemene vergadering waarin de benoeming aan de orde wordt gesteld, of
volstrekte meerderheid van de uitgebrachte stemmen wordt gestemd voor een besluit om aan de voordracht het bindende
gestemd, welke meerderheid niet eenderde van het geplaatste kapitaal vertegenwoordigde. In de tweede algemene
wordt tot de afloop van die vergadering voor de vergadergerechtigden ter inzage gelegd op een plaats te Amsterdam die
karakter te ontnemen (of, met andere woorden, als met een volstrekte meerderheid van de uitgebrachte stemmen
vergadering kan het besluit het bindende karakter aan de voordracht te ontnemen worden genomen als een volstrekte
wordt vermeld in de oproeping. Indien geen voordracht overeenkomstig dit artikel 14.4 is gemaakt, is de algemene
wordt gestemd tegen de benoeming van de voorgedragen persoon, maar die meerderheid vertegenwoordigt niet ten
meerderheid in die tweede vergadering voor het voorstel tot ontnemen van het bindende karakter stemt.
vergadering vrij in de benoeming.
minste een derde van het geplaatste kapitaal, dan zal binnen dertig dagen een
Na wijziging van artikel 14.4 zoals door RWC voorgesteld wordt het mogelijk een tweede
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HUIDIGE STATUTEN
VOORGESTELDE WIJZIGING
TOELICHTING
nieuwe algemene vergadering worden bijeengeroepen waarin het besluit om aan de voordracht het bindende karakter te ontnemen kan worden genomen met een volstrekte meerderheid van de uitgebrachte stemmen, ongeacht het gedeelte van het geplaatste kapitaal dat door die meerderheid wordt vertegenwoordigd. De voordracht wordt opgenomen in de oproeping tot de algemene vergadering waarin de benoeming aan de orde wordt gesteld, of wordt tot de afloop van die vergadering voor de vergadergerechtigden ter inzage gelegd op een plaats te Amsterdam die wordt vermeld in de oproeping. Indien geen voordracht overeenkomstig dit artikel 14.4 is gemaakt, is de algemene vergadering vrij in de benoeming.
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HUIDIGE STATUTEN 14.6.
VOORGESTELDE WIJZIGING
TOELICHTING
Een directeur kan slechts worden geschorst 14.6.
Een directeur kan slechts worden geschorst Zoals toegelicht onder agenda item 8 wordt
en ontslagen door de algemene vergadering op grond van een besluit, genomen met volstrekte meerderheid van
en ontslagen door de algemene vergadering op grond van een besluit, genomen met volstrekte meerderheid van
de wijziging van artikel 14.6 voorgesteld door AMG's grootste aandeelhouder, RWC European Focus Master Inc.
de uitgebrachte stemmen vertegenwoordigend ten minste een derde van het geplaatste kapitaal. De in de vorige
de uitgebrachte stemmen vertegenwoordigend ten minste een derde van het geplaatste kapitaal. In het geval
Na wijziging van artikel 14.6 zoals door RWC voorgesteld wordt het mogelijk een tweede
zin bedoelde meerderheid geldt niet, indien de raad van commissarissen het ontslag of de schorsing heeft voorgesteld.
met een volstrekte meerderheid van de uitgebrachte stemmen wordt gestemd voor een besluit een directeur te schorsen of te
algemene vergadering bijeen te roepen om een bestuurder te schorsen of te ontslaan in het geval dat in de eerste algemene
ontslaan, maar die meerderheid vertegenwoordigt niet ten minste eenderde van het geplaatste kapitaal, dan zal binnen
vergadering een volstrekte meerderheid voor het voorstel heeft gestemd, welke meerderheid niet eenderde van het
dertig dagen een nieuwe algemene vergadering worden bijeengeroepen waarin
geplaatste kapitaal vertegenwoordigde. In de tweede algemene vergadering kan het besluit
het besluit kan worden genomen met een volstrekte meerderheid van de uitgebrachte stemmen, ongeacht het gedeelte van het
tot schorsing of ontslag van een bestuurder worden genomen als een volstrekte meerderheid in die tweede vergadering voor
geplaatste kapitaal dat door die het voorstel tot ontslag of schorsing van de meerderheid wordt vertegenwoordigd. De in bestuurder stemt. de eerste zin bedoelde meerderheid geldt niet, indien de raad van commissarissen het ontslag of de schorsing heeft voorgesteld.
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HUIDIGE STATUTEN 19.6.
Een commissaris kan slechts worden
VOORGESTELDE WIJZIGING 19.6.
TOELICHTING
Een commissaris kan slechts worden
Zoals toegelicht onder agenda item 8 wordt
geschorst en ontslagen door de algemene vergadering op grond van een besluit, genomen met volstrekte meerderheid van
geschorst en ontslagen door de algemene vergadering op grond van een besluit, genomen met volstrekte meerderheid van
de wijziging van artikel 19.6 voorgesteld door AMG's grootste aandeelhouder, RWC European Focus Master Inc.
de uitgebrachte stemmen vertegenwoordigend ten minste eenderde van het geplaatste kapitaal. De in de vorige
de uitgebrachte stemmen vertegenwoordigend ten minste eenderde van het geplaatste kapitaal. In het geval
Na wijziging van artikel 19.6 zoals door RWC voorgesteld wordt het mogelijk een tweede
zin bedoelde meerderheid geldt niet, indien de raad van commissarissen het ontslag of de schorsing heeft voorgesteld.
met een volstrekte meerderheid van de uitgebrachte stemmen wordt gestemd voor een besluit om een commissaris te
algemene vergadering bijeen te roepen om een commissaris te schorsen of te ontslaan in het geval dat in de eerste algemene
schorsen of te ontslaan, maar die meerderheid vertegenwoordigt niet ten minste een derde van het geplaatste
vergadering een volstrekte meerderheid voor het voorstel heeft gestemd, welke meerderheid niet eenderde van het
kapitaal, dan zal binnen dertig dagen een nieuwe algemene vergadering worden
geplaatste kapitaal vertegenwoordigde. In de tweede algemene vergadering kan het besluit
bijeengeroepen waarin het besluit kan tot schorsing of ontslag van een bestuurder worden genomen met een volstrekte worden genomen als een volstrekte meerderheid van de uitgebrachte stemmen, meerderheid in die tweede vergadering voor ongeacht het gedeelte van het geplaatste kapitaal dat door die meerderheid wordt vertegenwoordigd. De in de eerste zin
het voorstel tot ontslag of schorsing van de bestuurder stemt.
bedoelde meerderheid geldt niet, indien de raad van commissarissen het ontslag of de schorsing heeft voorgesteld.
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Het stuk waaruit blijkt van de in de aanhef van deze akte vermelde besluiten en machtiging, worden aan deze akte gehecht. Waarvan deze akte in minuut wordt verleden te Amsterdam, op de datum in het hoofd van deze akte vermeld.
Dit betreft het slot van de akte van statutenwijziging.
Na mededeling van de zakelijke inhoud van de akte, het geven van een toelichting daarop en na de verklaring van de comparant van de inhoud van de akte te hebben kennisgenomen en met beperkte voorlezing in te stemmen, wordt deze akte onmiddellijk na voorlezing van die gedeelten van de akte, waarvan de wet voorlezing voorschrijft, door de comparant, die aan mij, notaris, bekend is, en mij, notaris, ondertekend.
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UNOFFICIAL ENGLISH TRANSLATION DRAFT AMENDMENT OF THE ARTICLES OF ASSOCIATION OF AMG ADVANCED METALLURGICAL GROUP N.V.1
The triptych below contains the draft amendment to the articles of association of AMG Advanced Metallurgical Group N.V. ("AMG") as proposed under item 8 of the agenda for the annual general meeting to be held on 7 May 2015. The amendment of the articles of association has been proposed by AMG's largest shareholder, RWC European Focus Master Inc. who has used its right to put an item on the agenda. That right arises from article 2:114a of the Dutch Civil Code and article 28 paragraph 2 of the articles of association of AMG. The proposal to amend the articles of association is not supported by AMG and therefore does not qualify as a proposal by the management board or supervisory board of AMG.
1
Differences may occur in the explanation of the text due to the translation and if they do, the Dutch text is decisive.
1
DEED OF AMENDMENT AMG ADVANCED METALLURGICAL GROUP N.V. On the [●] of [●] two thousand and fifteen appears before me, [Professor Martin van Olffen], notaris (civil-law notary) practising in Amsterdam: [●]. The person appearing declares that (i) the general meeting of: AMG Advanced Metallurgical Group N.V., a limited liability company, with corporate seat in Amsterdam, the Netherlands, and address at: 1077 XX Amsterdam, the Netherlands, Strawinskylaan 1343, number Trade Register 34261128, (the "Company"), on the seventh day of May two thousand and fifteen, resolved to amend the articles of association of the Company and (ii) the board of management by using the authority as mentioned in section 2:124 subsection 2 second sentence of the Civil Code resolved to authorise the person appearing to execute this deed.
This concerns the preamble of the deed of amendment of the articles of association.
Pursuant to those resolutions the person appearing declares that [he] [she] amends the Company's articles of association as follows: Article 14 paragraph 4, article 14 paragraph 6 and article 19 paragraph 6 shall be amended and read as follows:
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CURRENT ARTICLES OF ASSOCIATION 14.4.
If a managing director must be appointed 14.4. the supervisory board shall be authorised to prepare a binding nomination. The general meeting may, by resolution passed by an absolute majority of the votes cast representing at least one-third of the issued share capital, deprive such a nomination of its binding nature, after which the provisions of the first sentence will again be applicable. The nomination shall be included in the convocation to the meeting in which the appointment is to be dealt with, or shall be deposited at a place in Amsterdam referred to in the convocation until the end of the meeting for inspection by the shareholders and the persons with meeting rights. If no nomination has been made in accordance with this article 14.4, the general meeting shall be free in the appointment.
PROPOSED AMENDMENT If a managing director must be appointed the supervisory board shall be authorised to prepare a binding nomination. The general meeting may, by resolution passed by an absolute majority of the votes cast representing at least one-third of the issued share capital, deprive such a nomination of its binding nature, after which the provisions of the first sentence will again be applicable. If an absolute majority of the votes cast is in favour of a resolution to cancel the binding nature of a nomination (or, in other words, an absolute majority of the votes cast is against the appointment of the relevant nominee), but such majority does not represent at least one-third of the issued share capital, a new meeting will be convened within thirty days at which the resolution to cancel the binding nature of a nomination may be passed by an absolute majority of the votes cast, regardless of the proportion of the capital that is represented by such absolute majority. The nomination
EXPLANATION As set out under agenda item 8 the amendment of article 14.4 has been proposed by AMG's largest shareholders, RWC European Focus Master Inc. After amendment of article 14.4 as proposed by RWC it will be possible to convene a second general meeting to cancel the binding nature of the nomination in the event that at the first meeting an absolute majority voted against the proposal but did not represent at least one-third of the issued share capital. At that second meeting the resolution to cancel the binding nature of the nomination will be adopted if an absolute majority at that second meeting votes in favour of such cancellation.
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CURRENT ARTICLES OF ASSOCIATION
PROPOSED AMENDMENT
EXPLANATION
shall be included in the convocation to the meeting in which the appointment is to be dealt with, or shall be deposited at a place in Amsterdam referred to in the convocation until the end of the meeting for inspection by the shareholders and the persons with meeting rights. If no nomination has been made in accordance with this article 14.4, the general meeting shall be free in the appointment.
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CURRENT ARTICLES OF ASSOCIATION 14.6.
A managing director may be suspended 14.6. and dismissed by the general meeting only on the basis of a resolution passed by an absolute majority of the votes cast representing at least one-third of the issued share capital. The majority referred to in the preceding sentence does not apply if the dismissal or suspension has been proposed by the supervisory board.
PROPOSED AMENDMENT A managing director may be suspended and dismissed by the general meeting only on the basis of a resolution passed by an absolute majority of the votes cast representing at least one-third of the issued share capital. If an absolute majority of the votes cast is in favour of a resolution to suspend or dismiss a managing director, but such majority does not represent at least one-third of the issued share capital, a new meeting will be convened within thirty days at which the resolution may be passed by an absolute majority of the votes cast, regardless of the proportion of the capital that is represented by such absolute majority. The majority referred to in the first sentence does not apply if the dismissal or suspension has been proposed by the supervisory board.
EXPLANATION As set out under agenda item 8 the amendment of article 14.6 has been proposed by AMG's largest shareholders, RWC European Focus Master Inc. After amendment of article 14.6 as proposed by RWC it will be possible to convene a second general meeting to suspend or dismiss a managing director in the event that at the first meeting an absolute majority voted in favour of the proposal but this majority did not represent at least one-third of the issued share capital. At that second meeting the resolution to suspend or dismiss a managing director will be adopted if an absolute majority at that second meeting votes in favour of that resolution.
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CURRENT ARTICLES OF ASSOCIATION 19.6.
A supervisory director may be suspended 19.6. and dismissed by the general meeting only on the basis of a resolution passed by an absolute majority of the votes cast representing at least one-third of the issued share capital. The majority referred to in the preceding sentence does not apply if the dismissal or suspension has been proposed by the supervisory board.
PROPOSED AMENDMENT A supervisory director may be suspended and dismissed by the general meeting only on the basis of a resolution passed by an absolute majority of the votes cast representing at least one-third of the issued share capital. If an absolute majority of the votes cast is in favour of a resolution to suspend or dismiss a supervisory director, but such majority does not represent at least one-third of the issued share capital, a new meeting will be convened within thirty days at which the resolution may be passed by an absolute majority of the votes cast, regardless of the proportion of the capital that is represented by such absolute majority. The majority referred to in the first sentence does not apply if the dismissal or suspension has been proposed by the supervisory board.
EXPLANATION As set out under agenda item 8 the amendment of article 19.6 has been proposed by AMG's largest shareholders, RWC European Focus Master Inc. After amendment of article 19.6 as proposed by RWC it will be possible to convene a second general meeting to suspend or dismiss a supervisory director in the event that at the first meeting an absolute majority voted in favour of the proposal but this majority did not represent at least one-third of the issued share capital. At that second meeting the resolution to suspend or dismiss a supervisory director will be adopted if an absolute majority at that second meeting votes in favour of that resolution.
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A document in evidence of the resolutions and the authorisation, referred to in the head of this deed, are attached to this deed. In witness whereof the original of this deed which will be retained by me, notaris, is executed in Amsterdam, on the date first mentioned in the head of this deed. Having conveyed the substance of the deed and given an explanation thereto and following the statement of the person appearing that he has taken note of the contents of the deed and agrees with the partial reading thereof, this deed is signed, immediately after reading those parts of the deed which the law requires to be read, by the person appearing, who is known to me, notaris, and by myself, notaris.
This concerns the final provision of the deed of amendment of the Articles of Association.
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