Otello Corporation ASA (OTEC) Earnings Call Transcript & Summary

Good morning. It's 9:00 Oslo time, and welcome to the Annual General Meeting in Otello Corporation ASA. My name is Geir Evenshaug. I'm a partner with the law firm, BAHR and I have been asked to open the meeting and make a registration of represented shares and votes. And the record shows that we have 41.7 million shares and votes represented, which equals to approximately 56% of the entire share capital. As usual, the minutes from the meeting as well as a summary of votes cast in each matter will be available as soon as possible after we conclude the meeting. And by that, we continue on the agenda, which is Section 2. That's the election of a person to chair the meeting, and the Board has proposed that I chair the meeting. And we have no votes against. So I will then continue as the Chairperson of the meeting. Item 3 on the agenda is approval of the calling notice and the agenda. Are there any questions or comments? No. That's fine, we have no votes against. So the calling notice and the agenda have been approved. Item 4 on the agenda is election of a person to co-sign the minutes together with me. I have the CEO, Jason Hoida, in the room with me. So I just propose that Jason then stays behind and co-signs the minutes. Are there any comments to that? No. Then Jason has been elected. That brings us to Item 5 on the agenda, which is approval of the financial statements and the annual report for 2025. Are there any questions regarding the financial statements or annual report? There are none. And we have 290,000 votes against which means that we have a 99-point-something majority and the financial statements and annual report have been approved. Item 6 is approval of the auditor's fee for 2025. Are there any questions regarding the auditor's fee for 2025? Seems not. We have 45,000 approximately votes against, which means that we have a majority of 99.9%. The fees have been approved. Item 7 is the corporate governance statement of the company, and this is the annual corporate governance statement, which has been included in the annual report. This item is not up for any votes. It's just as information and for possible discussion at the general meeting. Are there any questions or comments to the company's corporate governance statements? There are no questions or comments. And then we can move on to Item 8 on the agenda, which is approval of remuneration to Board members. This item is divided into 2 sub-items. We have Item 8.1, which is the ordinary Board remuneration and Item 8.2, which is the remuneration for participation in Board committees. And the proposal has, as always, been made by the company's Nomination Committee. Are there any questions or comments to the proposal as set forth by the Nomination Committee? No. On each of the proposals, we have 2,950 votes against, which means that there is a 99.9% majority, and both proposals in 8.1 and 8.2 have been approved. Item 9 on the agenda is approval of remuneration to the members of the Nomination Committee. This has been proposed by the Board. Are there any questions or comments to the proposal in Item 9? There are none, and we have, again, 2,950 votes against, which means we have 99.9% majority, and the proposal has been approved. Moving on to Item 10, which is the authorization for the Board to acquire own shares, and this is a continuation of the current Board authorization. Are there any questions or comments to Item 10 on the agenda? We have 290,000 votes against, which means basically 99.9% majority again and the authorization in Item 10 has been approved. Item 11 on the agenda is another Board authorization. This is an authorization to increase the share capital. And again, this is also a continuation of an existing Board authorization. Are there any questions or comments to Item 11? There are none. On this item, we have approximately 3.8 million votes against which means that we have 91% approximately majority and Item 11 has been approved. Item 12 is the report on executive remuneration, and this is the annual report on such remuneration, which has also been included in the annual report. Are there any questions or comments to the report on executive remuneration? There are none. On this item, we have 4.1 million votes against, which means we have approximately 90% majority and the report has been approved. Item 13 is election of members to the Nomination Committee. And again, this is the proposal from the Nomination Committee divided into 4 different candidates and votes are cast separately for each candidate. Are there any questions or comments to any of the proposed candidates? There are none. And on 13.1, which is Jamie Sherman as the Chairperson, we have approximately 960,000 votes against which is 97% majority. On the other candidates, we have 316,000 votes against, which is 99% majority and that means that each candidate has been elected to the Nomination Committee. Item 14 on the agenda is election of Board members, and this is also a proposal from the Nomination Committee. Again, votes are cast separately for each candidate. Are there any questions or comments to the proposals in Item 14? There are none. And on 14.1 Silje Augustson as the member, it is 1 million votes against, which means 98% majority 14.2 and 14.3 are, respectively, 660,000 votes against for Song Ling and 550,000 votes approximately against for Lars Christian Fredenlund, which means that each of them are -- have a majority of approximately 96% which then also means that all candidates for the Board have been elected. That concludes the items on the agenda. Before we close the meeting, I will just ask if anyone has any questions or comments? There are none, and then I will just thank everyone for their participation, and I wish each of you a continued nice day. Thank you. Bye.