Amarin Corp Plc (AMRN)

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Per Wold-Olsen stepped down as GN Store Nord chairman of the board at today's general meeting.

https://www.euroinvestor.dk/nyheder/gn-formands-afsked-blev-overskygget-af-heftig-kritik-jeg-er-fandeme
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NEWS
March 15 2023 - 16:21
The GN chairman's resignation was overshadowed by fierce criticism: 'I'm damn disappointed'
Sigurd Pedersen

Despite 15 years in the post, GN 's chairman's resignation was overshadowed by criticism and takeover speculation.

On Wednesday, the shareholders in GN Store Nord had to say goodbye to long-standing board chairman Per Wold-Olsen. However, it was not the big and touching farewell that the outgoing chairman might have hoped for.

The farewell was overshadowed by the recent actions of the GN Store Nord board.

The board had proposed a capital increase on 9 February, but on Tuesday – less than a day before the general meeting – the board withdrew the proposal.

Read also: Shareholders' association thunders against the GN board at the general meeting

The reason was that it was already clear from the votes cast in advance that the proposal would not achieve the necessary support.

Although the proposal was withdrawn, it did not prevent several shareholders from taking to the podium to criticize the proceedings.

Per Wold-Olsen had started the meeting by talking about the year 2022, which GN Store Nord had escaped well, according to him, despite headwinds from external factors.

This got one of the shareholders up in the red.

"You shouldn't sit and praise yourself. I'm damn disappointed as a shareholder,' said the shareholder from the podium.

The shareholder was very dissatisfied with the price development for GN Store Nord , which has fallen by around 25 per cent. since the board proposed the controversial capital increase. The shareholder continued his criticism with several profanities along the way.

It was a clearly moved Per Wold-Olsen who responded after the shareholder's great criticism.

Read also: GN chairman puts words to the speculation: We do not want to sell

"We are all dissatisfied with the price development," said Per Wold-Olsen to the shareholder.

The voice broke during the outgoing board chairman's answer, but the criticism of the board's direction did not stop there.

The outgoing chairman of the board had previously rejected the idea of a full or partial sale to the competitor Demant at the general meeting.

However, that line was also criticized by a shareholder from the podium.

"No company lives forever. If we can get involved in something bigger, we must do it,' said a shareholder on the platform.

It was a comment that brought applause from many of those present.

Read also: Tordner against GN: They didn't think about the shareholders

A possible sale to the competitor was brought up by several shareholders along the way, and it was met with applause each time. However, not everyone applauded it.

A more personal attack came from a member of the Danish Shareholders' Association's general meeting committee, Søren Svendsen.

He highlighted that the market had welcomed the news of the chairman's departure, which was announced on 26 January. On the same day, the share rose by more than 10 per cent.

However, Søren Svendsen rounded off by thanking Per Wold-Olsen for his efforts for GN Store Nord over many years.

The entire general meeting was also rounded off with a round of applause in honor of the outgoing chairman. It was a brief round of applause that sent Per Wold-Olsen on to the world after 15 years as chairman of GN Store Nord .