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Ultrasonic AG: Ultrasonic AG holds successful AGM

DGAP-News: Ultrasonic AG / Key word(s): AGM/EGM
Ultrasonic AG: Ultrasonic AG holds successful AGM

24.07.2014 / 10:10

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Ultrasonic AG holds successful AGM

- High attendance

- Nearly 100% majority in favour of all motions put to the vote

- Management Board authorized to buy back shares in the company

- Resolution to change auditor

- No vote on conditional capital

Cologne, July 24, 2014 - The Annual General Meeting of Ultrasonic AG (Prime
Standard, ISIN DE000A1KREX3, US5) in Frankfurt am Main, Germany, on July
22, 2014 was very well-attended. More than 86% of the share capital was
represented at the meeting. All motions put to the vote at the AGM were
agreed almost unanimously. In particular, the Management Board was
authorized to buy back shares in the company.

"We want to use the share buy-back programme to make our shares more
attractive. Particularly since our option dividend model which we would
have liked to continue has no longer been supported by some major external
shareholders", said Qingyong Wu. The company's CEO added: "The share
buy-back programme should help stabilize the present share price and at the
same time bring a visible increase in the value of our shares".

Authorization for share buy-back

Contrary to the motion put forward in the agenda, the authorization for the
share buy-back was limited to EUR 634,890.00, just under 5% of the share
capital of EUR 12,697,818.00 on the date of the AGM. Moreover, the period
for the share buy-back was limited until July 21, 2015. In addition, a
minimum price of EUR 15.00 per share was set for all subsequent uses of the
repurchased shares. Qingyong Wu put forward this countermotion at the start
of the AGM in agreement with the major shareholders, so neither the
management's original proposal, nor the countermotion put forward by
Balaton AG was put to the vote. The authorization can be viewed on the
company's website at Investor Relations/Annual General Meeting.

BDO AG is the new auditor

Based on a countermotion proposed by Mr. Qingyong Wu, BDO AG
Wirtschaftsprüfungsgesellschaft was appointed auditor for the financial
statements of the company and the consolidated financial statements of the
Group for 2014 with a majority of 99.8565%. The countermotion to the
original motion contained in the agenda was due to a change in the audit
team of the previous auditor, Warth & Klein Grant Thornton, which the
Supervisory Board only became aware of after publication of the notice of
the meeting. Since Warth & Klein Grant Thornton had audited the financial
statements for the past six years, the Supervisory Board saw no reason why