Sif subject to the large company regime (volledig structuurregime) as of February 1, 2019
Sif Holding N.V. (Euronext symbol SIFG / ISIN code NL0011660485) - Regulatory news
After meeting the relevant criteria for three consecutive years, Sif Holding N.V. will become subject to the large company regime (volledig structuurregime) as from 1 February 2019.
The large company regime allows employees to have a say in the appointment of supervisory board members and certain power is shifted to the supervisory board in accordance with the Dutch Civil Code.
The applicability of the large company regime amongst others entails the following:
the supervisory board will have the power to appoint executive board members;
the supervisory board members shall be appointed by the general meeting on the basis of a binding nomination drawn up by the supervisory board;
both the general meeting and the works council have the right to recommend candidates to the supervisory board for the nomination;
Dutch law requires that a large company conforms its articles of association to the rules applicable to large companies. The articles of association of Sif Holding N.V. already allow for the consequences of Sif Holding N.V. becoming subject to the large company regime. The articles of association that apply as from 1 February 2019 are available on the company's website and as an attachment to this press release.
Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customised tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on over 70 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines, as well as legs, pile sleeves, and piles of the larger jackets for oil & gas as well as tubular structures for various uses such as jetties.
Some of the statements contained in this release that are not historical facts are statements of future projections and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Historical results are no guarantee for future performance. Forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of Sif’s business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. Sif does not intend, and does not assume any obligation, to update any industry information or forward- looking statements set forth in this release to reflect subsequent events or circumstances. The content of this trading update is for information purposes only and not intended as investment advise, or offer or solicitations for the purchase or sale in any financial instrument. Sif does not warrant or guarantee the completeness, accuracy, or fitness for any particular purposes in respect of the information included in this release.