Precise Biometrics has set a date and revealed the agenda for its Annual General Meeting, and it looks like the company is eager to get some incentives in place for its top leadership.
Among the proposals for Precise Biometrics’ shareholders to vote on is a reverse share split, in which ten existing shares would be combined into one share, which would bring share value up from SEK 0.03 to SEK 0.3. If that idea is approved, Precise Biometrics proposes that the kind of long-term share incentives offered to management staff in 2017 should now be extended to its new CEO and CFO, each of whom came to the company in 2018.
“The Board of Directors of the Company believes that it is of great importance that the Company’s CEO Stefan K Persson and CFO Ulrik Nilsson who have been employed after the implementation of the 2017 program, are given an opportunity to invest in a corresponding warrants program and therefore proposes that the general meeting resolves on incentive program 2019/2022,” the company wrote in its AGM announcement. “The purpose of the proposed program is to ensure a long-term commitment with the Company’s CEO and CFO through an incentive connected to the Company’s future value growth.”
On that note, Persson and Nilsson have both already taken considerable stakes in the company since coming into their positions, with a couple of board members following suit and also showing their commitments to the company with major share purchases. Nevertheless, the AGM proposal offers some indication of the Board of Director’s long-term strategic thinking as Precise Biometrics proceeds with a long-term strategic shift from the biometric fingerprint algorithm software that has been its mainstay to a multimodal offering expected to launch in 2020, according to the company’s recent Annual Report.