Summary
This 8-K filing by FLEX LTD. (FLEX) reports on the outcomes of its Annual General Meeting held on August 16, 2018. The key information for investors revolves around shareholder approvals and authorizations. Notably, shareholders re-elected two directors, re-appointed Deloitte & Touche LLP as independent auditors, and approved a general authorization for the company to issue shares. A significant approval was the renewal of the company's share repurchase mandate, allowing for the acquisition of up to 20% of its issued ordinary shares. Furthermore, the Board of Directors has authorized management to continue its share repurchase plan with an aggregate amount not to exceed $500 million. These repurchases will be conducted in the open market under Rule 10b-18, with timing and volume dependent on market conditions. The filing also mentions a future Extraordinary General Meeting (EGM) to amend the company's Constitution regarding director elections, moving towards annual elections instead of staggered retirements.
Key Highlights
- 1Shareholders re-elected two directors to the Board.
- 2Deloitte & Touche LLP was re-appointed as the independent auditor for the 2019 fiscal year.
- 3Shareholders approved a general authorization for the Company to allot and issue ordinary shares.
- 4A significant shareholder approval was granted for the renewal of the share repurchase mandate, allowing the company to acquire up to 20% of its issued ordinary shares.
- 5The Board of Directors has authorized management to continue its share repurchase plan, capped at $500 million.
- 6The company plans to hold an Extraordinary General Meeting (EGM) to transition to annual director elections.
- 7The executive compensation was approved on a non-binding advisory basis.