NOTICE OF ANNUAL GENERAL MEETING IN ARJO AB (PUBL)

Arjo AB will hold its Annual General Meeting on Wednesday, 22 April 2026 at 11:00 a.m. CEST at HighCourt Börshuset, Skeppsbron 2, Malmö. The Board has enabled postal voting per the Articles of Association; shareholders voting by post must submit any questions in advance.

Analysis

Making remote/postal voting standard materially changes the marginal voter profile for Arjo over the next AGM cycle: frictional retail/no-travel votes decline while institutional and international holders — who can more easily submit postal votes — become a larger share of cast votes. Expect a 5–15% shift in turnout composition (not necessarily turnout magnitude) within 0–2 months before the AGM, which amplifies influence of proxy advisors and index/ETF custodians that vote by instruction rather than in-person persuasion.

A less obvious second-order: the requirement to submit questions in advance reduces the effectiveness of last-minute, live AGM pressure (surprise questions, unscripted exchanges) that activists or dissenting large holders have historically used to extract concessions. That favors incumbency and management-prepared responses, lowering the cost for management to push through pre-arranged items (remuneration policies, board reappointments, or share-based plans) within the immediate 0–3 month window.

Key catalysts that could reverse or magnify outcomes are proxy-advisor recommendations (ISS/Glass Lewis) and any public activist filing — both can flip a close vote within days. Tail risks: a surprise coordinated retail mobilization or regulatory pushback on remote voting procedures could re-open governance debates and move the share price sharply; timeline for material corporate-level changes (board turnover, strategic review) is 3–12 months post-AGM if governance friction falls.

Key Decisions for Investors

• Event-driven long (Arjo equity): Initiate a 1–2% notional long position in ARJO (STO: ARJO) 2–6 weeks ahead of the AGM if due diligence shows management underperformance — time horizon 3–12 months. R/R: target 25–50% upside on a governance-led rerating or strategic review; hard stop at 12–15% downside or immediately reduce if proxy advisors recommend against management.
• Cost-limited upside via options: Buy a 9–12 month call spread on ARJO sized at 25% of an equivalent equity position (buy ATM calls, sell 25–35% OTM calls). Entry 4–8 weeks pre-AGM to capture post-AGM momentum; expected payoff 2–4x if governance change/strategic action occurs, max loss = premium paid.
• Defensive short/hedge: If you view postal voting as management-friendly and fear entrenchment, buy 3–6 month ATM puts on ARJO for a small tactical hedge (position size 0.5–1% notional). Trigger to add or flip to a larger short: failure of key vote items at AGM or management-guided approval of dilutive equity measures; target asymmetry: limited premium for downside protection vs potential 20%+ drawdown.
• Proxy-activation allocation: For funds aiming to influence outcome, accumulate a 1–3% stake and prepare targeted outreach to custodial holders (index funds, ETFs) 6–8 weeks before AGM — expected cost is buy-in liquidity plus operational outreach; catalyst window is immediate (weeks) and materially increases probability of effecting board or policy changes within 3–6 months.