GAM Holding : Annual General Meeting of GAM Holding AG
04/18/2012| 10:40am US/Eastern
Recommend:
Zurich, 18 April 2012
At the Annual General Meeting (AGM) held on 18 April
2012, the shareholders of GAM Holding AG approved a dividend
distribution of CHF 0.50 per share for 2011, to be paid from
capital contribution reserves. Shareholders also re-elected
Daniel Daeniker and Diego du Monceau to the Board of
Directors for a further two-year term and approved an
increase to the Board's minimum number of members from
three to five.
The annual report, as well as the parent company's
and the consolidated financial statements for 2011, were
approved at the AGM and shareholders discharged the members
of the Board of Directors and the Executive Board for
2011.
Dividend of CHF 0.50 to be paid from capital
contribution reserves
Shareholders approved the proposed dividend of CHF 0.50
per share for 2011 and agreed to it being distributed from
previous capital contributions (which totalled CHF 1,998.4
million as at 31 December 2011) rather than from retained
earnings. The dividend is unchanged from the previous year
and will be exempt from Swiss federal withholding tax for all
shareholders and exempt from income tax for shareholders
resident in Switzerland holding the shares as part of their
private assets. In total, the dividend distribution will
amount to around CHF 88 million, corresponding to
approximately half of the underlying net profit achieved by
the Group in 2011, in line with stated dividend
policy.
Share capital reduction (2011-2014 share buy-back
programme)
At the AGM, shareholders approved the cancellation of
the shares bought back under the current buy-back programme
during 2011 (12,945,000 shares, repurchased at an average
price of CHF 13.54 per share) and the corresponding reduction
in share capital. According to the established maximum limit
for the programme, the Group is authorised to repurchase up
to a further 28.4 million shares until April 2014. This
provides the Group with flexibility to return excess capital
to its shareholders, enabling it to moderate the pace of its
buy-backs with market developments and growth
opportunities.
Re-elections to the Board of Directors
Daniel Daeniker and Diego du Monceau were each
re-elected to the Board for a further two-year term.
Change to minimum number of members of Board of
Directors
Shareholders approved an amendment to the Articles of
Incorporation to provide that the minimum number of members
serving on the Board of Directors should be increased from
three to five, reflecting the Board's current set-up and
consistent with existing corporate governance
requirements.
Further information relating to the AGM of GAM Holding AG can
be found at www.gamholding.com
.
Forthcoming events:
|
20 Apr 2012
|
Ex-dividend date
|
|
24 Apr 2012
|
Record date
|
|
25 Apr 2012
|
Dividend payment date
|
|
14 Aug 2012
|
Half-year results 2012
|
For further information please contact:
Media Relations:
Larissa Alghisi Rubner, GAM Holding AG
T: +41 (0) 58 426 62 15
Investor Relations:
Thomas Schneckenburger, Bluechip Financial Communications
T: +41 (0) 44 256 88 33
Notes to Editors
About GAM Holding AG
GAM Holding AG is an independent, well-diversified
asset management group. Its operating businesses - GAM and
Swiss & Global Asset Management - focus on the development
and distribution of actively managed investment products and
services.
GAM Holding AG is listed on the SIX Swiss Exchange and
is a component of the Swiss Market Index Mid (SMIM) with the
symbol "GAM". The Group has assets under management
of CHF 110.6 billion (as at 31 March 2012) and employs over
1,000 staff with offices in Zurich (head office), Bermuda,
Grand Cayman, Dublin, Frankfurt, Geneva, Hong Kong, London,
Luxembourg, Madrid, Milan, New York and Tokyo.
distributed by
|
|
Recommend :
