Annual General Meeting of GAM Holding AG
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GAM Holding AG /
Annual General Meeting of GAM Holding AG
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Zurich, 19 April 2011
At the Annual General Meeting (AGM) held on 19 April 2011, the shareholders of
GAM Holding AG approved a dividend distribution of CHF 0.50 per share for 2010,
to be paid from capital contribution reserves, as well as a new multi-year share
buy-back programme. Shareholders also re-elected Johannes A. de Gier, Dieter
Enkelmann and Hugh Scott-Barrett as members of the Board of Directors for a
further two-year term.
The Annual Report, the parent company's and the consolidated financial
statements for 2010 were approved at the AGM and shareholders discharged the
members of the Board of Directors and the Executive Board for 2010.
Dividend of CHF 0.50 to be paid from capital contribution reserves
GAM Holding AG's shareholders approved the proposed dividend of CHF 0.50 per
share for 2010 and agreed to it being distributed from previous capital
contributions (which total CHF 2.1 billion) rather than from retained earnings.
Based on the Swiss tax reforms that took effect at the beginning of 2011, this
will result in the dividend payment being exempt from the 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 CHF 94.4 million, corresponding
to approximately half of the underlying net profit achieved by the Group in
2010, in line with stated dividend policy.
Share capital reduction, new buy-back programme to be funded from capital
contribution reserves
As part of its initial share buy-back programme, the Group repurchased a total
of 10,330,756 shares, at a cost of approximately CHF 154.5 million (an average
of CHF 14.96 per share). At the AGM, shareholders approved the cancellation of
these shares and the corresponding reduction in share capital. Shareholders also
agreed to the replacement of the existing share buy-back programme with a new
three-year programme.
The new programme authorises the repurchase of up to a maximum of 20% (41.3
million) of current shares in issue for subsequent cancellation. It is scheduled
to begin on 9 May 2011 over a second trading line at the SIX Swiss Exchange.
Repurchases will be funded from capital contribution reserves, making the
programme more attractive to both institutional and private shareholders than
traditional repurchase programmes.
While the introduction of this new programme will create additional flexibility
in the management of the Group's capital, the Board of Directors reconfirmed
their commitment to maintaining a strong balance sheet and stressed that the
introduction of the new share buy-back programme did not signal the end of its
ambitions to expand the Group via targeted acquisitions, should compelling
opportunities arise.
Re-elections to the Board of Directors
Johannes A. de Gier, Chairman of the Board of Directors, Dieter Enkelmann and
Hugh Scott-Barrett were each re-elected to the Board for a further two-year
term.
Further information relating to the AGM of GAM Holding AG can be found at
www.gamholding.com.
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
manufacturing 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 118.7 billion (as at 31 March 2011) and employs over 1,000
staff with offices in Zurich (head office), Bermuda, Grand Cayman, Dubai,
Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Milan, New
York and Tokyo.
--- End of Message ---
GAM Holding AG
Klausstrasse 10 Zürich Switzerland
ISIN: CH0102659627;
Press Release:
http://hugin.info/142256/R/1507723/442625.pdf
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Source: GAM Holding AG via Thomson Reuters ONE
[HUG#1507723]
Unternehmensinformation / Kurzprofil:
Datum: 19.04.2011 - 16:01 Uhr
Sprache: Deutsch
News-ID 53712
Anzahl Zeichen: 5475
contact information:
Town:
Zürich
Kategorie:
Business News
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