Results of the Annual General Meeting of GAM Holding AG
(Thomson Reuters ONE) -
GAM Holding AG /
Results of the Annual General Meeting of GAM Holding AG
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The issuer is solely responsible for the content of this announcement.
* Dividend of CHF 0.65 per share out of capital contribution reserve approved
* Nancy Mistretta, Ezra S. Field and Benjamin Meuli elected to the Board of
Directors; Johannes A. de Gier, Diego du Monceau and Hugh Scott-Barrett re-
elected
At the Annual General Meeting (AGM) held on 27 April 2016, the shareholders of
GAM Holding AG approved all of the Board of Directors' proposals. The management
report, the parent company's financial statements and the consolidated financial
statements for 2015 were approved at the AGM, and shareholders discharged the
members of the Board of Directors and the Group Management Board for the 2015
financial year.
Dividend of CHF 0.65 per share
Shareholders approved a dividend of CHF 0.65 per share for 2015, leaving it
unchanged from the previous year. The dividend will be distributed from capital
contribution reserves, making it exempt from Swiss federal withholding tax for
all shareholders. For shareholders resident in Switzerland who hold the shares
as part of their private assets, the dividend will also be exempt from Swiss
income tax. In total, the dividend distribution will amount to about CHF 103
million, corresponding to approximately 65% of the Group's underlying net profit
in 2015.
Compensation Report 2015 and maximum compensation amounts for 2016
In a voluntary consultative vote, the shareholders approved the Compensation
Report for 2015. The shareholders also approved the proposed maximum aggregate
compensation amounts for the Board of Directors for the forthcoming one-year
term of office and for the Group Management Board for 2016.
Elections to the Board of Directors
Nancy Mistretta, Ezra S. Field and Benjamin Meuli were elected as new members of
the Board of Directors. Shareholders also re-elected all Board members standing
for re-election - Johannes A. de Gier (as Chairman), Diego du Monceau and Hugh
Scott-Barrett. The proposed members of the Compensation Committee (Diego du
Monceau, Nancy Mistretta and Benjamin Meuli) were also confirmed.
Chairman Johannes A. de Gier thanked Tanja Weiher, who left the Board in
January, and Daniel Daeniker, who chose not to stand for re-election at this
AGM, for their valuable contributions to the development of the company.
Share capital reduction
Shareholders approved the cancellation of the 3,100,000 shares bought back
during 2015 and the corresponding reduction in share capital.
The current share buy-back programme, launched in April 2014, allows for the
repurchase of up to 16.7 million shares over a maximum period of three years.
The programme, 31% of which had been utilised by the end of December 2015,
represents a flexible means of returning excess capital to shareholders in the
absence of other opportunities for investment.
Creation of authorised capital
Shareholders approved the creation of authorised capital equal to 10% of GAM
Holding AG's current share capital (before the capital reduction approved at
today's AGM) in order to improve the Group's strategic flexibility. The Board of
Directors was given the authorisation to increase the share capital at any time
until 27 April 2018 by issuing a maximum of 16,339,460 fully paid registered
shares with a par value of CHF 0.05 each. Of these 16,339,460 registered shares,
the Board is authorised to restrict or withdraw the pre-emptive rights of the
existing shareholders with respect to a maximum of 8,169,730 registered shares
and allocate such rights to third parties in certain cases, such as for
acquisitions.
Further information relating to the AGM of GAM Holding AG, including the voting
results on all agenda items, can be found at www.gam.com/agm2016.
Forthcoming events:
29 April 2016 Ex-dividend date
2 May 2016 Dividend record date
3 May 2016 Dividend payment date
3 August 2016 Half-year results 2016
20 October 2016 Interim management statement Q3 2016
For further information please contact:
Media Relations: Investor Relations:
Elena Logutenkova Patrick Zuppiger
T +41 (0) 58 426 63 41 T +41 (0) 58 426 31 36
Visit us at: www.gam.com
Follow us on: Twitter, LinkedIn and Xing
About GAM
GAM is one of the world's leading independent, pure-play asset managers. The
company provides active investment solutions and products for institutions,
financial intermediaries and private investors under two brands: GAM and Julius
Baer Funds. The core investment business is complemented by private labelling
services, which include management company and other support services to third-
party asset managers. GAM employs over 1,000 people in 11 countries with
investment centres in London, Zurich, Hong Kong, New York, Milan and Lugano. The
investment managers are supported by an extensive global distribution network.
Headquartered in Zurich, GAM 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 114.7 billion (USD 119.8 billion) as at 31
March 2016.
Disclaimer regarding forward-looking statements
This press release by GAM Holding AG ('the Company') includes forward-looking
statements that reflect the Company's intentions, beliefs or current
expectations and projections about the Company's future results of operations,
financial condition, liquidity, performance, prospects, strategies,
opportunities and the industry in which it operates. Forward-looking statements
involve all matters that are not historical facts. The Company has tried to
identify those forward-looking statements by using words such as 'may', 'will',
'would', 'should', 'expect', 'intend', 'estimate', 'anticipate', 'project',
'believe', 'seek', 'plan', 'predict', 'continue' and similar expressions. Such
statements are made on the basis of assumptions and expectations which, although
the Company believes them to be reasonable at this time, may prove to be
erroneous.
These forward-looking statements are subject to risks, uncertainties,
assumptions and other factors that could cause the Company's actual results of
operations, financial condition, liquidity, performance, prospects or
opportunities, as well as those of the markets it serves or intends to serve, to
differ materially from those expressed in, or suggested by, these forward-
looking statements. Important factors that could cause those differences
include, but are not limited to: changing business or other market conditions,
legislative, fiscal and regulatory developments, general economic conditions,
and the Company's ability to respond to trends in the financial services
industry. Additional factors could cause actual results, performance or
achievements to differ materially. The Company expressly disclaims any
obligation or undertaking to release any update of, or revisions to, any
forward-looking statements in this press release and any change in the Company's
expectations or any change in events, conditions or circumstances on which these
forward-looking statements are based, except as required by applicable law or
regulation.
English Press Release:
http://hugin.info/142256/R/2007377/742040.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: GAM Holding AG via GlobeNewswire
[HUG#2007377]
Unternehmensinformation / Kurzprofil:
Datum: 27.04.2016 - 16:15 Uhr
Sprache: Deutsch
News-ID 466953
Anzahl Zeichen: 8869
contact information:
Town:
Zürich
Kategorie:
Business News
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