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, 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.
Press Release:
http://hugin.info/142256/R/1603692/507155.pdf
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originality of the information contained therein.
Source: GAM Holding AG via Thomson Reuters ONE
[HUG#1603692]
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Datum: 18.04.2012 - 09:00 Uhr
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News-ID 1104473
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