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Tecan soon on the main board of the Swiss Exchange (SWX)
Annual General Meeting approves unitary share class - Listing of unitary registered share on main board of Swiss Exchange expected on 3 June 1999
Pfäffikon/SZ and Hombrechtikon, 12 May 1999 – Today the Annual General Meeting of Tecan AG has approved to introduce a unitary share class, subject to the approval of the Special Meeting of the registered shareholders, which will be held on 2 June 1999. This step will provide Tecan with a transparent capital structure and because of the concurrent share split with increased tradability and liquidity of its shares. As announced earlier PE Corporation will dispose of its stake in Tecan through a public book-built share offering. For this purpose, the management of Tecan will conduct a domestic and international roadshow starting on 25 May. It is expected that the new unitary shares will be traded on the main board of SWX for the first time on 3 June 1999. Lead Manager of the share offering is Warburg Dillon Read, the investment banking division of UBS AG, and the co-managers are Bank Julius Baer & Co. Ltd., Bank Sarasin & Cie and Pictet & Cie.
The Annual General Meeting elected Dr. Emile C. Sutcliffe, the CEO of Tecan, as a new member of the Board of Directors. Dr. Hans Bollmann has been confirmed as the Chairman of Tecan.
Dr. Hans Bollmann informed that changes in the Board of Directors are planned, in order to adapt the current composition of the Board of Directors to the future ownership structure. For that reason, Dr. Hans Bollmann and the three representatives of PE Corporation will retire as Chairman and as Board members respectively following the successful completion of the offering and as soon as suitable successors will be elected. Tecan has initiated searches for a new chairman and the replacement of Board members, which have to be elected by an ordinary or extraordinary General Meeting of shareholders.