Your cart is empty.
Tecan shareholders approve 1 to 10 share split at the 15th Ordinary Annual Meeting
Zurich, Switzerland, 26 April 2001 – At their Annual General Meeting held today at the company’s new headquarters in Männedorf, near Zurich, the shareholders of Tecan Group Ltd approved a 1 to 10 split of Tecan's registered shares as well as the proposal by the Board of Directors to pay a 2000 dividend of CHF 3.50 per registered share, up 40% from last year’s dividend of CHF 2.50. This corresponds to a 11.6% pay-out ratio on 2000 earnings of CHF 39.5 million. Shareholders also endorsed the election of the Board of Directors.
"The share split adopted by our company should lead to higher liquidity of Tecan shares on the Swiss SWX stock exchange. In addition, the share price of the Tecan Group will be brought closer to the levels of shares for comparable companies both in Europe and the United States. This will have the advantage of offering improved access to our shares for investors and, in particular, private shareholders." said Emile Sutcliffe, Chief Executive Officer of Tecan Group.
"Also our strong financial position allows us not only to look ahead with confidence to new business opportunities, but also permits us to deliver benefits to those who invest in our company.” Mr Sutcliffe added.
The proposed share split will come into effect as soon as the recently passed amendment to the Code of Obligations (reduction of minimal par value to CHF 0.01; Amendment to Article 622, paragraph 4) enters into force. As a result of the share split, the share capital will consist of 13,020,070 registered shares with a new nominal value of CHF 1.
The total nominal share capital remains the same and no taxes or fees will be incurred by shareholders in Switzerland who wish to exchange their shares during the changeover. The share split introduces no alterations to the ownership position of the company.
Board of Directors
At the meeting, shareholders re-elected Prof. Dr Armin Seiler, Dr Emile Sutcliffe, Messrs. Timothy B. Anderson and Hans-Joerg Kummer as directors for a new statutory mandate of one year. They also approved the re-election of Mr. Mike Baronian as Chairman of the Board of Directors for a statutory mandate of one year. Mr. Günter Bauer was not available for re-election.