Züblin: Shareholders vote for "Reverse Stock Split
As proposed by the company at the beginning of February, the shareholders of Züblin Immobilien Holding AG decided at the Extraordinary General Meeting yesterday (Monday, February 29, 2016) to combine nearly 1.5 billion registered shares in a ratio of 450:1.
As Züblin announced this morning, the existing 1,493,112,150 registered shares with a par value of CHF 0.05 each will be combined in a ratio of 450:1 and Article 3 of the Articles of Association will be amended accordingly. Züblin's major shareholder Lamesa Holding S.A. will provide free of charge the number of shares required for the reverse split, so that each existing shareholder receives at least one share and in any case an undivided number of shares and no shareholder suffers any disadvantage as a result of the reverse split, it is said.
Following the share consolidation, Züblin's ordinary share capital remains unchanged at just under CHF 74.66 million and is now divided into 3,318,027 fully paid registered shares at CHF 22.50 each. "Accordingly and in line with the half-year figures published as of September 30, 2015, as well as the net proceeds of the capital increase of 70 million, the NAV per combined share would have been 26.83 francs," Immobilien Holding AG writes.
In addition, Züblin shareholders have decided to also change the nominal value of shares that can be issued under the conditional and authorized capital from CHF 0.05 to CHF 22.50 and to adjust the amount of the conditional and authorized share capital slightly downwards in order to continue to allow the issuance of a round number of shares.
As part of the planned reverse stock split, the Züblin registered shares are expected to be traded for the last time on the SIX Swiss Exchange at CHF 0.05 each on Thursday (3 March 2016). Listing and first trading day of the new registered shares at CHF 22.50 par value each is scheduled for Friday (March 4, 2016). The settlement date of the "Reverse Stock Split" is expected to be next Tuesday (March 8, 2016). (mr)
