Pax Anlage increases profit
Pax Anlage AG generated a profit of CHF 14.1 million in the financial year, almost 30 percent more than in the previous year.
According to Pax Anlage, the increase in profits was mainly due to two developments. On the one hand, the good sales results led to reversals of value adjustments on development properties. Secondly, the tax result improved compared to the previous year.
Overall, the Pax Anlage Group was able to increase its equity (net asset value) from 297.3 to 306.9 million and reported an equity ratio of 60.9 percent at the end of the year (previous year: 63.2%).
The Board of Directors undertook a realignment of Pax Anlage in 2016. The volatile development business in the condominium sector will be reduced in favor of an expansion of the existing portfolio. The targeted growth in existing properties is to be achieved through own development and acquisitions. The investment focus is along the main traffic routes in the central German-speaking part of Switzerland.
Basler Leben submits public purchase offer
The previous majority shareholders of Pax Anlage AG, Pax Holding (Genossenschaft) and Pax Schweizerische Lebensversicherungs-Gesellschaft AG, signed an agreement for the sale of their shareholding to Basler Leben AG on January 5, 2017. Basler Leben AG offers CHF 1,600 in cash per share.
The Board of Directors of Pax Anlage has commissioned a fairness opinion to assess the financial adequacy of the offer. As a result, the BoD recommends that the shareholders accept the purchase offer of Basler Leben.
If the Weko approval is received, the closing of the share purchase agreements between Pax Holding/Pax Versicherung and Basler Leben AG as well as Nürnberger Lebensversicherung AG and Basler Leben AG is expected to take place on March 31, 2017.
