No distribution at BFW Liegenschaften
The General Meeting of BFW Liegenschaften AG has rejected the proposal of the two independent members of the Board of Directors for a capital reduction and nominal value distribution.
The independent BoD members had proposed a capital reduction and distribution by means of a par value reduction of CHF 1.40 per class A registered share and of CHF 0.14 per class B registered share. The majority shareholder BFW Holding AG, which held 98.1% of the voting rights at the time of the Annual General Meeting, rejected this. In the run-up to the Annual General Meeting, the Board of Directors had already stated that BFW Holding would vote against a possible dividend distribution as well as against the proposed reduction in par value.
The Annual General Meeting approved the 2019 financial statements and discharged the members of the Board of Directors and the Executive Board. The separate special meeting of shareholders of Class A registered shares elected Daniel Nipkow as their representative, as proposed by BFW Holding. Nipkow was subsequently elected to the Board of Directors, as were Beat Frischknecht as representative of the shareholders of Class B registered shares and André Robert Spathelf. Frischknecht was also confirmed as Chairman of the Board of Directors.
Due to the Covid-19 regulation of the Federal Council, the Annual General Meeting was held without the presence of shareholders. The independent proxy represented a total of 98.61% of the share votes. (ah)
