The Annual General Meeting of Private Equity Holding AG held today in Zug was attended by 43 shareholders representing 2,197,884 registered shares or 48.84% of the total share capital.
Besides the approval of the annual report, the annual financial statements and the consolidated financial statements for the financial year 2002/2003, the discharge of the board of directors, the application of general reserve, and the re-election of the statutory and group auditors, the board proposed to the shareholders the reduction of nominal share value and the creation of authorized capital. All proposals by the board of directors were approved.
The share capital of the company will be reduced from CHF 450 million to CHF 45 million through a reduction of the nominal value of the shares from CHF 100 to CHF 10 per share; the amount of the decrease will be applied to reduce the loss carried forward.
The new authorized capital of CHF 22.5 million gives the company the flexibility to react quickly at any time in the next two years to raise additional equity in the market if conditions are favorable. The main purpose of any increase in capital would be to further diversify the current portfolio. The creation of authorized capital provides the opportunity for a faster implementation of the new strategy of Private Equity Holding.
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Private Equity Holding AG (SWX: PEHN), managed by Swiss Life Private Equity Partners, offers investors the opportunity to invest, within a simple legal and tax optimized structure, in a broadly diversified and professionally managed private equity portfolio. For additional information: www.peh.ch or Tamara Krebs, Investor Relations and Communications (phone +41 41 726 79 80).
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