Credit Suisse an­nounce pro­pos­als for AGM

The Pak Banker - - COMPANIES/BOSS -

The Board of Direc­tors of Credit Suisse Group AG to­day an­nounced its pro­pos­als for the An­nual Gen­eral Meet­ing of April 26, 2013. Distri­bu­tion out of re­serves from cap­i­tal con­tri­bu­tions*

As pre­vi­ously an­nounced, the Board of Direc­tors pro­poses for the fi­nan­cial year 2012 a com­bined distri­bu­tion against re­serves from cap­i­tal con­tri­bu­tions in cash of CHF 0.10 per reg­is­tered share (cash div­i­dend) and in the form of new shares (stock div­i­dend).

The stock div­i­dend will be dis­trib­uted as fol­lows: For ev­ery share that they own, share­hold­ers will re­ceive a non-trans­fer­able right to the ac­qui­si­tion, at no charge, of new shares in Credit Suisse Group AG. Fol­low­ing the distri­bu­tion, the rights will au­to­mat­i­cally be ex­changed for new shares at the ra­tio de­ter­mined by the Board of Direc­tors on April 25, 2013, and pub­lished on April 26, 2013 ( be­fore the ex­change opens). The Board of Direc­tors will set the sub­scrip­tion ra­tio so that the the­o­ret­i­cal value of each right is around CHF 0.65.

The Board of Direc­tors pro­poses to in­crease the au­tho­rized cap­i­tal in or­der to ser­vice the 2013 stock div­i­dend and to main­tain fi­nan­cial flex­i­bil­ity in the course of fur­ther de­vel­op­ing the busi­ness port­fo­lio.

The mo­tion pro­poses to in­crease the au­tho­rized cap­i­tal of CHF 1,034,316.48 (equiv­a­lent to 25,857,912 reg­is­tered shares) by CHF 4,965,683.52 to a max­i­mum of CHF 6,000,000 (equiv­a­lent to 150 mil­lion reg­is­tered shares) and to ex­tend the au­tho­riza­tion by two years.

Of the amount of 150 mil­lion reg­is­tered shares, 50 mil­lion reg­is­tered shares are re­served ex­clu­sively for the stock div­i­dend in 2013. In­crease in con­di­tional cap­i­tal for em­ployee shares The Board of Direc­tors pro­poses, as part of the cap­i­tal plan an­nounced in July 2012, that the cur­rent con­di­tional cap­i­tal for the pur­pose of de­liv­er­ing shares as part of em­ployee par­tic­i­pa­tion pro­grams be in­creased.

As part of the cap­i­tal plan an­nounced in July 2012 to strengthen the reg­u­la­tory cap­i­tal po­si­tion, cer­tain de­ferred cash con­tin­gent rights were con­verted vol­un­tar­ily by em­ploy­ees to 31 mil­lion in de­ferred eq­uity awards. Credit Suisse Group AG would like to meet this obli­ga­tion in a cap­i­tal- ef­fi­cient man­ner through is­su­ing new shares from con­di­tional cap­i­tal. For this rea­son, the Board of Di­rec­tor pro­poses to in­crease the cur­rent con­di­tional cap­i­tal for em­ployee shares by CHF 1,093,621.32 (equiv­a­lent to 27,340,533 reg­is­tered shares) to a max­i­mum CHF 1,200,000 (equiv­a­lent to 30 mil­lion reg­is­tered shares).

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