2013-03-18 19:17:56 -
BB BIOTECH AG /
Shareholders at BB Biotech's Annual General Meeting approve cash distribution of
CHF 4.50 per share / new share buyback program of up to 10% of outstanding
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Prof. Dr. Dr. Klaus Strein elected to the Board of Directors
All proposals put forward by the Board of Directors at today's Annual General
Meeting were approved by an overwhelming majority of shareholders.
Shareholders voted in favor of a cash payment of CHF 4.50 per share, which
corresponds to a yield of 4.14% based on the current share price. Since this
be made from capital contribution reserves, it is exempt from Swiss
withholding tax. Payment date is March 25, 2013.
After Prof. Dr. Thomas Szucs stepped down as chairman of the board, the general
meeting elected Prof. Dr. Dr. Klaus Strein to the board. The former directors
Dr. Erich Hunziker and Dr. Clive Meanwell were re-elected to one-year terms of
office. Dr. Erich Hunziker was appointed the new chairman at the first meeting
of the Board of Directors after the general meeting of shareholders.
The Board of Directors was authorized by shareholders to initiate a new program
to repurchase up to 10% of outstanding shares, which enables the company to
continue the structured payout policy adopted in 2012. The company plans to pay
out the equivalent of 10% of shareholders' equity annually through tax-free cash
distributions from capital reserves for an annual yield of approx. 5% and
ongoing share buybacks for a similarly high yield.
For further information:
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland
Thomas Egger, Tel. +41 44 267 67 09, firstname.lastname@example.org
BB Biotech invests in companies in the fast growing market of biotechnology and
is one of the world's largest investors in this sector with CHF 1.4 billion in
assets under management. BB Biotech is listed in Switzerland, Germany and Italy.
Its investments are focused on listed companies that are developing and
commercializing novel medical treatments and cures. BB Biotech's investment
selection process is guided by the fundamental research and analysis of
physicians and molecular biologists. Its Board of Directors has many years of
experience in industry and science.
This release contains forward-looking statements and expectations as well as
assessments, beliefs and assumptions. Such statements are based on the current
expectations of BB Biotech, its directors and officers, and are, therefore,
subject to risks and uncertainties that may change over time. As actual
developments may significantly differ, BB Biotech and its directors and officers
accept no responsibility in that regard. All forward-looking statements included
in this release are made only as of the date of this release and BB Biotech and
its directors and officers assume no obligation to update any forward-looking
statements as a result of new information, future events or other factors.
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Source: BB BIOTECH AG via Thomson Reuters ONE