COTO B - Cash or Title Option
(Valor 10 252 852)
Instead of paying the usual dividend from the profit shown on the balance sheet, the Annual General Meeting of Shareholders on 22 April 2009 decided to issue exchange-traded cash or title options B (“COTO B”), combined with a reduction in par value.
Shareholders can therefore choose from one of the following:
- Subscribe to the new class B registered shares
- Sell their COTO B on the stock exchange
- Accept a fixed cash settlement
| In their current form, COTO B are not subject to Swiss withholding tax and as a rule are exempt from income tax for individuals whose domicile for tax purposes is Switzerland. |
COTO - Timetable 2009
|
Final subscription conditions fixed by Board of Directors |
|
COTO B allocated to shareholders |
|
7 July - 15 September: Subscribing to new class B registered shares |
| 7 July - 10 September: Selling COTO B on stock exchange | |
| 7 July - 15 September: Receiving cash payment | |
|
COTO B expires |
(Please click on the image to see it at full size)
COTO – Characteristics
- Shareholders who prefer a cash dividend can accept a cash settlement of CHF 0.65 for each class B registered share or sell their COTO B at the going market price, which will also reflect the subscription entitlement, on the stock exchange.
- Shareholders who do not want a cash dividend can subscribe to new class B registered shares
value development:
(Please click on the image to see it at full size)
- Subscription ratio was fixed by the Board of Directors of Bank Sarasin on 1 July 2009.
- 35 COTO B will entitle holders to subscribe to one new Sarasin class B registered share with a par value of CHF 0.35 during the period 7 July 2009 to 15 September 2009.
- A subscription ratio of 35 COTO B for 1 new registered class B share is equivalent to a subscription price of CHF 22.75 per class B registered share or a discount of around 33% on the closing price on 30 June 2009.
| The exercising of COTOs will bring new capital into Sarasin, which can be used to fund the ongoing expansion of the Bank’s business activities. |
