Summary
This 8-K filing by Ace Limited (formerly Chubb Ltd) on September 30, 2008, reports on amendments to its Articles of Association, primarily to facilitate dividend payments and reflect changes in its share structure. The key event is the formalization of a par value reduction of CHF 0.90 per share, distributed over three quarterly installments, with the third quarter's adjustment finalized on September 30, 2008. This action was approved by shareholders at the 2008 annual general meeting. Investors should note that these amendments are primarily administrative and designed to implement previously announced shareholder decisions regarding dividends. The par value reduction, effective upon filing with the Swiss commercial register, results in a new par value of CHF 33.44 per share. The filing also includes an administrative correction to Article 6 of the Articles of Association. The amended Articles of Association are attached as an exhibit.
Key Highlights
- 1Ace Limited amended its Articles of Association on September 29-30, 2008.
- 2The amendments were approved by shareholders at the 2008 annual general meeting.
- 3The primary purpose was to implement a par value reduction of CHF 0.90 per share for dividend distribution.
- 4The par value reduction is being paid in three equal quarterly installments, with the third installment finalized by this filing.
- 5The company's par value per share is now CHF 33.44.
- 6The amendments reflect the number of shares issued from conditional share capital since redomestication to Switzerland.
- 7An administrative correction was made to Article 6 of the Articles of Association.