Summary
This 8-K filing by Ace Limited (formerly Chubb Ltd) details the administrative and legal steps taken to implement a shareholder-approved dividend in the form of a par value reduction. The company formally adjusted its Articles of Association on December 15 and 16, 2010, to reflect the specific par value reduction for the third quarterly installment of this dividend, which was set at CHF 0.32 per share. This action was completed as part of a broader shareholder resolution from the 2010 annual general meeting to reduce the par value annually, distributed in four quarterly installments, with the aim of returning capital to shareholders. The filing confirms the effectiveness of these amendments and the upcoming dividend payment date.
Key Highlights
- 1Ace Limited implemented a shareholder-approved dividend distribution via a reduction in the par value of its shares.
- 2The par value reduction is structured as four quarterly installments, with the third installment fixed at CHF 0.32 per share.
- 3The company amended its Articles of Association on December 15 and 16, 2010, to formalize the par value reduction.
- 4These amendments became effective upon registration with the commercial register of the Canton of Zurich on December 16, 2010.
- 5The filing confirms the adjusted par value per share is now CHF 30.57.
- 6The dividend scheduled for payment on January 11, 2011, will be paid to shareholders of record as of December 16, 2010.
- 7The dividend installment is linked to a target of US$0.33 per quarter, subject to exchange rate fluctuations and an aggregate cap.