Summary
This 8-K filing from ACE Limited (formerly Chubb Ltd) on April 1, 2011, primarily reports on the final installment of a par value reduction dividend approved by shareholders. This action effectively reduces the company's share par value from CHF 30.57 to CHF 30.27, stemming from a CHF 0.30 reduction for the fourth quarterly installment. The specific CHF amount was fixed based on the USD/CHF exchange rate on March 28, 2011, to meet the target USD $0.33 per share for that quarter. This filing is important as it signifies the completion of the dividend distribution through par value reduction, as outlined in the company's proxy statement from April 2010. Shareholders of record on April 1, 2011, are set to receive this final dividend payment, expected on April 22, 2011. The company has updated its Articles of Association to reflect these changes, which became effective upon registration on April 1, 2011.
Key Highlights
- 1ACE Limited completed its fourth and final quarterly installment of a par value reduction dividend.
- 2The par value of ACE Limited's shares was reduced by CHF 0.30 per share.
- 3The total par value per share is now CHF 30.27, down from CHF 30.57.
- 4The specific CHF amount for the installment was fixed based on the March 28, 2011, USD/CHF exchange rate to meet the target USD $0.33 dividend.
- 5Shareholders of record as of April 1, 2011, are eligible to receive this dividend.
- 6The dividend payment is scheduled for April 22, 2011.
- 7The company's Articles of Association were amended and restated to reflect the par value reduction and became effective on April 1, 2011.