Summary
This Form 8-K filing by ACE Limited (now Chubb Ltd) on December 20, 2012, reports on an amendment to its Articles of Association to effect a par value reduction. This action was taken to facilitate a previously approved shareholder dividend, which involves returning capital to shareholders through a reduction in the nominal par value of the company's shares. The dividend is structured as four quarterly installments, with each installment's equivalent USD amount fixed, and the CHF par value adjustment determined by the prevailing exchange rate at the time of each payment. Specifically, this filing details the adjustment for the third installment, setting the par value reduction at CHF 0.45 per share, based on a USD/CHF exchange rate of 0.9335. This amendment officially reduced the company's par value to CHF 28.89 and became effective on December 17, 2012. Shareholders of record as of December 17, 2012, are entitled to the dividend payment scheduled for December 28, 2012. This filing is primarily procedural, confirming the execution of a shareholder-approved capital return strategy.
Key Highlights
- 1ACE Limited amended its Articles of Association on December 17, 2012, to reflect a par value reduction.
- 2The par value reduction is a mechanism for a shareholder-approved dividend, returning capital to investors.
- 3The dividend is paid in four quarterly installments, with the CHF amount adjusted based on exchange rates.
- 4The specific par value reduction for the third installment was CHF 0.45 per share.
- 5This adjustment was based on a USD/CHF exchange rate of 0.9335 as of December 11, 2012.
- 6The company's par value was adjusted to CHF 28.89 per share effective December 17, 2012.
- 7Shareholders of record on December 17, 2012, will receive the dividend payment on December 28, 2012.