Summary
This Form 8-K filing from Ace Limited (formerly Chubb Ltd before their merger, though the filing is under the Ace Limited name) on December 13, 2013, primarily reports on the amendment of its Articles of Association to reflect a par value reduction. This reduction is part of a previously approved dividend distribution plan announced at the company's 2013 annual general meeting, which involves paying dividends through quarterly par value reductions. The filing details the specific par value reduction of CHF 0.45 per share for the third installment, based on a specific exchange rate at the time, and confirms the company's par value is now CHF 27.04. This action is administrative in nature and ensures compliance with the shareholder-approved dividend structure.
Key Highlights
- 1Ace Limited amended its Articles of Association on December 13, 2013, to reflect a par value reduction.
- 2The par value reduction of CHF 0.45 per share is the third installment of a previously approved dividend distribution plan.
- 3This dividend distribution is structured as a reduction of the company's par value, payable in quarterly installments.
- 4The specific par value reduction amount is fixed based on the USD/CHF exchange rate at the time of payment, with an aggregate cap for the four installments.
- 5The company's par value was adjusted to CHF 27.04 as of December 13, 2013, following this amendment.
- 6Shareholders of record on January 13, 2014, will receive the dividend scheduled for payment on January 31, 2014.
- 7The filing includes the amended and restated Articles of Association as an exhibit.