Summary
TE Connectivity Ltd. (TEL) filed an 8-K on May 20, 2011, to report the effectiveness of amendments to its Articles of Association. These amendments were a result of shareholder approval at the annual general meeting on March 9, 2011, and officially became effective on May 20, 2011. The core of these amendments involved a reduction in the company's share capital by CHF 7,034,799.30, bringing the total to CHF 634,420,537.08. This capital reduction was directly tied to the cancellation of 5,134,890 shares that the company had repurchased between July 27, 2010, and December 24, 2010. The filing includes the amended and restated Articles of Association as an exhibit.
Key Highlights
- 1Effective date of amendments to Articles of Association: May 20, 2011.
- 2Shareholder approval for amendments occurred on March 9, 2011.
- 3Total share capital reduction of CHF 7,034,799.30.
- 4Resulting total share capital is CHF 634,420,537.08.
- 5Cancellation of 5,134,890 shares from the share repurchase program.
- 6Repurchase period for cancelled shares: July 27, 2010, to December 24, 2010.
- 7Amended and restated Articles of Association are filed as an exhibit.
Frequently Asked Questions
The main purpose of this 8-K filing is to announce that amendments to TE Connectivity's Articles of Association have become effective. These amendments reflect a reduction in the company's share capital due to the cancellation of previously repurchased shares.
The company's share capital was reduced by CHF 7,034,799.30, resulting in a new total share capital of CHF 634,420,537.08. This reduction occurred because the company cancelled shares it had bought back under its repurchase program.
The share capital reduction was a consequence of cancelling 5,134,890 shares that TE Connectivity had repurchased in the open market between July 27, 2010, and December 24, 2010. Cancelling these shares reduces the number of outstanding shares and, consequently, the company's stated capital.
The amended and restated Articles of Association are filed as Exhibit 3.1 to this 8-K report and are incorporated herein by reference. Investors can access this exhibit through the SEC's EDGAR database or the company's investor relations website.