BB BIOTECH AG / Shareholders at BB Biotech's Annual General Meeting approve cash distribution of CHF 4.50 per share / new share buyback program of up to 10% of outstanding shares . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
Prof. Dr. Dr. Klaus Strein elected to the Board of Directors
All proposals put forward by the Board of Directors at today's Annual General Meeting were approved by an overwhelming majority of shareholders.
Shareholders voted in favor of a cash payment of CHF 4.50 per share, which corresponds to a yield of 4.14% based on the current share price. Since this payout will be made from capital contribution reserves, it is exempt from Swiss withholding tax. Payment date is March 25, 2013.
After Prof. Dr. Thomas Szucs stepped down as chairman of the board, the general meeting elected Prof. Dr. Dr. Klaus Strein to the board. The former directors Dr. Erich Hunziker and Dr. Clive Meanwell were re-elected to one-year terms of office. Dr. Erich Hunziker was appointed the new chairman at the first meeting of the Board of Directors after the general meeting of shareholders.
The Board of Directors was authorized by shareholders to initiate a new program to repurchase up to 10% of outstanding shares, which enables the company to continue the structured payout policy adopted in 2012. The company plans to pay out the equivalent of 10% of shareholders' equity annually through tax-free cash distributions from capital reserves for an annual yield of approx. 5% and ongoing share buybacks for a similarly high yield.
For further information:
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland
Thomas Egger, Tel. +41 44 267 67 09, teg@bellevue.ch (mailto:teg@bellevue.ch)
www.bbbiotech.com (http://www.bbbiotech.com/)
Company profile
BB Biotech invests in companies in the fast growing market of biotechnology and is one of the world's largest investors in this sector with CHF 1.4 billion in assets under management. BB Biotech is listed in Switzerland, Germany and Italy. Its investments are focused on listed companies that are developing and commercializing novel medical treatments and cures. BB Biotech's investment selection process is guided by the fundamental research and analysis of physicians and molecular biologists. Its Board of Directors has many years of experience in industry and science.
Disclaimer
This release contains forward-looking statements and expectations as well as assessments, beliefs and assumptions. Such statements are based on the current expectations of BB Biotech, its directors and officers, and are, therefore, subject to risks and uncertainties that may change over time. As actual developments may significantly differ, BB Biotech and its directors and officers accept no responsibility in that regard. All forward-looking statements included in this release are made only as of the date of this release and BB Biotech and its directors and officers assume no obligation to update any forward-looking statements as a result of new information, future events or other factors.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: BB BIOTECH AG via Thomson Reuters ONE
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BB BIOTECH AG
Vordergasse 3 Schaffhausen Switzerland
WKN: AONFN3;ISIN: CH0038389992;
