Swiss FX bank Swissquote has held its Annual General Meeting today, during which all proposals which were put forward by the Board of Directors were approved by the shareholders which were present.
Indeed, with the Annual General Meeting occurring just days after Swissquote’s formation of a strategic partnership with PostFinance which aims to extend the company’s reach to a further 60,000 clients, the subject of this particular corporate direction was a poignant one, and in this announcement the firm has finalized details of PostFinance’s 5% equity investment in Swissquote.
The cooperation between Swissquote and PostFinance was discussed at the Annual General Meeting and in the course of adopting the amendment to the Articles of Incorporation for authorized capital, the issue price for the equity investment was announced at 36.75 CHF.
Dividend payments were confirmed to be 0.60 CHF gross per share, with a payment scheduled for May 14, 2014 based on a record date of May 13, 2014.
The shareholders also approved the 2013 annual report, including the financial statements and consolidated financial statements for the financial year 2013, as well as the compensation report for 2013 which was included in the annual report in a consultative vote.
2013 was a year of growth for Swissquote, as it invested in its future by purchasing compatriot MIG Bank, subsequently integrating the entire operations of MIG Bank into a uniform corporate entity.
Following the Annual General Meeting, Swissquote has confirmed that the shareholders followed the recommendations by the Board of Directors of the company and approved all amendments to the Articles of Incorporation. A particularly important amendment was to the proportion of the authorized and conditional share capital which was reduced from the former amount of 850,000 CHF to 692,000 CHF, resulting in the total proportion of share capital falling from 29% to 23.6%.