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Steel News - Published on Tue, 22 Sep 2020

Image Source: SCHMOLZ BICKENBACH Swiss Steel
Leader in special long steel SCHMOLZ + BICKENBACH AG announced that the shareholders at extraordinary shareholders' meeting have approved the reduction of the nominal share value and the change of name to Swiss Steel Holding AG. The shareholders had their shares represented by the independent proxy in accordance with COVID-19 Regulation. The shareholders approved the reduction of nominal value per share from CHF 0.30 to CHF 0.15. The amount of the nominal value reduction will be used to reduce the capital loss (as per 31 July 2020) resulting from accrued losses. This is in accordance with the invitation to the EGM dated 31 August 2020 as proposed by the Board of Directors and was adopted with a 99.57 % of the votes represented. There will be no distribution of equity to shareholders. This is a technical step, a transfer within equity, which affects all shares equally and shareholders' rights are not affected, neither financial rights nor participation rights.

The change of name from SCHMOLZ + BICKENBACH AG to Swiss Steel Holding AG as proposed by the Board of Directors (having slightly amended its original proposal) was also accepted by the shareholders with a 97.92 % of the votes represented and the Company will immediately apply for registration of the renaming. Stock listing and valor number at Swiss Stock exchange will remain untouched.

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Posted By : Yogender Pancholi on Tue, 22 Sep 2020
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