Charles Vögele approves proposals at Annual General Meeting
05 Apr '06
2 min read
The shareholders of Charles Vögele Holding AG approved all the proposals put before them at the company's Annual General Meeting, which was chaired by Bernd H. J. Bothe, Chairman of the Board of Directors.
In particular, the election of Professor Dr. Peter Littmann (59) to the Board of Directors for a first term of one year was agreed. Dr. Felix R. Ehrat and Daniel Sauter were each re-elected to the Board for a term of three years.
The AGM also approved a reduction in the par value of Vögele shares by CHF 2.00 from CHF 10.00 per share to CHF 8.00 per share. Subject to entry of the par value reduction in the Commercial Register, CHF 2.00 per share should be paid out to shareholders on 4 July 2006. All shareholders who hold shares on the day before the payment are entitled to the payment.
In his welcoming speech, Chairman of the Board Bernd H. J. Bothe declared that the good results recorded in 2005 marked the end of the phase of financial restructuring. He emphasized that the introduction of operational measures was also proceeding according to schedule and would be finished by the end of 2007. As a result, the company can now embark on a new era of controlled expansion aimed at securing profitable growth.
Charles Vögele Holding AG is a major European fashion retailer with 791 branches in Switzerland, Germany, Austria, Belgium, the Netherlands, Slovenia, Poland and Hungary. In the 2005 financial year it employed a total of 7,258 people.