Corporate News
Charles Vögele Holding AG's Annual General Meeting:
All Board proposals approved
The shareholders of Charles Vögele Holding AG approved all the proposals put before them today at the company’s Annual General Meeting, which was chaired by Bernd H. J. Bothe, Chairman of the Board of Directors. By changing the articles of association, the threshold required to add an item to the agenda was reduced to 0.5% of share capital and the term of office for members of the Board of Directors was reduced from three years to one. Bernd H. J. Bothe and Carlo Vögele were both re-elected for another one-year term as members of the Board of Directors. Jan C. Berger and Hans Ziegler were also elected to the Board of Directors as new members with terms of one year. Both were put forward for election by a shareholder group and by the Board of Directors. The AGM also approved a CHF 2.00 reduction in the par value of Vögele shares from CHF 6.00 per share to CHF 4.00 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 2008. All shareholders who hold shares on the day before the payment date are entitled to the payment.
In his welcoming speech, Chairman of the Board Bernd H. J. Bothe underlined that the pace of growth will be strengthened and that this remains Charles Vögele Group's top priority. This growth should come from existing floorspace as well as from additional floorspace from expansion in existing and new markets. The group's definitive entry into the Polish market and the opening of a new pilot market in Romania underline the desire to pursue this growth rigorously.
Charles Vögele Holding AG
Charles Vögele Holding AG is a major independent European fashion retailer with 825 branches in Switzerland, Germany, Austria, Belgium, the Netherlands, Slovenia and Hungary, as well as in the Czech Republic and Poland. In the 2007 financial year, the company employed a total of 7,811 people and generated net sales of CHF 1,394 million. Charles Vögele Holding AG shares are listed on the SWX Swiss Exchange (ticker: VCH; Bloomberg VCH SW; Reuters VCHZ.S).
Pfäffikon, 16 April 2008