For the introduction of the holding company structure the new Swiss Life Holding launched a public exchange offer on 23 September 2002 for all Swiss Life/Rentenanstalt shares. This was already accepted by more than 75 percent of the shareholders during the regular offer period. The extension period begins on 24 October and ends on 6 November 2002. During this time, the remaining shareholders have another opportunity to exchange their Swiss Life/ Rentenanstalt shares for shares in Swiss Life Holding. The subscription ratio and subscription price will be announced on 13 November 2002. The subscription period runs from 19 to 27 November 2002. Trading in subscription rights runs from 19 to 26 November 2002 and the first day of trading for the new shares is 28 November 2002.
Following the introduction of the holding company structure the announced capital increase will be carried out at the level of Swiss Life Holding.
The resolutions passed at the extraordinary general meeting regarding a regular and a conditional capital increase at the Swiss Life/Rentenanstalt level are intended for the unlikely eventuality that the public exchange offer cannot be completed. Only the permits and authorisations from the SWX Swiss Exchange and the competent foreign authorities are still outstanding for the exchange offer and the introduction of the holding company structure to go ahead. On the other hand, the resolution passed by the general meeting dealing with the creation of authorised capital is aimed at facilitating the flexible allocation of equity funds between Swiss Life Holding and Swiss Life/Rentenanstalt in any case.
1'349 shareholders took part in the extraordinary general meeting at the Hallenstadion in Zurich. They represented 6'552'188 votes or 55.78% of the enfranchised share capital.