BAL Bioenergy AF.(See LSE:SBLM)

    

AGM Statement

 
45th Ordinary General Meeting of B�loise-Holding
 
 
 
Dividend of CHF 4.50 and capital reduction



Basel, April 29, 2008. The General Meeting was attended by 996 shareholders,
the vast majority of whom approved all items on the agenda.
 
Today's General Meeting approved the proposal of the Board of Directors to
increase the cash dividend to CHF 4.50 per share - 18.4% more than in the
previous year. In terms of the closing price at end-year, this corresponds to a
cash dividend yield of 4.0%.
 
The General Meeting also voted in favor of reducing the share capital of CHF
5,400,000 by CHF 400,000 (7.4%). The reduction will be effected through the
cancellation of 4,000,000 registered shares repurchased by the company. The
General Meeting approved the amendment to the articles of incorporation required
for this step.
 
The Ordinary General Meeting of B�loise-Holding approved the annual report,
annual and consolidated financial statements for 2007 and granted discharge to
the members of the Board of Directors and corporate management.
 
Directors Rolf Sch�uble and Eveline Saupper were reelected for a further term
of three years, and Arend Oetker for one year (up to attainment of the statutory
age limit).
 
The Board of Directors consists of the following:
 
 
 
 
 
 
 
 
 

 


�       Rolf Sch�uble, Chairman
�       Georg F. Krayer, Vice-Chairman
�       Christoph J. C. Albrecht
�       Andreas Burckhardt
�       Hansj�rg Frei
�       Gertrud H�hler
�       Klaus Jenny
�       Werner Kummer
�       Arend Oetker
�       Eveline Saupper


Furthermore, PricewaterhouseCoopers AG, Basel, was appointed as statutory
auditors and group auditors.
 
 

Clear statements on financial sector crisis and tax dispute
 
In his speech to the Meeting, Chairman Rolf Sch�uble spoke about the excellent
performance posted by Baloise and many other insurance companies. Referring to
the current crisis in the financial sector, he stressed that the insurance
industry had begun enhancing its risk management system some years ago and has
thus created strong balance sheet structures. He also mentioned that its core
business operates very efficiently and profitably. Thanks to the very
considerable capital generated by their operations, the Baloise and other listed
insurers are able to provide their shareholders with handsome dividends and
repurchase offers - in contrast to the banks, which they have clearly
outperformed.
 
Rolf Sch�uble also voiced a clear opinion on the tax dispute emanating from
Germany and on the pressure being exerted on successful European financial
centers such as Switzerland. Here, the state belongs to its citizens and not
vice versa, he said. And banking secrecy does not serve to cover up illicit
transactions but to protect the citizens' legitimate and fundamental rights. If
the German system prompts innocent citizens to transfer their capital to safe
havens, then that - in Sch�uble's view - is a problem with the German
political system. Germany would do better to concentrate on reducing the
horrendous tax burden, removing the mass of red tape and restoring the
government's ailing finances to health. In Sch�uble's words: "It isn't banking
secrecy that leads to capital flight but the fear which countless Europeans have
of losing their hard-earned money to an uncontrollably growing welfare state".
 
Rolf Sch�uble's speech can be downloaded at
www.baloise.com/annualgeneralmeeting.
 
 
Baloise Group Head Office: Aeschengraben 21, CH-4002 Basel
Website: {0>www.baloise.com (http://www.baloise.com/)www.baloise.com
(http://www.baloise.com/)  
E-mail: media.relations@baloise.com / investor.relations@baloise.com
 
Investor Relations:      Tel.  +41 61 285 81 81       Fax +41 61 285 75 62
Media Relations:         Tel.  +41 61 285 84 67        Fax +41 61 285 90 06
 
 
 
Headquartered in Basel, Switzerland and with operations in Continental Europe,
the Baloise Group is a solution provider in the fields of security and provision
for the future. The Baloise's strategy focuses on sustained, high-yield growth
in the preferred target segments. Its core markets are Switzerland, Germany,
Belgium, Luxembourg, Austria, Croatia and Serbia. The Baloise Group employs some
8,600 people. B�loise-Holding registered shares are included in the Swiss
Market Index (SMI) and are traded under the symbol BALN.
 
 
 

Media Information (pdf):
http://inbox.newsbox.ch/publish/baloise/18_36/PK_GV_08_E.pdf


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