UBS announces results of PaineWebber shareholder elections
UBS announced today the results of PaineWebber shareholders' elections for cash or share consideration in connection with the completed merger between the two organizations.
All PaineWebber shareholders that elected to exchange their PaineWebber shares for UBS ordinary shares will have their elections honored in full.
All PaineWebber shareholders that elected to exchange their PaineWebber shares for cash will receive:
cash in exchange for approximately 54.5 % of their shares (at a rate of $73.50 per PaineWebber share), and
UBS ordinary shares in exchange for the remaining 45.5 % of their shares.
All PaineWebber shareholders that did not make a valid election, elected "no preference", or purchased PaineWebber shares after 5.00 pm on 1st November 2000, will receive UBS ordinary shares in exchange for all their PaineWebber shares.
All share exchanges will take place using the ratio of 0.4954 UBS ordinary shares for each PaineWebber share.
The distribution of UBS share certificates to PaineWebber shareholders that elected for shares or elected "no preference" will commence on 7th November 2000.
The distribution of cash consideration and UBS share certificates to the PaineWebber shareholders that elected for cash will commence on 9th November 2000.
Queries regarding the proration and distribution processes should be directed to:
ChaseMellon Shareholder Services
1 888 634 5906 (from within the US)
+1 201 373 5135 (from outside the US)
Zurich, 7 November 2000