2. Capital structure
2.1 Share capital
The share capital of VP Bank amounts to CHF 66,154,167 and is divided into 6,015,000 fully paid-up registered shares A with a par value of CHF 10.00 each, as well as 6,004,167 registered shares B with a par value of CHF 1.00 each (see Financial Report).
| Number | Balance as of 31.12.2016 Share capital in CHF |
Registered shares A | 6'015'000 | 60'150'000 |
Registered shares B | 6'004'167 | 6'004'167 |
Total | 12'019'167 | 66'154'167 |
2.2 Conditional and authorised capital
VP Bank has neither authorised nor conditional capital.
2.3 Changes in share capital
During the extraordinary general meeting held on 10 April 2015, a capital increase of CHF 7,006,530 together with the issuance of 700,653 bearer shares with a par value of CHF 10.00 was approved. At the Annual General Meeting of 29 April 2016, it was resolved to convert the previous bearer shares each with a par value of CHF 10.00 into new registered shares A. The previously unlisted registered shares each with a par value of CHF 1.00 were renamed as new registered shares B. The total shareholders' equity of VP Bank for the past three financial years (as of the respective balance-sheet date) has developed as follows:
in CHF 1'000 | 31.12.2014 | 31.12.2015 | 31.12.2016 |
Share capital | 59'148 | 66'154 | 66'154 |
Legal reserves | 0 | 47'239 | 47'143 |
Gesetzliche Reserve | 239'800 | 239'800 | 239'800 |
Other reserves | 344'446 | 344'481 | 346'646 |
Provisions for general banking risks | 63'150 | 63'150 | 63'150 |
Retained earnings | 55'958 | 77'330 | 118'847 |
Total | 762'501 | 838'154 | 881'741 |
2.4 Shares and participation certificates
The registered shares A of VP Bank are freely tradable on SIX Swiss Exchange. The registered shares B are not listed, but are widely held among the regional population. Both share categories bestow the membership rights provided for in the Liechtenstein Persons and Companies Act (PCA) and the company's Articles of Incorporation. Each registered share A (par value of CHF 10.00) and each registered share B (par value of CHF 1.00) grants the holder the right to one vote at the annual general meeting of VP Bank, irrespective of the par value of the share.
VP Bank has issued no profit-sharing certificates.
2.5 Profit-sharing certificates
VP Bank has issued no profit-sharing certificates.
2.6 Limitations on transferability and nominee registrations
The registration and transfer of registered shares is regulated in detail in Art. 7 of the Articles of Incorporation.3 Only those shareholders entered into the share register are entitled to exercise membership rights of the company. The Board of Directors may refuse entry into the share register of registered shares B for compelling reasons (Art.7a of the Articles).
2.7 Convertible bonds and options
VP Bank has issued neither convertible bonds nor options based on its shares.