FREMONT, Calif. & ROMANEL-SUR-MORGES, Switzerland, Jun 16, 2006 (BUSINESS WIRE) -- Logitech International (SWX:LOGN) (Nasdaq:LOGI) today announced that its shareholders have approved a two-for-one stock split of the Company's shares. The stock split, which will apply to Logitech shares and ADRs, will be effective on July 14, 2006, which is also when trading on the SWX Swiss Exchange will reflect the split. Trading on the Nasdaq National Market System will reflect the stock split on July 17, 2006.
At Logitech's Annual General Meeting, held today in Montreux, Switzerland, the Company's shareholders also elected retired Logitech executive Erh-Hsun Chang, and re-elected Kee-Lock Chua to the board of directors. Mr. Chang recently retired from Logitech after serving, since 1997, as senior vice president of worldwide operations and general manager of the Company's Far East Area. Mr. Chua has been a non-executive director of Logitech since June 2000. He currently serves as a managing director of Walden International, a venture capital firm.
Logitech's shareholders also approved a resolution to extend by two years the board's authority to increase the share capital of the Company by 10 million Swiss francs. In addition, to provide the Company with flexibility in managing share buyback programs under Swiss law, the shareholders authorized the Company to repurchase more than 10 percent of its own shares, with the expectation that the repurchased shares that exceed the 10 percent ownership threshold will be cancelled, with shareholder approval, or used for other purposes. Logitech currently holds 4.9 percent of its issued shares.
All other resolutions put before Logitech's shareholders were approved.
Founded in 1981, Logitech designs, manufactures and markets personal peripherals that enable people to effectively work, play, and communicate in the digital world. Logitech International is a Swiss public company traded on the SWX Swiss Exchange (LOGN) and in the U.S. on the Nasdaq National Market System (LOGI).
Logitech, the Logitech logo and other Logitech marks are owned by Logitech and may be registered. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the Company's Web site at www.logitech.com.
(LOGI - IR)
Logitech Joe Greenhalgh, 510-713-4430 (Vice President, Investor Relations -- USA) Ben Starkie, +41-(0) 21-863-5195 (Public Relations Manager -- Europe) Nancy Morrison, 510-713-4948 (Director, Corporate Communications -- USA)
Copyright Business Wire 2006
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