UBS AG (NYSE: UBS) has a filing today showing that based on action of July 10 the Government of Singapore Investment Corporation Pte. Ltd. effectively now holds a 7.9% stake in the company.
The filing lists the shared dispositive power and aggregate amount owned as being 240,223,963. These securities reported by the Government of Singapore Investment Corporation Pte. Ltd. include 228,832,951 ordinary shares resulting from the assumed conversion of CHF 11 billion principal amount of 9% Mandatory Convertible Notes due 2010. The notes will automatically convert into ordinary shares at maturity and may be converted earlier at the option of the holder or the issuer on or after September 6, 2008 until twenty trading days prior to maturity. This represents 7.9% of the stock.
Keep in mind that this is from an investment already made back in 2007 when Singapore and another investor invested roughly $11.5 Billion to cover UBS’s write-downs. This is also a passive stake under the Schedule 13G filing rather than a "D" filing for an active investor.
As this is wrapping up a prior commitment or at least a second step of an event already completed, the market is treating this as a non-event.
Jon C. Ogg
July 15, 2008
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