UBS to Pay Lower Dividend as Cash Replaced by Stock

``UBS AG shareholders will probably get a lower dividend for 2007 than in the previous year as Switzerland's largest bank replaces the cash payout with stock. Shareholders will be entitled to one new share for every 20 held, the Zurich-based bank said today. At a share price of 35 francs, investors would get 1.67 francs per share, UBS says, which compares with a 2.2 franc cash dividend for 2006.''