Altin AG ALTIN evaluates different options for its share buyback programme
11 June 2013 - 2:30AM
UK Regulatory
TIDMAIA
ALTIN evaluates different options for its share buyback
programme
Baar, 10 June 2013 - ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss
alternative investment company, is currently evaluating different
options to implement the share buyback programme announced in March
2013 to acquire up to 10% of the share capital.
Switzerland's recent amendments to its stock exchange
legislation affect the way share buybacks are implemented. Indeed,
a revision of the Stock Exchange Ordinance (SESTO) that has come
into force on 1st May 2013 limits daily share buybacks to 25% of
the average daily volume without granting a general permission for
off-exchange transactions (block trades). Given the relatively low
trading volume on investment companies such as ALTIN, buying back
10% of the share capital as planned could then take up to 24
months. Even if an exemption might be awarded by the Swiss Takeover
Board that would authorize buying up to 50% of the daily volume,
the intended buyback programme would still take some 12 months to
complete.
As a consequence, ALTIN's Board of Directors is currently
analysing other alternatives, such as issuing put options that
would be assigned to shareholders. Shareholders wishing to exercise
the options would sell shares to the Company for later
cancellation, achieving the same result as a conventional buyback
on a second trading line.
Specific terms of such options remain to be determined and tax
and operational aspects are being examined by the Board, as the tax
situation for institutional and private investors is different. No
decision has been taken for the time being and the Board will take
all interest of the shareholders into account when making a
decision.
For further information, please contact:
Tony Morrongiello - Chief Kinlan Communications
Executive OfficerJose David Hothersall
Galeano - Head Investor Tel. +44 (0)20 7638 3435
Relations ManagerInvestor Relations davidh@kinlan.net
Manager Tel. +41 (0) 41 760 62 60
info@altin.ch
Note to Editors
About ALTIN AG
ALTIN AG was launched in 1996 and is listed on the SIX Swiss
Exchange as well as on the London Stock Exchange. It ranks among
Switzerland's leading alternative investment companies. Currently,
ALTIN is invested in more than 30 hedge funds representing diverse
investment strategies. Its objective is to generate an absolute
compound annual return in USD terms with lower volatility than
equity markets. Owing to these characteristics and a low
correlation with equity markets, ALTIN shares provide an ideal
complement for all diversified portfolios.
ALTIN is managed by Alternative Asset Advisors SA, a management
firm specializing in alternative investments and a member of the
SYZ & CO Group.
www.altin.ch
This information is provided by Business Wire
Altin Reg (LSE:AIA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Altin Reg (LSE:AIA)
Historical Stock Chart
From Jul 2023 to Jul 2024