Altin AG Transaction in Own Shares
28 September 2013 - 2:30AM
UK Regulatory
TIDMAIA
ALTIN: Results of the share buyback
Baar, 27 September 2013 - The share buyback through a put
options programme launched on 13 September 2013 by ALTIN AG (SIX:
ALTN, LSE: AIA) has been very successful, as 4'234'520 options out
of the 4'247'319 issued have been exercised today, at 12.00 noon
(CEST) at the end of the exercise period, representing 99.7% of the
put options issued. This corresponds to 423'452 shares, or 9.97% of
the share capital, very near the target level of 10% set by the
Board of Directors. Tendered shares will be cancelled after
approval by the AGM 2014 and the capital will thus be reduced by
9.97%.
The share buyback has proven very effective in reducing the
discount and the difference between the NAV and the share price has
shrunk from 32.64% at end 2012 to 24.83% today1. As a consequence
and thanks to the solid investment performance achieved YTD
(+6.22%1), the share price is up +18.54% this year1.
In addition to the immediate cash benefit received by
shareholders, either by selling their put options or by tendering
their shares at a 20% premium, investors will also see the YTD
performance rise from +6.22% to +7.27% (estimate) as a result of
the capital reduction, as shares were bought at a discount to
NAV.
Continued commitment of the Board to reduce the discount in the
long term
Once again and as demonstrated by this successful share buyback,
ALTIN's Board of Directors reaffirms its strong commitment to find
efficient and sustainable ways to better align the share price of
the company with its NAV and hence to reduce the discount in the
best interest of all shareholders. If necessary, the Board may
decide to further reduce capital through similar share
buybacks.
For further information, please contact:
Tony Morrongiello - Chief Executive Officer Kinlan Communications
Jose Galeano - Investor Relations Manager David Hothersall
Tel. +41 (0)41 760 62 60 Tel. +44 (0)20 7638 3435
info@altin.ch davidh@kinlan.net
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.
www.altin.ch
1 Estimated NAV as at 20.09.2013: USD 63.26 (NAV computed on
26.09.2013 based on estimated prices for underlying hedge funds as
at 20 September 2013). The YTD for the SIX share price shown above
is as at 26.09.2013. SIX share price as 26.09.2013: USD 47.55.
This information is provided by Business Wire
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