AGM Statement
April 25 2012 - 11:30AM
UK Regulatory
TIDMAIA
/2
ALTIN AG: 2011 results
-- 2011 performance: -7.52%, outperforming the HFRX index
-- A good start to 2012: +4.53%1
-- Cumulative performance since inception: +168.79%2
-- Dividend of CHF 4.10 per share
Baar, 25 April 2012 - ALTIN AG (LSE:AIA) (SWX:ALTN), the Swiss
alternative investment company, held its annual general meeting
today. In the difficult financial environment of 2011, ALTIN
finished the year down -7.52%. Yet thanks to its active management
style, ALTIN performed better than the HFRX index, which fell by
-8.87%. Finally the Board of Directors proposed to shareholders to
accept a dividend of CHF 4.10 per share, representing 7% of the NAV
as per 31 December 2011 and paid out of share premium reserves.
2011 results
2011 was a year of significant market and liquidity risk. ALTIN
finished 2011 down -7.52%, yet performed better than the HFRX index
and MSCI World Hedged Index, which were down -8.87% and -7.54%
respectively. In this challenging environment, ALTIN made two
important decisions. The first, as a result of the increased market
volatility mainly due to the European sovereign debt issues, was to
reduce the leverage employed by 9%, to finish the year at a 17%
level. The second was to diversify the portfolio by introducing 11
new investment strategies, which contributed to reducing the beta
of equities in the portfolio. The best performance contributors
were Macro and Long/Short Equity strategies, followed by
Multi-Strategy and Event Driven funds.
Since early 2009, ALTIN's positioning has been biased towards
liquid strategies and liquid assets. This positioning was
maintained in 2011 and ALTIN's portfolio continues to hold a
majority of investments with a redemption frequency term of 3
months or less.
Decisions of the Annual General Meeting
Following the new high dividend policy announced on 24 November
2011, the Annual General Meeting accepted the Board's proposal to
pay a dividend of CHF 4.10 per share for 2011 out of share premium
reserves. This amount corresponds to 7% of the NAV as per 31
December 2011 and represents a dividend yield of 9.3% based on the
end-of-year share price, and is therefore significantly higher than
initially announced.
Notes on the new dividend policy
The Board of Directors intends to maintain the dividend policy
in future years and such a proposal will be submitted to the Annual
General Meeting for approval on an annual basis. Should the
dividend policy change, such change would be communicated in a
press release.
As announced in November 2011, should the investment performance
in the previous financial year be higher than 4% of the NAV, an
additional distribution corresponding to 20% of the excess
performance would be proposed to the shareholders. In the event
that the company has a negative or sub 4% performance, the Board of
Directors can decide whether such negative performance must be made
up in future years when submitting their dividend proposal to the
Annual General Meeting. Any decision would be published in a press
release.
As at 31 December 2011, CHF 55.9 million of share premium
reserves3 (of which CHF 53.2 million were approved by the Swiss
Federal Tax Authority) were transferred from the General Reserve to
a newly created Capital Contribution Reserve and will be available
for future distribution free of withholding tax.
For further information, please contact
Investor Relations Manager Kinlan Communications
Marc T. Clapasson David Hothersall
Tel. +41 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 35 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
1 YTD NAV performance as at 31.03.2012
2 NAV performance between 1 Dec. 1996 and 31 March 2012
3 Figures published in the 2011 Annual Report
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