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ALTIN: Strike price of put options set at USD 64 and timeline of the share buyback

Baar, 23 February 2015 - Following the announcement issued by the Company on 20 January 2015, the Board of Directors of ALTIN AG (SIX: ALTN, LSE: AIA) has set the strike price of the put options to be issued as part of its share buyback programme at USD 64. The strike price is set at a 13.6% premium above the closing share price on SIX Swiss Exchange on 23 February 2015.

Each share will receive 1 put option and 10 put options will entitle the holder to sell 1 ALTIN share at the exercise price (strike price) of USD 64 to ALTIN.

Timeline of the share buyback through put options

The ex-date for the put options is 27 February 2015, the date when the put options will start trading on SIX Swiss Exchange. The put options will be traded until 12 March 2015, thus allowing investors to sell their options on the market or to buy more options in order to sell more shares in the share buyback (subject to any legal restrictions applicable in their home jurisdiction). The exercise day for the put options is 13 March 2015, by noon CET. The results of the share buyback will be announced after the close of market on 13 March 2015. The settlement date for the delivery of repurchased shares and exercised put options against payment of the strike price (net of Swiss withholding tax) will be 17 March 2015. The repurchased shares will be cancelled after approval at the Annual General Meeting on 11 May 2015 and, if all options are exercised, this will effectively result in a 10% capital reduction.

Several benefits for shareholders

The issuance of the put options presents several benefits to shareholders. First, shareholders will receive tradable options with a significant intrinsic value. By selling or exercising them (subject to any legal restrictions applicable in the shareholders' home jurisdiction), shareholders will thus immediately receive a cash premium. Second, thanks to the capital reduction of up to 10%, the NAV per share will automatically increase. As the exercise period is short, the benefits for all shareholders will appear clearly and the impact on the discount should take place rapidly.

Continued commitment of the Board to reduce the discount in the long term

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.

Selling vs. exercising the put options

Shareholders should check their tax status before opting between selling the put options and exercising them. Due to the Swiss withholding tax of 35% that will be deducted from the difference between the buyback price and the par value of the shares1, it is expected that investors who cannot fully recover this withholding tax will prefer to sell the put options on the market rather than exercising them (i.e. most investors except Swiss institutional investors).

For further information, please contact:

 
Tony Morrongiello - Chief Executive Officer   Kinlan Communications 
Tel. +41 (0)41 760 62 60                      David Hothersall 
info@altin.ch                                 Tel. +44 (0)20 7638 3435 
                                              davidh@kinlan.net 
 
 

Neither the put options nor ALTIN shares are offered for public sale outside of Switzerland and they may only be directly or indirectly offered, sold, purchased and/or delivered in, to or from countries other than Switzerland in observance of the applicable laws and regulations of the country in question.

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 40 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 Par value: CHF 17 per share.

 
 
This information is provided by Business Wire 
 
 

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