Altin AG Transaction in Own Shares
March 13 2015 - 12:30PM
UK Regulatory
TIDMAIA
ALTIN: Results of the share buyback
Baar, 13 March 2015 - The share buyback through a put options
programme launched on 27 February 2015 by ALTIN AG (SIX: ALTN, LSE:
AIA) has been very successful, as 3'741'610 put options out of the
3'823'867 issued have been exercised today, at 12.00 noon (CET) at
the end of the exercise period, representing 97.85% of the put
options issued. This corresponds to the repurchase of 374'161
shares, or 9.78% of the share capital, very near the target level
of 10% set by the Board of Directors. The repurchased shares will
be cancelled after approval at the Annual General Meeting on 11 May
2015 and the capital will thus be reduced by 9.78%.
The share buyback has proven very effective in reducing the
discount and the difference between the NAV and the share price has
shrunk from 21.89% at end 2014 to 16.64% today1. The share price
(SIX) is up +9.76% so far 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 premium, investors will also see the YTD
performance rise from +2.85% to +4.23% (NAV estimate as 6 March
2015) 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
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 Estimated NAV as at 6 March 2015: USD 71.50 (NAV computed on
12 March 2015 based on estimated prices for underlying hedge funds
as at 6 March 2015). The YTD for the SIX share price shown above is
as at 12 March 2015. SIX share price as 12 March: USD 59.60.
This information is provided by Business Wire
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