Altin AG ALTIN evaluates different options for its share buyback programme

 
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. [phone] 
Relations ManagerInvestor Relations     [e-mail] 
Manager Tel. [phone] 
[e-mail] 
 
 

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