ALTIN: Results of the share buyback Freitag, 13. März 2015 - 18:30
MEDIA RELEASE
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% today[1]. 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 Tel. +41 (0)41 760 62 60 | Kinlan Communications David Hothersall Tel. +44 (0)20 7638 3435 |
[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.
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
