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By Benedicte Gravrand, Opalesque London:
According to creInvest’s website, as a result of the events on the financial markets over the past months, wealth manager Julius Baer Invest Ltd., Zurich, has proposed to creInvest to merge creInvest into Julius Baer Invest by way of absorption.
creInvest’s board came to the conclusion that the proposed plan was in the best interest of shareholders (Source) and announced it yesterday.
As at least 90% of all share votes are required to approve the merger, shareholders are to participate at the Extraordinary Shareholders' Meeting on 3rd August and make the final decision. According to the site, the Board of Directors considers the exchange ratio to be attractive and therefore, as well as due to the fact that the future of creInvest AG seems uncertain, recommends the shareholders approve the proposal.
creInvest AG, founded in May 1996 and located in Zug, is a Swiss closed-end investment company traded on the SWX Swiss Exchange. creInvest’s NAV is at -2.96% YTD, $245.75 est., (+5.9% annualized) and its shares are at -1.02% YTD, $233.60 est., (+5.43% annualized). According to an earlier report from Opalesque (Source), creInvest had lost $11.9m in H1-2008, following profits of $18m a year earlier.
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