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Alternative Market Briefing

Swiss fund of hedge funds house ALTIN weighs up options for share buyback programme

Tuesday, June 11, 2013

From Komfie Manalo, Opalesque Asia – ALTIN, the $250m multi-strategy fund of hedge funds listed on the London and Swiss stock exchanges, said it was evaluating different options to implement the share buyback programme to acquire up to 10% of the share capital. The buyback programme was announced in March this year.

In a press statement, ALTIN’s CEO Tony Morrongiello said 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)," the statement says. "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."

ALTIN’s directors are studying other alternatives, such as issuing put options that would be assigned to shareholders, who could then sell shares to the Company for later cancellation. The terms of such options and their operational aspects are still to be looked into. In the mean time, the board will accept recommen......................

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