Mon, Mar 30, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
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......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner