Tue, Apr 24, 2018
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. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its