Opalesque Industry Update - The Board of Directors of ALTIN AG, the Swiss alternative investment company, will not propose to shareholders a possible transformation into an open-end collective investment vehicle. |
The current closed-ended fund structure of ALTIN means that the share capital is fixed and that its existing positions are not diluted, as it could happen in an open investment fund, says its website.
According to a release issued yesterday, such a change would not be in the interest of all shareholders because of tax and regulatory aspects in some countries. This restructuring project was one of the options announced in April.
In addition to the discount reduction measures currently in place, the Board of Directors is considering several other options, such as the resumption of the share buyback program, a reduction of the nominal value or an increase of the portfolio publication frequency.
ALTIN AG was launched in 1996 and is listed on the SIX Swiss Exchange as well as on the London Stock Exchange. Currently ALTIN, as a multi-strategy closed-ended fund of hedge funds, is invested in more than 35 hedge funds representing diverse investment strategies. Its estimated NAV, as at 13th September 2011, is USD 67.21(-3.76% YTD), and is up 167.6% since its Dec-96 inception. It is managed by Alternative Asset Advisors SA, a management firm specializing in alternative investments and a member of the SYZ & CO Group.
See our most recent article on Altin: