Sat, Aug 19, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Swiss FoHF Castle Alternative Invest initiates share buyback programme

Monday, June 25, 2012
Opalesque Industry Update - Castle Alternative Invest AG (‘Castle AI’ or ‘the Company’), a fund of hedge funds listed on the SIX Swiss Exchange and on the London Stock Exchange, authorized the board to effect a share buyback programme at the Annual General Meeting (‘AGM’) held on 15 May 2012.

Under the programme a maximum of 10 per cent of the Company’s share capital (up to 1,635,281 shares) can be repurchased. The effective size of the programme remains at the discretion of the board in light of available portfolio liquidity, the number of shares already purchased and market conditions.

Dates for the share buyback programme have now been confirmed. It will be executed via a second trading line denominated in CHF which will be opened on the SIX Swiss Exchange on 28 June 2012, and will remain open until 5 June 2013 at the latest. The Company will be the exclusive buyer on the second line and will repurchase shares for the purpose of subsequently reducing its share capital. Zurich Cantonal Bank will be the SIX Swiss Exchange member responsible for setting bid prices on the second line. For shares purchased on the second trading line, Swiss federal withholding tax of 35% of the difference between the repurchase price and the nominal value of the shares (CHF 5) will be deducted from the price.

The AGM also approved a share capital reduction by way of cancellation of 1,128,779 shares, being the number of shares that had been purchased in last year’s second line buyback programme up to 17 April 2012. The cancellation will occur shortly after 24 July 2012.

The Company, which has assets of approximately USD 245 million*, was listed on the SIX Swiss Exchange in April 1997 and has been dual listed in London since June 2009. Castle AI invests in a diversified and actively managed portfolio of hedge funds, managed accounts and other investment vehicles in order to target long term capital growth.

Castle AI has achieved a net annualised return of 6.16% since inception in US Dollar terms*, compared to an annualised return of 2.45% for the MSCI World Index, with correlation to the index of 0.49. Thomas Weber, head of hedge fund investment management, LGT Capital Partners (LGT CP), has been lead portfolio manager since launch.

Mark White, co-head of listed investment companies, LGT CP, said:

“The board of Castle AI believes in an active approach to managing the discount to net asset value and has implemented this programme to support the price at which shares trade in the secondary market. The Company has a long track record of delivering positive returns, proving an effective investment vehicle for investors wishing to enhance their portfolio diversification. The second trading line should help to tighten the discount, and should result in a share price which better reflects the value of the Company and the quality of its underlying investments.”

* As at 31 May 2012

(press release)

LGT Capital Partners is a leading alternative assets and fund of funds manager focused on institutional investors. The firm currently manages USD 22 billion in hedge fund and private equity investments globally. A team of more than 190 professionals, representing 33 nationalities, is responsible for managing the Crown and Castle alternative investment programmes. Headquartered in Pfaeffikon (SZ), Switzerland, the firm has offices in New York, London, Dublin, Hong Kong and Tokyo. LGT Capital Partners is Investment Adviser to Castle Alternative Invest www.castleai.com

Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
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. Opalesque Exclusive: Albright Capital puts a value lens on emerging markets[more]

    Bailey McCann, Opalesque New York: Over the past decade, investors have steadily increased investments in emerging markets private funds. Allocations to the cohort have increased from $93 billion in December 2006 to $564 billion in September 2016, according to data from research firm Preqin. Howe

  2. FinTech - Danger: Crowdfunding on the wrong platform could force you to go public[more]

    From LinkedIn.com: Some equity crowdfunding platforms are putting startups at serious risk. Working with a platform that doesn't structure your deal appropriately could jeopardize your ability to raise future capital or worse, force you to become a public reporting company. The emergence of eq

  3. David Tepper says we're 'nowhere near an overheated' stock market[more]

    From Marketwatch.com: Billionaire David Tepper thinks comparing this current stock-market environment with the overheated markets of 1999 is "ridiculous." The hedge-fund manager, who runs Appaloosa Management, told CNBC in a phone interview on Tuesday that the market's record run, notwithstanding la

  4. Opalesque Exclusive: Altegris and Artivest partner on distribution for alternative funds suite[more]

    Bailey McCann, Opalesque New York: California-based investment firm Altegris has partnered with New York-based alternative investments platform Artivest on distribution for $1 billion in alternative funds. The partnership also launches Artivest's capabilities to offer alternative solutions to acc

  5. Investing - Buffett's Berkshire Hathaway will not increase its Oncor offer, Travel-tilting hedge funds are investing in airlines and online travel agencies[more]

    Buffett's Berkshire Hathaway will not increase its Oncor offer From Reuters.com: The energy unit of Warren Buffett's Berkshire Hathaway Inc said on Wednesday it will "stand firm" on its $9 billion offer to acquire 80 percent of Oncor Electric Delivery Company LLC and will not increase it