Sat, Aug 29, 2015
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. Investing - Hedge funds suddenly find real money is back in Argentina's debt, Elon Musk buys more SolarCity stock following hedge fund manager short, BlackRock plans to get into rental-home financing[more]

    Hedge funds suddenly find real money is back in Argentina's debt From Bloomberg.com: The real money is back in Argentina. Before the country’s default in July 2014 (its second in 13 years), most long-term investors abandoned its bond market. As they rushed out, Argentina became a favorit

  2. Activist News - Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping, Meet Europe's best activist investor[more]

    Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping From Businessinsider.com: Carl Icahn has picked his next target: Freeport-McMoRan. Icahn and a group of other investors have snapped up an 8.46% stake in mining company Freeport-McMoRan, according to a j

  3. North America - Hedge fund manager Ray Dalio’s challenge to the Fed[more]

    From Newyorker.com: For some reason, Janet Yellen, the chair of the Federal Reserve, decided to skip this year’s annual Fed conference in Jackson Hole, where monetary policymakers from the United States and abroad get together with some prominent academics to discuss the big issues of the moment. Th

  4. Performance - Hedge funds set to bank millions by short selling during London share slump, The China market chaos has made this hedge fund its most money in 2 years, Odey hedge fund said to surge 9% betting against China, Hedge funds with long-held bearish views on China rack up profits, Hedge funds in U.S. seen curbing damage from August turbulence, Hedge funds collect on their predictions of a fall, How did managed futures do while the Dow was down 1000[more]

    Hedge funds set to bank millions by short selling during London share slump From TheGuardian.com: Hedge funds are set to bank tens of millions of pounds from the slump in share prices in London, having bet almost £18bn that the FTSE 100 would fall. The funds making the bets include Lansd

  5. Opalesque Exclusive: John C Head IV leaves alternative investment firm Gallery Capital, David Harrison joins as co-CIO[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: John C Head IV, former president and co-founder of Gallery Capital Management, an alternative inv

 

banner