Mon, Feb 20, 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. With $54bn in assets, Philippines is ready for hedge funds, alternative investment products[more]

    Komfie Manalo, Opalesque Asia: With the country's outstanding fund management industry at $54bn and growing, the Philippine market and its investors are ready to invest in "more sophisticated" asset management products, like hedge funds and alternative investments, said Deanno J. Basas, presi

  2. SoftBank to buy Fortress Investment for $3.3bn[more]

    From Reuters.com: Japan's SoftBank Group Corp on Wednesday said it has agreed to buy Fortress Investment Group LLC for about $3.3 billion, looking to add investment expertise as it prepares to launch the world's largest private equity fund. The all-cash deal is SoftBank's first major investmen

  3. ...And Finally - Truth in advertising[more]

    From Newsoftheweird.com: Girl Scout Charlotte McCourt, 11, of South Orange, New Jersey, saw her sales zoom recently when she posted "brutally honest" reviews of the Scouts' cookies she was selling -- giving none of them a "10" and labeling some with dour descriptions. She was hoping to sell

  4. Europe - Brexit - Updated legal guide, Euro exchange rates set to tumble as hedge fund's super computer predicts Marine Le Pen will be next French president, Swiss fund market hits all-time high[more]

    Brexit - Updated legal guide From Herbertsmithfreehills.com: When we began analysing in depth the possibility of Britain exiting the EU (Brexit), 18 months prior to the June 2016 referendum, the business consensus was very much that Brexit was a remote prospect that either would never hap

  5. People - Gramercy appoints Bradshaw McKee as managing director of Capital Solutions, Trump taps Cerberus's Feinberg to lead intelligence review[more]

    Gramercy appoints Bradshaw McKee as managing director of Capital Solutions Gramercy Funds Management LLC, a $5.8 billion dedicated emerging markets investment manager, today announced the appointment of Bradshaw McKee to the position of Managing Director, Capital Solutions and Distressed