Mon, Mar 30, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Swiss fund of funds house Gottex to hold EGM to approve share buyback

Monday, July 16, 2012
Opalesque Industry Update - Gottex Fund Management Holdings Limited, a leading independent global alternative asset management group, announces its plans to hold an extraordinary general meeting (EGM) on 8 August 2012 for the purpose of considering a proposed share buyback which was recently approved by the Company’s Board of Directors. The objective of the share buyback programme - which will be proposed at the EGM and is subject to shareholders’ approval - is to offset the dilution effect of the newly to be issued shares which form part of the consideration contemplated by the recently announced Penjing acquisition.

The key parameters of the proposed programme are as follows:

• the maximum number of Company shares authorised to be acquired is 1,750,000 shares, which is the maximum number of shares contemplated under the Penjing transaction;
• the minimum price to be paid shall be 10% below the average market price of the shares on the SIX Swiss Exchange (Exchange) on the most recent trading day before the purchase is made;
• the maximum price to be paid shall be 10% above the average market price of the shares on the Exchange on the most recent trading day before the purchase is made;
• on any given trading day, purchases shall be limited to a maximum of 25% of the average daily trading volume of the shares on the Exchange calculated by reference to the previous 30 trading days; and
• such authority shall expire on the earlier of 8 February 2014 or the conclusion of the Company's annual general meeting in 2013.

Commenting, Joachim Gottschalk, Chairman and CEO, stated:

“Management proposed the share buyback as it believes that at current price levels the company and its shareholders will benefit from buying back its own shares to help offset the dilution effect of the newly issued shares, which form part of the consideration contemplated by the Penjing acquisition. The Board has unanimously approved this proposal and we encourage our shareholders to do the same.”

www.gottexholdings.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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. M&A - Hedge funds no longer attractive targets for banks, reinsurers, Blackstone buys stake in Christopher Pucillo’s Solus event-driven hedge fund[more]

    Hedge funds no longer attractive targets for banks, reinsurers From Institutionalinvestor.com: Swiss RE, the world’s second-largest reinsurer, is looking to sell its 15 percent stake in Jersey, Channel Islands–based hedge fund firm Brevan Howard Asset Management. Morgan Stanley reported

  4. Opalesque Radio: Threadneedle expects continuing equity volatility this year[more]

    Benedicte Gravrand, Opalesque Geneva: Investors should expect more volatility, which is signaling a "slow moving" top to the market, KKM Financial’s founder and CEO Jeff Kilburg told CNBC on Monday. And this volatility is going

  5. Hedge funds show strong performance of 2.52% so far in 2015[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry got off to a strong start in 2015 "completely unmindful" of the poor performance last year, according to data provider Preqin. According to Preqin, following a year which saw the average he

 

banner