Tue, Jul 29, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Gottex announces completion of Penjing acquisition and approval of share buyback

Thursday, August 09, 2012
Opalesque Industry Update - Gottex Fund Management Holdings Limited an independent global alternative asset management group, has confirmed that at its extraordinary general meeting (EGM) held on 8 August 2012 its proposed share buyback was approved by shareholders.

Gottex also announced that it has received all relevant regulatory approvals in connection with its proposed acquisition of Penjing Asset Management (Penjing) and, with all conditions now satisfied, the acquisition completes today.

Penjing is one of the primary Asian alternative asset management providers, which recently received a AAA rating by Schmidt Research Partners. Gottex believes the acquisition provides compelling strategic benefits, including establishing a leading local organisation in a region of strategic importance from an investment as well as from an asset raising perspective. Gottex believes that the combined business will drive Gottex’s expansion of Asian investment services on an accelerated and much broader scale, both locally and globally. Ronnie Wu, founder and CIO of Penjing, joins Gottex as a senior executive in Asia. Gottex expects the acquisition to be accretive on an operational profit as well as on a fully diluted earnings per share basis within one year, partly due to expected synergies.

The objective of the share buyback programme is to offset the dilution effect of the newly issued shares which form part of the consideration for the Penjing acquisition. The key parameters of the programme are as follows:

  • the maximum number of Company shares authorised to be acquired is 1,750,000 shares;
  • 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 up 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: “I am delighted the Penjing acquisition has successfully closed and our proposed share buyback has received shareholder approval. I welcome Ronnie and his colleagues and clients to Gottex as we look forward to developing our Asian business for the benefit of existing and future clients both in the region and across our global footprint.”

Press release

bc

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. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag

  2. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  3. Opalesque Radio: Now is a good time to buy protection cheaply in the options market[more]

    Benedicte Gravrand, Opalesque Geneva: Investors are showing an increased interest in risk parity funds and strategies, Opalesque reported last year. Risk parity strategies have the

  4. The Big Picture: Charlemagne Capital smoothes risk out of frontier market investing with portfolio approach[more]

    Benedicte Gravrand, Opalesque Geneva: Opalesque recently talked to one of the portfolio managers of the Oaks funds, which are emerging and frontier market hedge funds focusing on equity long/short with a directional approach. They are run by

  5. Winton’s low-cost equities fund tops $1bn for first time[more]

    From FT.com: Winton, the London-based hedge fund, has increased the assets in its low-cost equities fund to more than $1bn for the first time in a sign that traditional stock managers may come under increasing pressure from computer-driven rivals. Winton, which manages about $25bn in total ass