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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

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