Fri, Feb 27, 2015
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. Opalesque Exclusive: Very small CTA averages 6.90% per month since April’14 inception[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: There aren’t many one-man shops around in the hedge fund world but we talked to one. Andrew S. Peskin, who is ba

  2. Investing - Top U.S. hedge funds cut Apple stakes ahead of all-time high, John Paulson holds gold ETF in Q4 but cuts back on some miners, Hedge funds exited tumbling oil company shares late last year, Some top investors exit Herbalife, Soros added shares in fourth quarter, Moore Capital boosts U.S. financial holdings, reduces China bets[more]

    Top U.S. hedge funds cut Apple stakes ahead of all-time high From Reuters.com: Top U.S. hedge fund management firms, including David Einhorn's Greenlight Capital and Philippe Laffont's Coatue Management, reduced their stakes in Apple Inc during the fourth quarter, ahead of the iPhone mak

  3. Opalesque Exclusive: Skënderbeg launches four single-manager funds with Your Wealth AG[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Skënderbeg Funds AGmvK, an investment fund for qualified investors under Liechtenstein law (umbrella fund),

  4. Opalesque Roundtable: Many Swiss investors are questioning the value proposition of hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva: There is a well-known transition among investors in hedge funds between high-net-worth individuals and institutional investors, Ian Hamilton, head of the IDS Group, said during the recent

  5. UCITS HFS Index starts year on positive note with 1.09% gains in January[more]

    Komfie Manalo, Opalesque Asia: The UCITS HFS Index started the year on a positive note gains of 1.09% in January after finishing 2014 with a modest performance of 1.62%. Index provider 2n20 said th