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: