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Alternative Market Briefing

ALTIN categorically rejects Alpine Select’s call to pay out dividend and recall three board members

Thursday, February 25, 2016

Komfie Manalo, Opalesque Asia:

Swiss listed multi-strategy fund of hedge funds ALTIN AG on Thursday categorically rejected the proposals of Alpine Select AG to pay out a substantial dividend and to recall three long-standing members of the Board and replace them with appointees nominated by Alpine Select.

In a statement, ALTIN said that its board recognizes Alpine Select as an important shareholder of the company and proposes the election of Thomas Amstutz as a new member of the Board.

Earlier, ALTIN has agreed to schedule an Extraordinary General Meeting on 18 March 2016 to be held at 2:00pm (CET) in Zug, Switzerland on the request of Alpine Select and another shareholder, Absolute Invest AG.

ALTIN said, "The Board of Directors strongly feels the measures brought forward by Alpine Select will be detrimental to the interests of ALTIN and its shareholders. The Board of Directors of ALTIN are categorically opposed to the requested distribution of a gross dividend of CHF 68’994’120 (CHF 20 per share before deduction of 35% Swiss withholding tax) out of the retained earnings for a number of fundamental reasons."

The firm cited the following reasons:

  • The Board of Directors is of ......................

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