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Komfie Manalo, Opalesque Asia: Vowing to pressure from its two main shareholders, Swiss listed multi-strategy fund of hedge fund ALTIN AG on Wednesday announced it would postpone plans to delist from the London Stock Exchange (LSE) and at the same time replaced Tony Morrongiello as its CEO.
The announcement came after the company’s June 21 Extraordinary General Meeting (EGM) that was requested by Alpine Select AG and Absolute Invest AG, which directly and indirectly hold 58.5% of ALTIN shares.
The firm said in a statement, "ALTIN AG shareholders have accepted, by a significant margin, the proposals brought forward by Alpine Select AG and Absolute Invest AG. The Board of Directors also announces that (Tony) Morrongiello will be stepping down from his role as CEO, with Claudia Habermacher named as replacement. Furthermore, the Board of Directors has decided to postpone the intended delisting of ALTIN shares from the LSE to the end of September 2016."
However, Morrongiello has agreed to make himself available to assist ALTIN AG in the short term, particularly in connection with the forthcoming delisting from the LSE. The board said that Habermacher, who currently serves as CEO of Alpine Select AG, has extensive experience in investment funds, having previously held roles with creInvest Ltd and GAM Anlagefonds AG.
ALTIN AG added, "Furthermore, the Board of Directors announces that after careful consideration and i...................... To view our full article Click here
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