Swiss alternative investment company Altin is launching a share buyback programme for the purpose of a capital reduction.
Swiss alternative investment company Altin is launching a share buyback programme for the purpose of a capital reduction.
The programme fits into a broader range of measures proposed by the board of directors to reduce the price discount, measures which have already succeeded in bringing the difference between the NAV and the share price from 33 per cent at the end of 2008 to 21.7 per cent.
Altin says this capital reduction, combined with a normalisation of market conditions and satisfactory investment results, should enable its stock market price to come closer to the NAV.
The annual general meeting of shareholders approved a share buyback programme of up to ten per cent of the share capital. Consequently, a second trading line for the registered shares of Altin will be opened on the SIX Swiss Exchange on 22 July 2009. Altin intends to buy back up to five per cent of its shares until the end of March 2010.
Altin will be the exclusive buyer on this trading line and will repurchase its own shares for the purpose of subsequently reducing its share capital.
For shares purchased on the second trading line, the Swiss federal withholding tax of 35 per cent on the difference between the repurchase price of the Altin registered share and its nominal value of CHF17 will be deducted from the repurchase price.
