Gottex Fund Management plans to hold an extraordinary general meeting on 8 August 2012 for the purpose of considering a proposed share buyback which was recently approved by the company’s board of directors.
The objective of the share buyback programme – which will be proposed at the EGM and is subject to shareholders’ approval – is to offset the dilution effect of the newly to be issued shares which form part of the consideration contemplated by the recently announced Penjing acquisition.
The key parameters of the proposed programme are as follows:
The maximum number of company shares authorised to be acquired is 1,750,000 shares, which is the maximum number of shares contemplated under the Penjing transaction;
The minimum price to be paid shall be 10 per cent below the average market price of the shares on the SIX Swiss Exchange on the most recent trading day before the purchase is made;
The maximum price to be paid shall be 10 per cent 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 to a maximum of 25 per cent 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.
Joachim Gottschalk, chairman and chief executive, says: “Management proposed the share buyback as it believes that at current price levels the company and its shareholders will benefit from buying back its own shares to help offset the dilution effect of the newly issued shares, which form part of the consideration contemplated by the Penjing acquisition. The board has unanimously approved this proposal and we encourage our shareholders to do the same.”
