ALTIN AG’s share buyback through a put options programme launched on 27 February has been very successful with 3,741,610 put options out of the 3,823,867 (97.85%) having been exercised.
This corresponds to the repurchase of 374’161 shares, or 9.78% of the share capital, very near the target level of 10% set by the Board of Directors. The repurchased shares will be cancelled after approval at the Annual General Meeting on 11 May 2015 and the capital will thus be reduced by 9.78%.
The share buyback has proven very effective in reducing the discount and the difference between the NAV and the share price has shrunk from 21.89% at end 2014 to 16.64% today[1]. The share price (SIX) is up +9.76% so far this year1.
In addition to the immediate cash benefit received by shareholders, either by selling their put options or by tendering their shares at a premium, investors will also see the YTD performance rise from +2.85% to +4.23% (NAV estimate as 6 March 2015) as a result of the capital reduction, as shares were bought at a discount to NAV.
