Shareholders of ALTIN have rejected the proposals of Alpine Select 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.
Thomas Amstutz has been elected as a member of the Board of Directors.
Shareholders have voted, by a significant margin, against Alpine Select’s requested distribution of a gross dividend of CHF 68,994,120 (CHF 20 per share before deduction of 35 per cent Swiss withholding tax) out of the retained earnings. The Board of Directors is pleased with this decision, as such a significant distribution would be have been detrimental to the interests of ALTIN and its shareholders.
Shareholders have also opposed the proposed recall of Dr Peter Altorfer, Eric MC Syz and André Pabst as members of the Board of Directors and the election of Gerhard Niggli, Dr Dieter Dubs as new members of the Board of Directors.
Thomas Amstutz, a candidate proposed by Alpine Select, and also by ALTIN’s Board of Directors, was appointed to the Board of ALTIN. The Board of Directors of ALTIN is hopeful this outcome will allow ALTIN to work constructively with Alpine Select and to prosper and meet all shareholder expectations over the long term.
