Tony Morrongiello will be stepping down from his role as CEO fund of hedge funds ALTIN, with Claudia Habermacher named as his replacement after shareholders accepted a raft of proposals from by Alpine Select AG and Absolute Invest AGplacement.
Furthermore, the Board of Directors has decided to postpone the intended delisting of ALTIN shares from the London Stock Exchange to the end of September 2016.
Other proposals accepted by shareholders at an extraordinary general meeting (EGM) on Tuesday include a reduction of ALTIN AG’s share capital from CHF58,645,002 (divided into 3,449,706 registered shares with a nominal value of CHF17 each) by CHF 58,541,510.82 to CHF103,491.18 through the reduction of the nominal value per share, CHF17, by CHF 16.97 to CHF 0.03 and to use the amount of the nominal value reduction for repayment to shareholders.
In addition a dividend payment will be made through a partial dissolution of the legal reserve from capital contribution approved by the Federal Tax Authority.
The legal reserve from capital contribution approved by the Federal Tax Authority will also be partially dissolved and distributed to shareholders through the payment of a dividend out of the legal reserve from capital contribution approved by the Federal Tax Authority for the business year 2015 in an amount of CHF7.03 per registered share with a nominal value of CHF17 for 3,449,706 registered shares: CHF24,251,433.18.
The Extraordinary General Meeting has also decided as proposed by the Board of Directors and backed by Alpine Select that the dividend payment shall be subject to registration of the capital reduction in the commercial register.
The exact due date for the repayment of the nominal value and the dividend payment through a partial dissolution of the legal reserve from capital contribution is envisaged to be executed simultaneously by the end of September 2016 at the latest.
Morrongiello, who has held the position of CEO since March 2013, has stepped down with immediate effect, but has agreed to make himself available to assist ALTIN in the short term, particularly in connection with the forthcoming delisting from the London Stock Exchange.
His replacement 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.
