The share buyback through a put options programme launched on 13 September 2013 by ALTIN AG has been successful, with 4,234,520 options out of the 4,247,319 issued now exercised.
This represents 99.7 per cent of the total put options issued and corresponds to 423,452 shares, or 9.97 per cent of the share capital, very near the target level of 10 per cent set by the board of directors.
Tendered shares will be cancelled after approval by the AGM 2014 and the capital will thus be reduced by 9.97 per cent.
The share buyback has proven effective in reducing the discount and the difference between the NAV and the share price has shrunk from 32.64 per cent at end 2012 to 24.83 per cent on 27 September. The share price is up 18.54 per cent this year.
In addition to the immediate cash benefit received by shareholders, either by selling their put options or by tendering their shares at a 20 per cent premium, investors will also see the YTD performance rise from +6.22 per cent to +7.27 per cent (estimate) as a result of the capital reduction, as shares were bought at a discount to NAV.