DGAP-News: Information for ALTIN (symbol: ALTN; ISIN: CH0014424524) Shareholders and Media
(firmenpresse) - EquityStory AG-News: Dynamics Group AG / Key word(s): Corporate
Action/AGM/EGM
Information for ALTIN (symbol: ALTN; ISIN: CH0014424524) Shareholders
and Media
26.04.2013 / 15:20
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April 26, 2013
Important Milestone for Finext in its 'Change-Altin' Initiative
- 34.5 % of the votes supported Finext main proposal
- Shareholder should register their votes now!
- We will watch the promised actions of Altin to reduce discount closely
On the AGM of Altin of April 22, 2013 in Zug, the measures proposed by
Finext gathered significant shareholder support well in excess of the
expectations of the company considering the early stage of the campaign
which started less than a month ago. 34% of the votes supported Finext's
proposal for a series of repeated share buybacks of 10% of share capital
each until the 30% discount to NAV at which Altin is trading is brought
down to 7%.>30% of votes also supported Altin's two other proposals: the
reduction of the reserves in the amount of CHF 8.40 per share and the
reduction and subsequent repayment of nominal value of CHF 17.00 per share.
Furthermore board candidates presented by another shareholder (Metage) also
garnered significant support and almost a quarter of the votes opposed
giving the discharge to the Board further illustrating the new dynamic
taking place among Altin shareholders.
Finext is very hopeful that some of the current shareholders will feel
encouraged to further increase their current holdings. Finext also believes
that a significant number of Altin shareholders have yet to become aware of
the movement that was started and that there is a real chance to change the
situation. Shareholders who did not believe that change was possible have
now been emboldened by the new momentum and are considering registering
their shares (instructions available on www.change-altin.ch). If you face
problems with your custodian bank or the registration process: please call
or contact the head of the (outsourced) Share register of Altin directly:
SAG, Roland Zurbach
T +41 58 399 6132
F +41 58 499 6192
roland.zurbach(at)six-group.com
Finext also believes that certain procedural issues might have adversely
affected support for its proposals. In particular, proxy voters were not
presented by Altin with a clear and simple form to cast their votes which
led to potential confusion and misunderstandings. Out of all the Swiss
companies listed on the SIX, only Altin and very few of other companies
fail to present voting forms according to corporate governance best
practice. We hope that the Board has learnt the lesson and we expect that
the Company will not do so again.
During the AGM, the Board signaled on several occasions its commitment to
the 10% share buyback plan and to markedly reduce the wide level of
discount to NAV at which the shares are trading. We welcome the Board's
expressed intentions and intend to closely monitor the execution of the
share buyback to ensure that it is done in a timely and effective manner.
With the knowledge that 35% of voting shareholders back a more robust share
buyback initiative, we believe we are well positioned to take further
action should the Board disappoint.
We encourage shareholders to visit our website www.change-altin.ch and
subscribe to the newsletter that we will send out on a regular basis to
keep shareholders updated on our actions and important developments
regarding Altin.
Media and Shareholder contact point Switzerland:
Dynamics Group AG, Utoquai 43, 8024 Zürich
Thomas Balmer, Tel +41 43 268 32 34, tba(at)dynamicsgroup.ch
Edwin van der Geest, Tel +41 43 268 32 30, vdg(at)dynamicsgroup.ch
About FINEXT Fund Management:
FINEXT Fund Management is a European value-oriented investment manager.
The firm employs a long-term global investment strategy in a multi-asset
class portfolio with a goal of achieving real returns common in equity
investments with moderated volatility. The firm currently has over USD 150
million of assets under management. By virtue of its business model,
FINEXT distinguishes itself through a long-term investment horizon.
Futureal 2 Global Fund managed by FINEXT has been a shareholder in Altin
continuously since April 2009. The globally diversified fund has achieved
approx. 19% Annual IRR net of fees since inception almost 5 years ago. The
fund is not leveraged and has a very low beta. The performance period
includes the financial crisis.
End of Corporate News
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26.04.2013 This press release was distributed by EQS CORPORATE
COMMUNICATIONS.
www.eqs.com - news archive: www.eqs.com/ch/presskit
The issuer is responsible for the contents of the release.
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208749 26.04.2013
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Datum: 26.04.2013 - 15:20 Uhr
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