Bellevue Group - Successful conversion of BB Medtech AG into an
equity fund
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ An overwhelming majority of BB Medtech shareholders backed theproposal to transform the listed investment company into aLuxembourg-based equity fund. According to the final tally, 94.97% ofall outstanding shares were tendered. The BB Medtech (Lux) Fundoffers shareholders a transparent and highly liquid investmentvehicle that, like its predecessor, will invest in listed companiesactive in the fast growing medical technology market. The BB Medtech(Lux) Fund was officially launched as scheduled on September 28,2009. The shareholders of BB Medtech AG will be allocated 1 fund unitper share on October 2, 2009. Bellevue Asset Management will continueto serve as asset manager.A nearly unanimous shareholder approval of 94.97% was reached, wellabove the necessary threshold required to consummate the transaction.It was already apparent during the initial acceptance period that theshare exchange offer converting the investment company into aLuxembourg-based fund would be successful. On October 2, 2009 theshares of BB Medtech AG will be exchanged for shares of the new BBMedtech (Lux) Fund. The initial Net Asset Value of the fundcalculated as of September 28 is CHF 45.30 or EUR 30.02. Thisrepresents an increase in value of 35% (CHF) or 35% (EUR) since March30, 2009, the date when the Board of Directors announced it wasreviewing all possible means of eliminating the discount between theshare price and the net asset value of the investment portfolio.The transaction offers shareholders multiple benefits. The discountbetween the company's share price and the Net Asset Value of theinvestment portfolio has been permanently eliminated. Now fund unitscan be bought and redeemed on a daily basis at net asset value.Shareholders remain invested in the fast growing medical technologysector but in a new form. Increasing life expectancy, greateremphasis on health and aesthetics, the structural change sweepingacross the healthcare industry, increasing patient demands andimproving healthcare systems in fast growing emerging markets willsustain the high growth potential of the medical technology sector.Medtech is also a sector that has displayed substantial talent forinnovation. The global market for medical technology products andservices has grown between 10% and 20% p.a., depending on thesub-market, and the total market volume now surpasses the USD 300billion mark. The medtech industry is fundamentally sound, the profitmargins are generally attractive and some segments of the marketshould continue to grow by as much as 20% p.a. in the coming years.The BB Medtech (Lux) Fund is the latest addition to Bellevue AssetManagement's family of Luxembourg-based funds in the healthcaresegment. Bellevue Asset Management, an independent, highlyspecialized asset management boutique with a more than 15-year trackrecord and CHF 2.7 billion in assets under management, ranks amongthe leading providers of investment services in this sector. Fundmanagement has been delegated to a team of 3 portfolio managers andanalysts headed by Stefan Blum.For further information:Media: André Rüegg,Telephone +41 44 267 67 00, Fax +41 44 267 77 01,aru(at)bellevue.chhttp://hugin.info/137269/R/1345361/322919.pdfhttp://hugin.info/137269/R/1345361/322920.pdf --- End of Message ---Bellevue Group AGSeestrasse 16, Postfach Küsnacht/Zürich SwitzerlandWKN: A0LG3Z; ISIN: CH0028422100; Index: SPI, SSCI, SPIEX;;
Datum: 01.10.2009 - 18:26 Uhr
Sprache: Deutsch
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