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Altin AG Evaluates Different Options For Share Buyback Programme


Monday, 10 Jun 2013 06:50am EDT 

Altin AG announced that it currently evaluating different options to implement the share buyback programme announced in March 2013 to acquire up to 10% of the share capital. Switzerland's recent amendments to its stock exchange legislation affect the way share buybacks are implemented. Indeed, a revision of the Stock Exchange Ordinance (SESTO) that has come into force on May 1, 2013 limits daily share buybacks to 25% of the average daily volume without granting a general permission for off-exchange transactions (block trades). Given the relatively low trading volume on investment companies such as ALTIN, buying back 10% of the share capital as planned could then take up to 24 months. Even if an exemption might be awarded by the Swiss Takeover Board that would authorize buying up to 50% of the daily volume, the intended buyback programme would still take some 12 months to complete. As a consequence, ALTIN's Board of Directors is currently analysing other alternatives, such as issuing put options that would be assigned to shareholders. Shareholders wishing to exercise the options would sell shares to the Company for later cancellation, achieving the same result as a conventional buyback on a second trading line. Specific terms of such options remain to be determined and tax and operational aspects are being examined by the Board, as the tax situation for institutional and private investors is different. 

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