Swiss FoF Castle AI Okays Share Buyback Program

Jul 13 2011 | 8:33am ET

Swiss fund of hedge funds Castle Alternative Invest has authorized a share buyback program to repurchase up to 10% of the company’s share capital (1,748,160 shares).

The program was authorized during the company’s May 17, 2011 annual general meeting.

The buyback will be executed through a CHF-denominated second trading line, which will open on the SIX Swiss Exchange on July 18, 2011 and remain open until June 5, 2012 at the latest. Castle AI will be the exclusive buyer, and will repurchase shares so as to subsequently reduce its share capital. The actual size of the program remains at the discretion of the board in light of available portfolio liquidity, the number of shares already purchased and market conditions.

Zurich Cantonal Bank will be the SIX Swiss Exchange member responsible for setting bid prices on the second line.
 
The AGM also approved a share capital reduction by cancelling the 2,225,464 shares purchased in last year’s second line buyback program.
 
Castle AI, which has assets of approximately US$278 million, was listed on the SIX Swiss Exchange in April 1997 and has been dual listed in London since June 2009. Castle AI invests in a diversified and actively managed portfolio of hedge funds, managed accounts and other investment vehicles in order to target long term capital growth.
 
Mark White of LGT Capital Partners, investment advisor to Castle AI, said: “The board of Castle AI believes in an active approach to managing the discount to net asset value and has implemented this program to support the price at which shares trade in the secondary market. The company has a long track record of delivering positive returns, proving an effective investment vehicle for investors wishing to enhance their portfolio diversification. The second trading line should help to tighten the discount, and should result in a share price which better reflects the value of the company and the quality of its underlying investments.”
 


In Depth

Q&A: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.