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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.”