Altin’s Board is planning to reduce the capital of the company by buying back up to 10% (382,386 shares) by issuing tradable put options to the share-holders. Every shareholder will receive one put option per Altin share held, free of charge. Ten put options entitle the holder to offer one Altin share to Altin for sale at the buyback price. The buyback price is $47.8599 which is $64 per Altin share less Swiss withholding tax of 35 % on the difference between the buyback price and the par value of the Altin share.
Shareholders will get their put options straightaway – they start trading today (27 February 2015) and will trade until 12 March 2015. The exercise date for the put options is 13 March 2015 and payment of proceeds will be made on 17 March 2015.
Shareholders can choose whether to wait and exercise their put options on the 13th, sell them in the market before the 12th or choose to let the put options lapse and hold onto all of their Altin holding.
Tax : the statement says “Persons domiciled in Switzerland are entitled to have the withholding tax reimbursed to them if they are in possession of theright of use of the shares on the date the Altin shares are returned to the Company (Art. 21 para. 1 lit. a Withholding TaxAct). Persons domiciled abroad may reclaim the withholding tax in accordance with any applicable double-taxation treaties.”
AIA : Altin publishes details of latest capital return