Castle Alternative Invest initiates share buyback programme
Castle Alternative Invest AG, the SIX Swiss Exchange and London Stock Exchange listed fund of hedge funds has announced dates for executing its share buyback programme.
The buyback will open on 18 July 2011 via a second trading line denominated in CHF on SIX, and will remain open until 5 June 2012.
Zurich Cantonal Bank will be the SIX Swiss Exchange member responsible for setting bid prices on the second line. For shares purchased on the second trading line, Swiss federal withholding tax of 35% of the difference between the repurchase price and the nominal value of the shares (CHF 5) will be deducted from the price.
Authorised at its annual general meeting on 17 May 2011, the buyback programme allows for up to 10% of the share capital to be repurchased.
Castle has assets of approximately $278 million. It claims a net annualised return of 6.85% since launch. Lead manager is Thomas Weber, who is co-head of hedge fund investment management at LGT Capital Partners (LGT CP).