News

Press Release 2020
15.09.2020 Alpine Select Ltd.: Semi-annual report
 

Alpine Select has published the semi-annual report 2020.
Klick here to download the report.



 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website www.alpine-select.ch.

 

 

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The company offers shareholders the key benefit of investing into a global diversified and CHF hedged alternative investment portfolio. The portfolio exposure is actively being risk adjusted to current market sentiment and outlook. The investment style is value oriented and the investments are selected based on the company’s target return of 6-8% p.a. above CHF risk free rate. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.

8.09.2020 Alpine Select Ltd.: Monthly Update August 2020
 

Alpine Select has published the monthly update August 2020.
Klick here to download the monthly report.

 

Alpine Select hat den Monatsbericht August 2020 publiziert (nur in Englisch).
Klicken Sie hier um den Bericht einzusehen.




Market commentary

August has seen market sentiment for equities further improving in general. US Indices were posting new record highs and the world witnessed euphoria buying in heavy weighs like Apple Inc. and Tesla due to stock-splits. On the political front the upcoming US presidential election poses risks which we believe are not reflected in the market valuations. The divergent forces within the country and a climate of deeper mistrust might well persist “no matter who wins”. Geopolitical tensions are somewhat subdued. We see potential regional confrontations in Asia where China is claiming further influence (Hong Kong and Taiwan) and in Europe where Turkey-Greece maritime squabble risks further military clash.

 

Portfolio commentary

The COVID-19 re-triggered bull market in technology assets has boosted valuation to a level beyond obvious rational justification. We conclude once more that the world belongs to the courageous and are delighted to have a smaller allocation with such brave equity long/short managers. Atlas Principals specializing in early identification of paradigm-shifting themes compounded some +57% since April 2020. August was a highlight month for one of our long-term holdings HBM Healthcare Investments which has seen its valuation increased mainly due to two IPOs of large private holdings which were well received by the market.

 

Portfolio activity

We slightly reduced our overall exposure during the month as valuations are elevated. We remain cautious with our exposure to position the portfolio accordingly with the uncertainties ahead. Global market valuations are heightened, and our experience recalls moments from the past to stay invested selectively with a cautious approach during these times.

 

Für weitere Informationen wenden Sie sich bitte an Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) oder besuchen Sie unsere Website www.alpine-select.ch.

 

 

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The company offers shareholders the key benefit of investing into a global diversified and CHF hedged alternative investment portfolio. The portfolio exposure is actively being risk adjusted to current market sentiment and outlook. The investment style is value oriented and the investments are selected based on the company’s target return of 6-8% p.a. above CHF risk free rate. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.

7.09.2020 Alpine Select Ltd.: Half-year results and information on the course of business in the first half of 2020
  • Alpine Select Ltd. («Alpine Select», the «Company») ended the financial reporting period (1 January to 30 June 2020) with a loss of CHF 9.7 million. In the comparative period (as per 30 June 2019) a profit of CHF 9.3 million was reported.
  • The share recorded a negative performance of 5.45% over the first six months of 2020, after paying a dividend of CHF 1.00 per registered share in May 2020. The Net Asset Value («NAV») lost 5.93% over the same period.


Market Development

The first six months of 2020 were dominated by the global impact of the COVID-19 pandemic, which brought an unprecedented emergency interruption of the ‘courant normal’ and a significant drop in global GDP at an unprecedented scale. Global policy makers reacted to this new situation with supporting measures and economic stimulus on a scale and speed not seen before.
As valuations on the financial markets swiftly indicated a full recovery to 2019 levels, the economy itself lags the proof of sustainable betterment. Uncertainty remains elevated in a globalized world where each country adjusts the COVID-19 restrictions individually. As we look forward, we do not believe the economic recovery will be as straightforward as what the market appears to be pricing in and thus maintain our cautious investment exposure.



Portfolio Development

Our listed equity portfolio contributed a net gain of CHF 0.8 million. Significant contributions came from HBM Healthcare Investments Ltd. (CHF 1.3 million) and a special situation investment in Xbio-tech Inc. (CHF 0.8 million). Our largest listed position Castle Alternative Invest Ltd. could not elude the market turmoil contributing net losses of CHF 1.3 million.
Our Chinese equity managers added positively CHF 0.1 million for the first half of 2020. As we further strategically seek Chinese exposure, this proofed our optimism to have selected solid and promising managers on the ground. Our Japanese managers delivered CHF 3 million net losses throughout the first six months. The strategy exposure to Global Macro and Credit was responsible for CHF 6 million net losses. The credit positions were lagging the global market recovery as of 30 June 2020.



Investment Activity

Selectively credit and digital asset exposure were added during the first half of 2020: CHF 2.8 million were invested to Cheyne Total Credit Fund which has seen discounted valuation levels in the Investment Grade Credit space in April 2020. A position in Alibaba Group Holding Ltd. has been started in June 2020 and to further diversify the portfolio to the digital space an allocation to Cryptocurrency has been initiated with Crypto Fund AG, a Swiss-based fund manager.


We actively traded in our core holding HBM Healthcare Investments Ltd. and slightly increased the holding to CHF 10.5 million by end of the second quarter. The strategic reduction of the Japan market exposure was completed in February with the full redemption of Akamatsu Bonsai Fund, SFP Value Realization Fund and UMJ Kotoshiro Feeder Fund.

We ended the First Half 2020 with 11.1% in cash which puts us in a position to capture opportunities for our shareholders and further add on selective opportunities.



Annual Shareholders' Meeting / Corporate Actions

At the annual shareholders’ meeting held on 20 May 2020, shareholders passed all agenda items and proposals submitted by the Board of Directors of Alpine Select Ltd. The distribution of a dividend of CHF 1.00 gross per registered share was paid to shareholders on 27 May 2020.


Furthermore, shareholders approved the reduction of the share capital to CHF 185,159.40 by cancelling 1,025,135 registered shares that the Company had repurchased under a previous share buyback program. The implementation of the capital reduction was entered in the commercial register on 27 July 2020.


The shareholders also authorized the board to repurchase up to 10% of the share capital in the period up to the ordinary shareholders' meeting in 2022 for the subsequent definitive cancellation of the shares through a capital reduction. Based on this authorization the board has decided to launch a new share buyback program on a second trading line at SIX Swiss Exchange. Starting 26 June 2020 (first trading day) a maximum of 925,797 registered shares will be repurchased. To view the status of the share buyback program, please refer to our website https://www.alpine-select.ch/en/investors#action



Outlook

Looking forward, we remain cautious on the outlook for the global economy and position our portfolio accordingly to deal with the uncertainty ahead. Global Market valuations are heightened, and our experience recalls moments from the past to stay invested selectively with a cautious approach during these times.



Alpine Select will publish the semi-annual report 2020 on 15 September 2020.



For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website www.alpine-select.ch.



About Alpine Select

Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The company offers shareholders the key benefit of investing into a global diversified and CHF hedged alternative investment portfolio.
The portfolio exposure is actively being risk adjusted to current market sentiment and outlook. The investment style is value oriented and the investments are selected based on the company’s target return of 6-8% p.a. above CHF risk free rate.
Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.


11.08.2020 Alpine Select Ltd.: Preliminary information on the semi-annual results as per 30 June 2020

Press Release

11 August 2020

Alpine Select Ltd. (Alpine Select) hereby informs its investors and other interested parties that it expects a consolidated loss of approximately CHF 9.7 million in its financial reporting as per 30 June 2020. In the comparative period (as per 30 June 2019) a profit of CHF 8.8 million was reported.

Alpine Select will publish the definitive half-year results on 7 September 2020, and the semi-annual report as of 30 June 2020 on 15 September 2020.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The Company offers shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.


24.06.2020 Share buyback via second trading line

Press Release

Zug, 24 June 2020

At the Ordinary Shareholders’ Meeting of Alpine Select Ltd. («Alpine Select», the «Company») held on 20 May 2020 shareholders authorized the board of directors to repurchase up to 10% of the total share capital in the period up to the ordinary shareholders’ meeting in 2022 for the purpose of subsequent cancellation by way of a capital reduction. The same shareholders’ meeting approved the reduction of the share capital from CHF 205,662.10 to CHF 185,159.40 through the cancellation of 1,025,135 registered shares of Alpine Select, which the Company had repurchased under previous share buyback programs. The implementation of the capital reduction is expected to be entered in the commercial register towards the end of July 2020.

The Board of Directors of Alpine Select has decided – based on the above-mentioned authorization resolution of the shareholders’ meeting – to launch a new share buyback program on a second trading. Based on the currently outstanding number of Alpine Select registered shares and taking into account the aforementioned capital reduction, a maximum of 925,797 registered shares will be repurchased. The maximum buyback volume per day is 3,271 registered shares (in accordance with Art. 123 para. 1 lit. c FinfraV). The actual number of shares bought back will be determined by the Company’s freely available liquidity on the one hand and by the supply on the second trading line on the other hand. Alpine Select retains the right to terminate the share buyback at any time and shall be under no obligation to repurchase its own shares under this share buyback program.

The share buyback notice will be published on 24 June 2020. Trading on the second trading line will commence on 26 June 2020 and shall continue until 31 May 2022 at the latest. After completion of the share buyback program, the board of directors will propose to the shareholders’ meeting a capital reduction by cancellation of all registered shares repurchased under this share buyback program. The transaction will be executed by Helvetische Bank AG, Zurich.

 

For further information, please contact Claudia Habermacher This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.


20.05.2020 Alpine Select Ltd.: The ordinary sharholders' meeting approves all agenda items and proposals

Press Release

Zug, 20 May 2020

Based on the Federal Council’s COVID-19 Ordinance 2, today’s Ordinary Shareholders’ Meeting of Alpine Select Ltd. was held without the personal attendance of shareholders. The independent proxy represented 5,033,955 shares (or 48.95% of all outstanding shares). The shareholders approved all agenda items and proposals submitted by the board of directors, including a dividend of CHF 1.00 per share.

In detail, the shareholder’s meeting 2020 of Alpine Select Ltd. passed the following resolutions:

  • The annual report 2019 (statutory financial statements as well as financial statements in accordance with Swiss GAAP FER) was approved and the compensation report 2019 was approved in a consultative vote.
  • The request that a dividend of CHF 1.00 gross per outstanding registered share be paid to the shareholders from the disposable retained earnings and that the remaining amount of the retained earnings be carried forward was approved. The distribution will be paid out to the shareholders after deduction of 35% VAT with value date 27 May 2020. The share will be traded ex-dividend from 25 May 2020.
  • The members of the board of directors and the management were discharged for the 2019 financial year.
  • The board members were re-elected individually and for a one-year term of office until conclusion of the next ordinary shareholders’ meeting. In addition, Raymond J. Baer was re-elected as president of the board of directors and together with Dieter Dubs, as a member of the compensation committee, each for a one-year term. BDO Ltd., Zurich, was elected as the new auditor of the company for the business year 2020. HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’ meeting.
  • The proposed maximum total compensation of the board of directors for the next term of office (AGM 2020 to AGM 2021) was approved, as was the proposed maximum total compensation for the management (for the coming financial year 2021).
  • Furthermore, shareholders approved the reduction of the share capital from CHF 205,662.10 to CHF 185,159.40 by cancelling 1,025,135 registered shares that the Company had repurchased under the share buyback program, approved by the ordinary shareholders’ meeting on 16 May 2019. In detail, Alpine Select had repurchased 510,980 shares within a buyback program through the issuance of tradeable put options and a further 514,155 shares through a buyback program at market price.
  • Finally, the shareholders authorized the board of directors to launch at their discretion, a new share buyback program of up to 10% of the total share capital (in the period between 20 May 2020 and the ordinary shareholders meeting in 2022).

For further information, please contact Claudia Habermacher This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.  


16.04.2020 Invitation to the ordinary shareholders’ meeting 2020 of Alpine Select Ltd., publication of the annual report 2019

Press Release

Zug, 16 April 2020

The ordinary shareholders’ meeting will take place on Wednesday, 20 May 2020, starting 11 a.m. at the Legends Club, Bossard Arena, General-Guisan-Strasse 4, Zug without the attendance of shareholders.

Agenda

1. Annual report 2019
2. Appropriation of retained earnings
3. Discharge of the members of the board of directors and the management
4. Elections
5. Compensation of the members of the board of directors and of the management
6. Capital reduction through cancellation of the shares acquired as part of a share buyback program
7. Approval of a new share buyback program

Organizational notes

A – Business report

The business report 2019 (incl. the annual report, the annual accounts and the financial statements in accordance to Swiss GAAP FER, the compensation report as well as the reports of the auditors) is available for inspection at the Company’s registered office at Gotthardstrasse 31, 6300 Zug. Shareholders may also download the business report from the Company’s website at www.alpine-select.ch/investors/downloads/reports/annualreport or order a printed copy via e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it. indicating the mailing address. Please note that the business report is only available in English.

B – Admission to the ordinary shareholders’ meeting

Shareholders who are registered in the share register up to and including 30 April 2020, 5 p.m. Swiss time are entitled to vote at the ordinary shareholders’ meeting.

Based on art. 6a Ordinance 2 on Measures to Combat the Coronavirus (COVID-19 Ordinance 2) of 13 March 2020, the Board of Directors of Alpine Select Ltd. decided that shareholders will not be able to attend the ordinary shareholders’ meeting and exercise their rights exclusively through the independent proxy (see art. 6a para. 1 lit. B COVID-19 Ordinance 2).

No entries will be made in the share register in the period from 30 April 2020, 5 p.m. to the end of the ordinary shareholders’ meeting.

C – Proxy

The form to authorize the independent proxy HütteLAW AG, Cham, and to issue instructions to exercise the voting rights will be sent to the shareholders with the invitation to the ordinary shareholders’ meeting. The proxy can be granted to the independent proxy by submitting the voting instructions online at investor.sherpany.com or alternatively by noting it on the form, that needs to be legally signed and sent to either the representative or Alpine Select Ltd., c/o Computershare Ltd. The form must be received by Alpine Select Ltd., c/o Computershare Ltd. or the independent proxy by 18 May 2020 at the latest (date of receipt).

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.


14.04.2020 Alpine Select Ltd.: Termination of the share buyback program at market price

Press Release

Zug, 14 April 2020

Alpine Select Ltd. decided to terminate prematurely the share buyback program on a second trading line on SIX Swiss Exchange, which was initially launched on 29 July 2019, after the maximum buyback volume was reached. In total, 514,155 registered shares or 5.00% of the current share capital and voting rights were bought back at market price.

The Board of Directors will propose to the ordinary shareholders’ meeting on 20 May 2020 the cancellation of the shares bought back at market price as well as the 510,980 registered shares bought back by issuing tradeable put options in July 2019 and to reduce the share capital of Alpine Select Ltd. accordingly.

For further information, please contact Claudia Habermacher This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.


08.04.2020 Alpine Select: Annual result 2019, investment activities, corporate actions and outlook

 

Press Release

Zug, 8 April 2020

Annual result 2019

Total return to shareholders during the year 2019 was +6.4% (increase of the share price from CHF 13.44 to CHF 14.30). This includes a dividend of CHF 0.30 per share (paid out to shareholders in May 2019) and the issuance of a tradable put option of CHF 0.17 per registered share (in July 2019). The Net Asset Value («NAV») recorded an increase of 9.8% for the same period (from CHF 13.16 to CHF 14.45).

In the financial reporting 2019 in accordance to Swiss GAAP FER, a profit of CHF 14.5 million was disclosed. In the comparative period (financial year 2018) a loss of CHF 17.9 million was reported. The selected investments performed well in 2019 in a general up trending market environment.

Due to the reduced total assets (following the share buyback programs), the members of the Board of Directors of Alpine Select Ltd. («Alpine Select») continue to waive 10% of their compensation, which is granted in addition to their ordinary board of directors’ fee. In addition, no variable remuneration was paid to the management for 2019.

Investment activity 2019

Global equity markets were buoyed as risk assets rallied strongly at the beginning of 2019 to make up for Q4 2018 losses, and again at year-end 2019 as sentiment found support from the US and China agreeing in principle to a Phase 1 of a trade deal. In addition, the US announced they would delay proposed tariffs on auto exports from Europe. There seemed to be a degree of complacency in the market, after an almost 30% rise in the S&P 500 in 2019.

Our listed portfolio contributed a net unrealized gain of CHF 3.6 million. Significant contributions came from Castle Alternative Invest («Castle», CHF 1.8 million) and HBM Healthcare (CHF 0.8 million). The investment in ChemoCentryx, a biopharmaceutical company, contributed CHF 1.7 million realized gains as the stock rallied more than 300% after reporting positive Phase III results on their lead clinical asset. A special situation investment in New Venturetec (Liquidation and subsequent delisting) contributed CHF 1.0 million as we could buy shares on the market at a significant discount to NAV until the last trading day.

Our Japanese managers delivered CHF 3.2 million unrealized gains throughout the year making up in part for their difficult 2018. A highlight with +39% has been the return of Symphony Partners (SFP Value Realization Fund), a Japanese soft activist.

Our Chinese managers contributed solidly with CHF 1.1 million unrealized gains for 2019. As we further strategically seek Chinese exposure, we are optimistic to have selected solid and promising long/short equity managers on the ground.

Corporate Actions – Proposed dividend distribution

The board of directors will propose to the ordinary shareholders’ meeting 2020 to distribute a dividend of CHF 1.00 gross per outstanding share.

Q1 2020 Performance and Outlook

Our cash quota was 13.7% at year-end 2019 to face the in our opinion too complacent markets. Markets turned negative in Q1 2020 and our Net Asset Value («NAV») recorded a decrease of -5.00% (from CHF 14.41 to CHF 13.69) until 2 April 2020. The return to shareholders for the same period has been -9.09% (decrease of the share price from CHF 14.30 to CHF 13.00).

Facing the COVID-19 crisis, it seems too early to look ahead and leave reassuring comments on the economic and international market impact of this crisis. From a humanitarian perspective, this pandemic revealed the international shortcomings in public health and its necessary investments.

The Alpine Select team is attentive and alert to the various developments currently unfolding. Once this crisis normalizes, we are confident to capture opportunities in the best interest of our shareholders. Our cash quota will give us room to maneuver once value of assets will become apparent or attractive discounts will appear.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.


03.02.2020 Alpine Select: Preliminary information on the annual results for 2019 (Swiss GAAP FER «FER»)

 

Press Release

Zug, 3 February 2020

Alpine Select AG («Alpine Select» / the «Company») hereby informs its shareholders and other interested market participants that it expects a consolidated profit of approximately CHF 13 million in its FER financial reporting 2019. The previous period (financial year 2018) was prepared in accordance with IFRS stand-alone and posted an unconsolidated loss of CHF 16 million.

After the change to the Swiss Reporting Standard of SIX Swiss Exchange at the end of July 2019, the financial report as of 31 December 2019 will be the Company’s first report that is prepared in accordance with the requirements of Swiss GAAP FER and in which the portfolio is presented consolidated again. Otherwise, the previous valuation methods will continue to be applied insofar as they comply with the requirements of Swiss GAAP FER.

Alpine Select publishes weekly its consolidated net asset value (NAV). This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the portfolio of the Company.

The disclosures made for the financial year 2019 are unaudited. Alpine Select will publish its audited annual report with detailed information on 16 April 2020.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. 


Press Release 2019

20.08.2019 Alpine Select: Half-year results and further information on the course of business in the first half of 2019

 

 

Press Release

Zug, 20 August 2019

    • Alpine Select Ltd. («Alpine Select», the «Company») ended the financial reporting period (1 January to 30 June 2019) with a profit of CHF 8.8 million. In the comparative period (as per 30 June 2018) a loss of TCHF 879 was reported.
    • The share recorded a positive performance of 0.16% over the first six months of 2019, after paying a dividend of CHF 0.30 per registered share in May 2019. The Net Asset Value («NAV») increased by 6.23% over the same period.

Portfolio Development

    • Following the turbulences in the fourth quarter of 2018, the hedge fund managers were positioned too cautiously at the beginning of 2019, and thus initially provided somewhat muted results. This was particularly true for the Japanese Long/Short managers. The best strategies for the first half of 2019 were Credit, CLO, Equity Long Only and Chinese Convertible Bonds. The Alpine Select Alternative Fund achieved a performance of +2.00% in the first half of 2019.
    • The listed positions in the portfolio were up CHF 6.7 million, making a significant positive contribution to the overall portfolio performance. The profits came mainly from the core holdings in HBM Healthcare Investments Ltd. («HBM»), Castle Alternative Invest AG («Castle AI») and Vifor Pharma AG («Vifor»). The only notable negative contributor in this sector is the participation in Leonteq Securities Ltd. with a book loss of CHF 0.2 million.
    • The holding in SFP Value Realization Fund («SFP») was up 15% in the first six months, outperforming peers and the Japanese market.
    • The legacy real estate investment in Cheyne New Europe Fund L.P. contributed around CHF 0.6 million book profit and thus further delivering on our expectations. Redemptions from this position are expected to start during the fourth quarter 2019.

Investment Activity

    • Alpine Select continued focusing on optimizing the portfolio composition in the first six months of 2019. However, losses because of the time lag between investment decisions and the redemption notice periods were experienced.
    • The participation in Castle AI was increased to a reportable size of more than 10% in the first half of 2019. The well diversified alternative portfolio continues to trade at an attractive discount. The Company also participated in a corporate action program from Castle AI as arbitrage opportunity arose to generate additional income.
    • Alpine Select reduced its stake in Elara India Gateway Fund by one-third in March 2019 and redeemed 50% of the holding in the SFP fund. Furthermore, the Company started taking profits in the Vifor-investment. Given the continued NAV premium in BB Biotech AG («BB Biotech») and NAV Discount in HBM, the Company held short position in BB Biotech on one hand and increased the allocation to HBM on the other hand.
    • In April 2019 the Company entered a research position (USD 1 million) with Atlas Principals, LLC, a thematic long/short equity manager specializing in early identification of paradigm-shifting themes. Selecting and engaging with small- and mid- cap Investment Managers with dedicated strategies is still one of Alpine Select’s focus areas.

Ordinary shareholders’ meeting 2019 / Corporate Actions

    • At the ordinary shareholders’ meeting held on 16 May 2019, shareholders passed all agenda items and proposals submitted by the Board of Directors of Alpine Select. The distribution of a dividend in the amount of CHF 0.30 gross per registered share was paid to shareholders on 23 May 2019.
    • Furthermore, shareholders approved the reduction of the share capital to CHF 205,662.10 by cancelling 919,795 registered shares of Alpine Select, which the Company had repurchased under previous share buyback programs. The implementation of the capital reduction was entered in the commercial register on 23 July 2019.
    • The shareholders also authorized the board to launch at its discretion a new share buyback program up to a maximum of 10% of the total share capital in the period up to the ordinary shareholders meeting in 2021, and for the subsequent cancellation of the shares by capital reduction.
    • Based on this authorization, on 27 June 2019, Alpine Select launched a buyback program at a fixed price by issuing tradable put options. As of 19 July 2019, a total of 510,980 registered shares (or 4.56% of the share capital then registered in the commercial register) were tendered.
    • On 25 July 2019 Alpine Select launched a new share buyback program on a separate trading line at SIX Swiss Exchange. Since 29 July 2019 (first trading day) a maximum of 514,155 registered shares or an equal of 5.00% of the share capital are purchased for cancellation purposes. To view the current status of the share buyback program, please refer to the Alpine Select website: https://www.alpineselect.ch/investors/corporate-actions.

Switch to the Swiss Reporting Standard of the SIX Swiss Exchange

    • SIX Swiss Exchange approved on 25 July 2019 Alpine Select’s application to switch the Standard segment: Since 5 August 2019, all Alpine Select shares are traded in the Swiss Reporting Standard of the SIX Swiss Exchange (2 August 2019: Last trading day in the Segment of Investment Companies). A mandatory change in the accounting standard to Swiss GAAP FER is associated with the aforementioned change in the standard. Given the increasing complexity of IFRS and its focus on international companies, Alpine Select believes that Swiss GAAP FER is the more appropriate accounting standard for the Company. For example, and among other things, this change enables Alpine Select to consolidate the portfolio again and thus offer its shareholders more transparency.

Outlook

    • Alpine Select’s rigorous approach to portfolio construction held volatility low at 3.08% compared to Swiss Performance Index (SPI: 9.01%) and Global Hedge Fund Index CHF (HFRX: 2.92%).
    • The Company maintains a view of heightened volatility in the global markets as global growth might slow.
    • Given the fiscal and monetary stimulus Alpine Select does not see an abrupt end to the markets but believes that dispersion opportunities might be more prominent in the future.
    • Therefore, the Company slightly adjusted the overall portfolio strategy further, increasing the exposure to China and NASDAQ.

Alpine Select will publish the semi-annual report 2019 on 28 August 2019.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998 (since 5 August 2019 in the Swiss Reporting Standard). The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value. Alpine Select further acts as a FINMA-licensed distributor of foreign collective investment schemes to qualified investors in Switzerland.


 

29.07.2019 Alpine Select to switch to the Swiss Reporting Standard of the SIX Swiss Exchange as per 5 August 2019

 

 

Press Release

Zug, 29 July 2019

SIX Exchange Regulation approved the Alpine Select AG («Alpine Select», the «Company») application to switch the Standard segment on 25 July 2019, provided all publication requirements are fulfilled. The 10,283,105 registered shares with a par value of CHF 0.02 each of Alpine Select AG, registered at Zug (Valor symbol ALPN, ISIN CH0019199550) will be traded in the Swiss Reporting Standard of the SIX Swiss Exchange as from 5 August 2019. The last trading day in the Segment of investment companies is 2 August 2019.

The change in standard takes place in connection with the acquisition of a FINMA-licensed, operational and income related activity, whereby the Company is no longer considered an investment company within the meaning of the Listing Rules of the SIX Swiss Exchange.

Companies in the standard for investment companies must apply the International Financial Reporting Standards («IFRS»). This requirement is no longer required given the standard change. A mandatory change in the accounting standard to Swiss GAAP FER is associated with the aforementioned change in the standard. In view of the increasing complexity of IFRS and its focus on international companies, Swiss GAAP FER is proving to be a more suitable accounting standard for Alpine Select.

Among other things, the changeover to Swiss GAAP FER will enable Alpine Select to consolidate the portfolio again and thus offer its shareholder the desired transparency. Otherwise, the previous valuation methods will continue to be applied insofar as they comply with the requirements of Swiss GAAP FER. A detailed reconciliation statement follows with the 2019 annual report and the half-year report 2020.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

26.07.2019 Alpine Select Ltd: Preliminary information on the semi-annual results as per 30 June 2019

 

 

Press Release

Zug, 26 July 2019

Alpine Select Ltd. (»Alpine Select») hereby informs its investors and other interested parties that it expects a consolidated profit of approximately CHF 8.5 million in its financial reporting as per 30 June 2019. In the comparative period (as per 30 June 2018) a loss of TCHF 879 was reported.

Alpine Select will publish the definitive half-year results on 20 August 2019, and the semi-annual report as of 30 June 2019 on 28 August 2019.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

25.07.2019 Alpine Select Ltd: Announcement of a new share buyback program at market price

 

 

Press Release

Zug, 25 July 2019

At the Annual Shareholders’ Meeting of Alpine Select Ltd. (“Alpine Select”, the “Company”) held on 16 May 2019 shareholders authorized the board of directors to repurchase up to 10% of the total share capital in the period up to the ordinary shareholders’ meeting in 2021 for the purpose of subsequent cancellation by way of a capital reduction. The same shareholders’ meeting approved the reduction of the share capital from CHF 224,058.00 to CHF 205,662.10 through the cancellation of 919,795 registered shares of Alpine Select, which the Company had repurchased under previous share buyback programs. The implementation of the capital reduction was entered in the commercial register on 23 July 2019.

Based on the above-mentioned authorization of the shareholders meeting 2019, on 27 June 2019, Alpine Select launched a buyback program at a fixed price by issuing tradable put options. As of 19 July 2019, a total of 510,980 registered shares (representing 4.97% of the share capital currently registered in the commercial register) were tendered. The board of directors will request the cancellation of these repurchased shares to the next shareholders’ meeting.

In addition – and to follow the termination of the buyback program via issuance of tradable put options – the Board of Directors of Alpine Select decided to launch a new share buyback program on a separate trading line at SIX Swiss Exchange. Starting 29 July 2019 (first trading day) a maximum of 514,155 registered shares or an equal of 5.00 % of the share capital currently registered in the commercial register will be purchased for cancellation purposes. The maximum buyback volume per day is 5,492 shares (in accordance with Art. 123 para. 1 lit. c FinfraV).

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

18.07.2019 Alpine Select Ltd: Successful completion of the repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

 

 

Press Release

Zug, 18 July 2019

Alpine Select Ltd. (“Alpine Select”) announced on 27 June 2019 a share buyback program by issuing put options tradable on SIX Swiss Exchange. Through this program, each shareholder was granted 1 put option free of charge for each registered share held, and every 20 put options entitled shareholders to tender one registered share at the exercise price of CHF 17.00. The put options were traded from 1 July 2019 to and including 16 July 2019.

In total, 510,980 registered shares were tendered which corresponds to 4.56% of the share capital registered in the commercial register. The net purchase price (exercise price minus 35% withholding tax calculated on the difference between the exercise price and the nominal value) will be paid on 19 July 2019. The board of directors will propose to the next Shareholders’ Meeting the cancellation of all registered shares repurchased under this share buyback program.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

27.06.2019 Alpine Select Ltd: Repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

 

 

Press Release

Zug, 27 June 2019

Alpine Select Ltd: Repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

At the Annual Shareholders’ Meeting of Alpine Select Ltd. (“Alpine Select”) held on 16 May 2019 shareholders authorized the board of directors to repurchase up to 10% of the total share capital in the period up to the ordinary shareholders’ meeting in 2021, and for the subsequent cancellation of the shares by capital reduction.

Based on this authorization, the Board of Directors of Alpine Select decided on a share buyback by issuing put options tradeable on the SIX Swiss Exchange. Each shareholder will be granted 1 put option free of charge for each registered share held. Every 20 put options will entitle shareholders to tender one registered share with a nominal value of CHF 0.02 at the exercise price of CHF 17.00. This represents a premium of 24% to the closing price of the registered share on 26 June 2019. The put options will be traded from 1 July 2019 to and including 16 July 2019. The put options must be exercised (European style) on 18 July 2019 by 11.00 am CEST at the latest. The net purchase price (exercise price minus 35% withholding tax calculated on the difference between the exercise price and the nominal value) will be paid on 19 July 2019. 

As a result of the share buyback by issuing put options, Alpine Select plans to repurchase up to 514,155 registered shares (which corresponds to a maximum of 4.59% of the outstanding share capital currently registered in the commercial register or a maximum of 5% of the outstanding share capital following the cancellation of 919,795 own shares on 22 July 2019). It is intended to seek approval for the cancellation of all registered shares repurchased under this new share buyback program at the next Shareholders’ Meeting. Alpine Select has mandated Helvetische Bank, Zurich, as Executing Bank for the transaction. 

When considering whether to sell the put options on the stock exchange or to use them to tender registered shares, shareholders are advised to follow the instructions and recommendations of their custodian bank or other professional advisers.

In the context of the above-mentioned authorization, the Board of Directors of Alpine Select is considering launching a new share buyback program on a second trading line, following the share buyback program through the issuance of tradeable put options.

The offering notice will be available under www.alpine-select.ch/investors/corporate-actions.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

07.06.2019 Alpine Select AG receives FINMA license to act as distributor under collective investment schemes act (CISA)

 

 

Press Release

Zug, 07 June 2019

Alpine Select AG receives FINMA license to act as distributor under collective investment schemes act (CISA)

Alpine Select Ltd. («Alpine Select», the «Company») fulfills the licensing conditions following Art 13 para 2g, Art 14 and 19 Collective Investment Schemes (CISA).

The Swiss Financial Market Supervisory Authority («FINMA») grants Alpine Select the license to act as distributor under the Federal Act on Collective Investment Schemes (CISA). The license entitles Alpine Select to act as the distributor for the foreign collective investment scheme Alpine Select Alternative Fund in Switzerland; the distribution of this collective investment is directed to qualified investors only.

Incorporating a FINMA-licensed and income generating activity, Alpine Select under the Swiss Exchange rules is no longer considered an investment entity. Consequently, the Company will seek a segment change in consultation with SIX Exchange Regulation. Alpine Select will inform about the possible segment change in due time.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

16.05.2019 At today’s Ordinary Shareholders’ Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the board of directors

 

 

Press Release

Zug, 16 May 2019

At today’s Ordinary Shareholders’ Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the board of directors

In detail, the shareholder’s meeting 2019 of Alpine Select Ltd. passed the following resolutions:

  • The annual report 2018 (statutory financial statements as well as financial statements IFRS) was approved and the compensation report 2018 was approved in a consultative vote.
  • The request that a dividend of CHF 0.30 gross per outstanding registered share be paid to the shareholders from the disposable retained earnings and that the remaining amount of the retained earnings be carried forward was approved. The distribution will be paid out to the shareholders after deduction of 35% VAT with value date 23 May 2019.
  • The members of the board of directors and the management were discharged for the 2018 financial year.
  • The board members were re-elected individually and for a one-year term of office until conclusion of the next ordinary shareholders’ meeting. In addition, Raymond J. Baer was re-elected as president of the board of directors and together with Dieter Dubs, as a member of the compensation committee, each for a one-year term. HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’ meeting. And KPMG Ltd., Zurich, was appointed as auditor for another one-year period.
  • The proposed maximum total compensation of the board of directors for the next term of office (AGM 2019 to AGM 2020) was approved, as was the proposed maximum total compensation for the management (for the coming financial year 2020).
  • Furthermore, shareholders approved the reduction of the share capital from CHF 224,058.00 to CHF 205,662.10 by cancelling 919,795 registered shares that the Company repurchased under the share buyback program, approved by the ordinary shareholders’ meeting on 22 May 2017. In detail, Alpine Select repurchased 558,134 shares within a buyback program through the issuance of tradeable put options (November to December 2018) and a further 361,661 shares through a buyback program at market price (January to May 2019).
  • The shareholders also approved the creation of authorized capital and the revised article 4a of the articles of association.
  • In addition, the suggested changes to the articles of association, article 2 «purpose» and article 3 «principles of investment policy» were approved. These changes became necessary as Alpine Select applied for FINMA’s approval as a distributor under the Federal Act on Collective Investment Schemes (CISA). In his speech, the president briefly addressed the motivations that led Alpine Select to take this step.
  • The shareholders have also approved the request of the board of directors, to cancel article 27 including its heading «acquisition of assets owing to merger» of the articles of association.
  • Finally, the shareholders authorized the board to launch at their discretion, a new share buyback program of up to 10% of the total share capital (in the period between 16 May 2019 and the ordinary shareholders meeting in 2021).

At today’s ordinary shareholders’ meeting, 50.37% of all shares were represented.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

16.04.2019 Alpine Select Ltd.: Invitation to the ordinary shareholders' meeting 2019 of Alpine Select Ltd., publication of the annual report 2018

 

 

Press Release

Zug, 16 April 2019

Invitation to the ordinary shareholders’ meeting 2019 of Alpine Select Ltd.,
publication of the annual report 2018

The ordinary shareholders' meeting will take place on:

  • Date: Thursday, 16 Mai 2019
  • Time: 11.a.m. (doors open at 10.30 a.m.)
  • Location: Legends Club, Bossard Arena, General-Guisan-Strasse 4, Zug

Agenda

  1. Annual report 2018
  2. Appropriation of retained earnings
  3. Discharge of the members of the board of directors and the management
  4. Elections
  5. Compensation of the members of the board of directors and of the management
  6. Amendment to the articles of association
  7. Approval of a new share buyback program

Organizational notes to the ordinary shareholders' meeting

The business report 2018 (incl. the annual report, the annual accounts and the IFRS financial statements, the compensation report as well as the reports of the auditors) is available for inspection at the Company’s registered office at Gotthardstrasse 31, 6300 Zug. Shareholders may also download the business report from the Company’s website at www.alpine-select.ch/investors/financial-reports/yr-2018 or order a printed copy via e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it. indicating the mailing address. Please note that the  business report is only available in English.

Shareholders registered in the share register up to and including 26 April 2019, 5 p.m. Swiss time with voting rights will receive together with the invitation to the ordinary shareholders’ meeting a reply card to order the admission card and voting papers, enabling them to attend the ordinary shareholders’ meeting. The reply card must be received by Computershare Schweiz AG, c/o Alpine Select Ltd. or the independent proxy, no later than 14 May 2019 (date of receipt).

No entries will be made in the share register in the period from 26 April 2019, 5 p.m. to the end of the ordinary shareholders’ meeting.

Shareholders with voting rights, who are unable to attend the ordinary shareholders’ meeting in person, may be presented by the legal representative, another shareholder entitled to vote or by the independent voting proxy HütteLAW AG, Cham. The proxy for representation may be submitted via the reply card, that shareholders receive with the invitation or to the independent shareholders’ representative also by using the online application (www.sherpany.com).

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

09.04.2019 Alpine Select Ltd.: Annual result 2018, investment activities, corporate actions and outlook

 

 

Press Release

Zug, 9 April 2019

Annual result 2018

Following a very successful 2017 for Alpine Select Ltd. («Alpine Select», the «Company»), the year 2018 proved to be challenging, not just for Alpine Select but for all market participants. The Alpine Select share price declined in this challenging market environment and closed the financial year 2018 with a loss of 8.33% (including the distribution of a dividend of CHF 1.00 and a tradable put option of CHF 0.15, each per registered share) while the Net Asset «NAV» recorded a decrease per year-end of 9.87%.

In the IFRS financial reporting 2018, a loss of CHF 15.8 million as at 31 December 2018 is disclosed. In the comparative period (financial year 2017) a profit of CHF 32 million was reported. The result for the comparative period of 2017 was characterized, among other things, by an extraordinary dividend income of CHF 35.3 million from Altin Ltd., which was merged into Absolute Invest Ltd. at the end of 2017, effective as of 30 June 2017. In the financial year 2018, the general negative market development, mostly towards the end of 2018, contributed to the annual loss.

Due to the disappointing annual performance 2018 – especially following the strong performance in 2017 – the members of the board of directors decided to waive 10% of their 2019 compensation, granted besides their ordinary board fee. In addition, no variable remuneration was paid to the management for the year 2018.

Investment activity in 2018

Our overweight in Japan – which was the big positive in the year 2017 – led to unrealized losses across all substrategies of around CHF 11 million. Most of this was booked in the 4th quarter of 2018.

The China exposure was increased in mid-2018 by adding three new investments (About Capital Asian Special Opportunities Fund, Fenghe Asia (USTE) Fund Ltd., GH China Century Offshore Feeder Fund; each with an investment size of USD 1m). Losses in this space were limited due to good Long/Short exposure outperforming the benchmark in a very difficult year for Chinese equities. The exposure to India on the other hand suffered primarily from the weak currency that led to a book loos of CHF 0.6 million during the reporting period.

The listed portfolio positions contributed a net unrealized loss of CHF 0.6m. The negative contribution from Vifor Pharma (down CHF 2.2m) and NCR Corporation (a new investment; down CHF 0.2m.) could partly be offset with positive contribution by HBM Healthcare Investments (up CHF 1.8m). The investments in IBM Corporation and Swissquote Group Holding were redeemed and losses of CHF 0.2 million realized.

In 2018, new investments were made, among others in IBM Corp., Swissquote Group Holding Ltd. and Leonteq Ltd., whereby the first two were fully redeemed in the course of the financial year 2018 (IBM with a loss and Swissquote with a profit). In addition, the Company newly invested in Malleus Capital Master Fund, LP (an absolute return fund manager; USD 2 Mio.) and Acoro Global Ltd. (a market neutral Swiss based fund manager; CHF 1 Mio.).

In the reporting period, Alpine Select built a reportable stake (>5%) in Castle Alternative Investments («Castle AI») at an attractive discount. Castle AI manages a defensive and well-diversified alternative investment portfolio and mastered the challenge of Q4-2018 with a remarkable stability. This position shall be a complementary stability component to the overall Alpine Select portfolio.

In addition to above-mentioned investment activities – and with the largest impact to the Alpine Select portfolio composition – was the launch of the Alpine Select Alternative Funds («Alternative Fund») in May 2018. Alpine Select acts as the Alternative Fund’s promoter and has funded – together with its wholly owned subsidiary Absolute Invest – the Alternative Fund with contributions in kind of around CHF 92 million. Following subscriptions by third parties, Alpine Group held 82.8% of the Alternative Fund as at 31 December 2018.

Corporate Actions

Alpine Select has applied to the Swiss Financial Market Supervisory Authority (FINMA) for a distribution license under the Federal Act on Collective Investment Schemes (CISA) for the distribution of the Alternative Fund. To meet the legal requirements, the purpose of the Company must be amended. Therefore, the board of directors will propose to the shareholders at the ordinary shareholders’ meeting on 16 May 2019, to change the purpose of the Company accordingly. We are confident in the new opportunities offered by the opening up of Alpine Select's business and hope that shareholders will approve this request.

A total of 558,134 registered shares (equal to 4.98% of the total share capital registered in the commercial register) were tendered under the share buyback program by issuing put options tradable on the SIX Swiss Exchange, and that was completed end of 2018. And under the newly launched buyback program (up to a maximum of 5% of the total share capital) launched on 3 January 2019 (first trading day) on a separate trading line on the SIX Swiss Exchange, a total of 308,513 own shares were repurchased by 5 April 2019 (equal to 2.75% of the share capital). The board of directors will seek approval for the cancellation of all registered shares repurchased until 15 May 2019 at the next ordinary shareholders meeting.

In addition, the board of directors proposes to the ordinary shareholders’ meeting that a dividend of CHF 0.30 gross per outstanding registered share be paid to the shareholders from the disposable retained earnings of CHF 3,744,042.

Outlook

The Company expects the volatility to remain at a high level for the time being. Accordingly, the overall portfolio strategy was slightly adjusted on the one hand by further reducing the long-only equity exposure and on the other hand by adding long short and global macro strategy exposure. With this, we believe to be positioned well to generate absolute return given the current global market sentiment.

The annual report 2018 of Alpine Select is available as of 16 April 2019 at the seat of the Company and can be downloaded as of this day from the Company’s website.

 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

28.01.2019 Alpine Select Ltd.: Preliminary information on the annual results for 2018 (IFRS)

 

 

Press Release

Zug, 28 January 2019

Alpine Select Ltd.: Preliminary information on the annual results for 2018 (IFRS)

Alpine Select AG («Alpine Select» / the «Company») hereby informs its investors and other interested parties that it expects a consolidated loss of approximately CHF 17 million in its IFRS financial reporting 2018. In the comparative period (financial year 2017) a profit of CHF 32 million was reported.

The result for the comparative period of 2017 was characterized, among other things, by an extraordinary dividend income of CHF 35.3 million from Altin Ltd., which was merged into Absolute Invest Ltd. at the end of 2017, effective as of 30 June 2017. In the financial year 2018, the general negative market development, mostly towards the end of 2018, contributed to the annual loss.

Alpine Select publishes weekly its consolidated net asset value (NAV). This guarantees a timely flow of information to shareholders and other interested parties regarding the development of the portfolio and the related earnings situation of the Company.

The disclosures made for the financial year 2018 are unaudited. Alpine Select will publish its IFRS annual report with detailed information on 16 April 2019.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

Press Release 2018

27.12.2018 Alpine Select Ltd.: Announcement of a new share buyback program at market price

 

 

Press Release

Zug, 27 December 2018

Alpine Select Ltd.: Announcement of a new share buyback program at market price

At the Annual Shareholders’ Meeting of Alpine Select Ltd. (“Alpine Select”) held on 22 May 2017 shareholders authorized the board of directors to repurchase up to 10% of the total share capital in the period up to the ordinary shareholders’ meeting in 2019 for the purpose of subsequent cancellation by way of a capital reduction.

On 29 November 2018, Alpine Select Ltd. (“Alpine Select”) announced a share buyback program by issuing put options tradable on SIX Swiss Exchange. A total of 558,134 registered shares were tendered, which correspond to 4.98% of the share capital registered in the commercial register. It is intended to seek approval for the cancellation of all registered shares repurchased at the Annual Shareholders’ Meeting 2019.

In addition – and to follow the termination of the buyback program via issuance of tradable put options – the Board of Directors of Alpine Select decided to launch a new share buyback program on a separate trading line at SIX Swiss Exchange. Starting 3 January 2019 (first trading day) a maximum of 560,145 registered shares or an equal of 5 % of the share capital registered in the commercial register will be purchased for cancellation purposes. The maximum buyback volume per day is 7,126 shares (in accordance with Art. 123 para. 1 lit. c FinfraV).

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

20.12.2018 Alpine Select: Successful completion of the repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

 

 

Press Release

Zug, 20 December 2018

Alpine Select: Successful completion of the repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

Alpine Select Ltd. (“Alpine Select”) announced on 29 November 2018 a share buyback program by issuing put options tradable on SIX Swiss Exchange. Through this program, each shareholder was granted 1 put option free of charge for each registered share held, and every 20 put options entitled shareholders to tender one registered share at the exercise price of CHF 17.50. The put options were traded from 3 December 2018 to and including 18 December 2018.

In total, 558,134 registered shares were tendered which correspond to 4.98 % of the share capital registered in the commercial register. The net purchase price (exercise price minus 35% withholding tax calculated on the difference between the exercise price and the nominal value) will be paid on 21 December 2018. It is intended to seek approval for the cancellation of all registered shares repurchased at the Annual Shareholders’ Meeting 2019.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

29.11.2018 Alpine Select: Repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

 

 

Press Release

Zug, 29 November 2018

Alpine Select: Repurchase of own shares by issuing tradeable put options for the purpose of capital reduction

At the Annual Shareholders’ Meeting of Alpine Select Ltd. (“Alpine Select”) held on 22 May 2017 shareholders authorized the board of directors to repurchase up to 10% of the total share capital in the period up to the ordinary shareholders’ meeting in 2019, and for the subsequent cancellation of the shares by capital reduction.

Based on this authorization, the Board of Directors of Alpine Select decided on a share buyback by issuing put options tradeable on the SIX Swiss Exchange. Each shareholder will be granted 1 put option free of charge for each registered share held. Every 20 put options will entitle shareholders to tender one registered share with a nominal value of CHF 0.02 at the exercise price of CHF 17.50. This represents a premium of 22% to the closing price of the registered share on 28 November 2018. The put options will be traded from 3 December 2018 to and including 18 December 2018. The put options must be exercised (European style) on 20 December 2018 by 11.00 am CET at the latest. The net purchase price (exercise price minus 35% withholding tax calculated on the difference between the exercise price and the nominal value) will be paid on 21 December 2018.

As a result of the share buyback by issuing put options, Alpine Select plans to repurchase up to 560,145 registered shares (5% of the outstanding share capital). It is intended to seek approval for the cancellation of all registered shares repurchased at the Annual Shareholders’ Meeting in 2019. Alpine Select has mandated Helvetische Bank, Zurich, as Lead Manager of the transaction.

When considering whether to sell the put options on the stock exchange or to use them to tender registered shares, shareholders are advised to follow the instructions and recommendations of their custodian bank or other professional advisers.

In the context of the above-mentioned authorization, the Board of Directors of Alpine Select is considering launching a new share buyback program on a second trading line, following the share buyback program through the issuance of tradeable put options.

The offering notice will be available under www.alpine-select.ch/investors/corporate-actions.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

20.08.2018 Alpine Select: Semi-annual result 2018

 

 

Press Release

Zug, 16 May 2018

Alpine Select: Semi-annual result 2018

  • The Alpine Select Ltd. («Alpine Select») share recorded a positive performance of 0.46% over the first six months of 2018, after paying a dividend of CHF 1.00 per registered share in May 2018. The Net Asset Value («NAV») recorded a decrease of 0.66% for the same period.
  • As mentioned in our year-end statement 2017 we correctly anticipated the return of volatility in 2018. Our rigorous approach to portfolio construction held volatility low at 3.16% compared to Swiss Performance Index (SPI, 11.38%) and Global Hedge Fund Index CHF (HFRX, 5.69%).
  • Our listed portfolio positions continued to perform positively and increased by CHF 4.2 million. This is largely thanks to our investments in HBM Healthcare Investment and Vifor Pharma, and to a lesser extend to Orion Engineered Carbons. The only notable negative contributor in this sector was our IPO participation in DWS, a spin off from Deutsche Bank.
  • Our overweight in Japan – which was the big positive in the year 2017 – led to unrealized losses across all sub-strategies (Long/Short, Long Equity Value and Credit) during the first six months of 2018.
  • Our exposure to China and India positions suffered primarily from weak currencies and led to a book loss. Our equity value positions outside Japan and China made a small positive contribution to the half-year result. The same was true for our credit and CLO positions. This is particularly noteworthy as both, interest rates and credit spreads, were up in the first six months of 2018.
  • In addition to the above-mentioned investment activities, and with the largest impact to the portfolio composition was the launch of the Alpine Select Alternative Fund, an Alternative Investment Fund («AIF») pursuant to Liechtenstein law with the legal form of a trust. Alpine Select acts as the fund’s promoter and has together with its wholly owned subsidiary Absolute Invest Ltd. funded the AIF with distributions in kind of around CHF 92 million. Following subscriptions by third parties, Alpine Group held 92.6% of the Alpine Select Alternative Fund as at 30 June 2018.
  • We maintain our view of heightened volatility in the global markets. Therefore, we slightly adjusted the overall portfolio strategy, for example reducing our Long-Only Equity exposure. With this we believe to continue taking advantage of the current global market sentiment.

Alpine Select will publish the semi-annual report 2018 on 28 August 2018. 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

16.05.2018 At today’s Annual Shareholders’ Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the Board of Directors

 

 

Press Release

Zug, 16 May 2018

Alpine Select: At today's Annual Shareholders' Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the Board of Directors

In detail, the shareholders' meeting 2018 of Alpine Select Ltd, passed the following resolutions: 

  • The annual report 2017 (statutory financial statements as well as financial statements [IFRS]) was approved and the compensation report 2017 was approved in a consultative vote. In addition, the request to carry forward the profit of the fiscal year 2017 to a new account was approved.
  • The annual meeting of shareholders approved the request of the board of directors for a distribution of a withholding tax-free dividend out of «reserves from capital contributions». The dividend of CHF 1.00 per registered share will be paid to shareholders with ex-date 22 May 2018 (payment-date: 24 May 2018).
  • The members of the board of directors and the management were discharged for the 2017 financial year.
  • The board members Raymond J. Baer, Thomas Amstutz, Dieter Dubs and Michel Vukotic were individually re-elected as members of the board of directors, each for a one-year term of office until completion of the next ordinary shareholders’ meeting. In addition, Raymond J. Baer was re-elected as president of the board of directors and together with Dieter Dubs, as a member of the compensation committee, each for a one-year term. HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’ meeting. And KPMG Ltd., Zurich, was appointed as auditor for another one-year period.
  • The maximum aggregate amount of compensation of the board of directors for the coming term (AGM 2018 to AGM 2019) was approved. Additionally, the maximum aggregate amount of compensation for the management (for 2018 and for the next financial year 2019) was approved.

In his presidential speech, the president of the board briefly commented on the new «Alpine Select project». Following the rejection of the vote on the Corporate Tax Reform III in February 2017, and the Federal Council’s submission of the «tax proposal 2017» in March 2018, holding and management companies are required to reconsider their existing structures in order to safeguard the interests of their shareholders in the long term. Alpine Select has now decided to transfer approximately 55% of its portfolio positions into an investment vehicle under AIFM guidelines. If Alpine Select Ltd. decides to redeem units of this investment vehicle and third parties will participate, the investment and, above all, the risk profile of the Alpine Select share will change. For regulatory reasons, no further details were disclosed at the annual shareholders’ meeting. Instead, reference was made to IFM Independent Management Ltd., Vaduz, which will provide further information to qualified investors.

At today's annual meeting of shareholders', 47.41% of all shares were represented. 

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

19.04.2018 Invitation to the ordinary shareholders' meeting 2018, publication of the annual report 2017

 

 

Press Release

Zug, 19 April 2018

Alpine Select: Invitation to the ordinary shareholders' meeting 2018, publication of the annual report 2017

The ordinary annual shareholders' meeting will take place:

Date: Wednesday, 16 May 2018
time: 11 a.m. (CEST)
Location: Parkhotel Zug «Saal Park I+II», Industriestrasse 14, Zug

Agenda

  1. Approval of the business report 2017 (statutory financial statements as well as financial statements [IFRS] and resolution on the compensation report 2017
  2. Allocation on retained earnings
  3. Discharge of the members of the board of directors and of the executive board
  4. Resolution on the distribution of a dividend
  5. Elections
  6. Approval of the compensation of the board of directors and of the executive board

Notes on the organization of the shareholders' meeting 

The business report for the year 2017 (including statutory financial statements as well as financial statements [IFRS], the compensation report, and the audit reports) is available for inspection by the shareholders and is distributed to shareholders upon request. In addition, the annual report and the detailed invitation to the shareholders’ meeting can be downloaded from the Alpine Select website www.alpine-select.ch at www.alpine-select.ch | Investors | Financial Reports and Updates | 2017.

Shareholders who are registered up to and including 26 April 2018 with voting rights in the share register are invited to the ordinary annual shareholders’ meeting 2018 in accordance to the company’s articles of association by letter, addressed to the address as listed in the share register. No entries are made in the share register during the period from 26 April 2018 until after the end of the annual shareholder’s meeting.

Shareholders who are unable to attend the annual shareholders’ meeting in person may appoint another shareholder or the independent shareholders’ representative (HütteLAW AG, Cham) as their proxy. The proxy for representation may be submitted via the response card, that shareholders receive with the invitation or to the independent shareholders’ representative also by using the online application.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

12.04.2018 Alpine Select Ltd.: Annual result 2017, dividend distribution and outlook

 

 

Press Release

Zug, 12 April 2018

Alpine Select Ltd: Annual result 2017, dividend distribution and outlook

2017 was once again a very successful financial year for Alpine Select Ltd. («Alpine Select»): Including a pay-out to shareholders of CHF 3.00 in February 2017, the Alpine Select share price increased as per 31 December 2017 by 16.0% (from CHF 14.05 to CHF 16.30). The Company’s non-consolidated Net Asset Value («NAV») increased from CHF 13.29 to CHF 16.22 per share, closing the fiscal year 2017 with a positive performance of 22.0%.

Due to favorably surpassing our targeted return of 6 – 10% per year, the Board of Directors of Alpine Select proposes to the ordinary shareholders’ meeting, to be held on 16 May 2018 to distribute a tax-free dividend of CHF 1.00 per registered share from «reserves from capital contributions».

The most important facts about Alpine Select’s 2017 financial year and the development of the combined portfolio of Alpine Select and its subsidiary Absolute Invest Ltd. («Absolute Invest») during the reporting period in particular:

  • Changes in the combined portfolio include new investments in two Hedge Funds, three new Equities, and one CLO product;
  • We have also increased our investment size in four portfolio positions, and redeemed one position in full, and partially one;
  • The biggest change, however, certainly concerns the complete takeover of Altin Ltd., which was successfully completed in December 2017;
  • In 2017, almost all our positions contributed positively (with approximately CHF 24 million) towards the increase to the NAV;
  • Successful currency exposures in JPY, USD and EUR resulted in a positive gain of approximately TCHF 1,440. With the expected return of market volatility, the challenge of monitoring our currency risks will continue to be one of our biggest challenge.
  • Our diversified portfolio of Japanese funds is accountable with approximately CHF 14 million for more than 50% of the year 2017 performance. We remain confident in our Japanese funds and are therefore maintaining our portfolio overweight in Japan.
  • Our investments in the Biotech space have returned net gains of around CHF 4.2m. We expect that we will see further positive developments in our investments in this space over the coming years.
  • The CLO portfolio has again proven its stable and sound return statistics and has generated returns of around CHF 2.0m for the year 2017.
  • The currently biggest position in the portfolio, Cheyne New Europe L.P., a legacy position from the acquisition of Absolute Invest in 2013, contributed with approximately CHF 3m to the 2017 annual result. This can be attributed to a booming economy in Eastern Europe and we also benefited from a strong Czech Krone. We expect further meaningful distributions on this investment position, starting year 2018 to 2020.

Looking ahead to the year 2018, we find that market volatility is back – and we are confident that Alpine Select is well prepared to take advantage of it.

Finally, we would like to inform you about an exciting new «Alpine Select-project»: An investment vehicle, that pursues similar investment strategy as Alpine Select. Further information is available upon request from Alpine Select.

The annual report 2017 of Alpine Select is available as of 19 April 2018 at the seat of the Company and can be downloaded as of this day from the Company’s website.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

Press Release 2017

18.12.2017 Alpine Select Ltd.: Altin shareholders approve merger with Absolute Invest

 

 

Press Release

Zug, 18 December 2017

Alpine Select Ltd: Altin shareholders approve merger with Absolute Invest

As you can gather from today’s press release from Altin Ltd. («Altin»): The Altin shareholders’ approved the squeeze-out merger with Absolute Invest Ltd. («Absolute Invest», a 100% subsidiary of Alpine Select Ltd.), by 95.2% of all Altin shares.

According to the merger agreement, Altin will transfer all assets and liabilities to Absolute Invest as of the merger date. Following completion of the merger and probably as of this Friday, Alpine Select will publish only the NAV, currently described as «Consolidated Weekly NAV».

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

16.11.2017 Alpine Select Ltd.: Merger talks between Alpine Select Ltd and Altin Ltd. completed

 

 

Press Release

Zug, 16 November 2017

Alpine Select Ltd: Merger talks between Alpine Select Ltd and Altin Ltd. completed

Alpine Select Ltd. («Alpine Select») informed on 8 November 2017, to have submitted a merger proposal to the Board of Directors of Altin AG («Altin») according to which, the minority shareholders of Altin shall receive a cash consideration in the amount of USD 11.50 per Altin share, by way of a squeeze-out merger with Absolute Invest Ltd. («Absolute Invest», a 100% subsidiary of Alpine Select.).

As you can gather from today’s press release from Altin, the merger negotiations could be concluded with the signing of a merger agreement between Absolute Invest and Altin: «The independent members of the Board of Directors of Altin examined the merger proposal with the assistance of advisors and conducted discussions with the majority shareholder. Assessing also a valuation report obtained, the independent board members consider the compensation of USD 11.50 per Altin share as fair and appropriate. The two representatives of Alpine Select Ltd. on Altin’s board of directors recused themselves from the examination and resolution of the merger proposal. »

In addition, Altin informs in its press release to convene an extraordinary shareholders’ meeting on 18 December 2017 and will submit for decision the merger proposal, or, respectively, to approve the merger agreement as negotiated with Absolute Invest. 

Absolute Invest and Altin are still aiming to complete the merger before the year 2017. Following completion of the merger, Alpine Select will publish only the NAV, currently described as «Consolidated Weekly NAV».

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

08.11.2017 Alpine Select Ltd.: Merger talks with Altin Ltd.

 

 

Press Release

Zug, 8 November 2017

Alpine Select Ltd: Merger talks with Altin Ltd.

The Board of Directors of Alpine Select Ltd. has submitted a merger proposal to the Board of Directors of Altin Ltd., according to which Altin Ltd. should merge with Absolute Invest Ltd., a wholly owned subsidiary of Alpine Select Ltd. As the merger is intended to effectuate a squeeze out, minority shareholders of Altin Ltd. shall receive a cash payment as merger consideration. The proposed settlement per Altin share is USD 11.50. Based on this, the two companies have entered into merger negotiations.

Alpine Select Ltd. is aiming to complete the merger before the end of the year 2017.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

17.08.2017 Alpine Select Ltd.: Semi-annual result 2017

 

 

Press Release

Zug, 17 August 2017

Alpine Select Ltd: Semi-annual result 2017

  • The Alpine Select Ltd. («Alpine Select») share price as well as the Net Asset Value («NAV») recorded an attractive performance over the first six months of 2017, thanks to a stable portfolio and good diversification.
  • The position in Altin was successfully increased to new 93.82% as per 30 June 2017 (31 December 2016: 87.50%).
  • Alpine Select recorded a profit of roughly CHF 11 million for the first six months of 2017, with about CHF 5 million being contributed from our Japanese managers. Consequently, we stick to our Japan exposure with CHF 51.8 million or 35.7% of our portfolio.
  • The settlement in a legal case – which had led to a devaluation of Northwest Warrant Fund in 2016 – now led to an appreciation of this position in the Alpine Select consolidated portfolio of approx. CHF 2.3 million.
  • In our «Swiss investments», we further reduced the exposure to HBM Healthcare and, on the other hand, doubled up on the position in Vifor Pharma. With CHF 10.6 million, Vifor Pharma has become a sizeable investment and we will continue to monitor the position closely.
  • We are also able to positively report on our trades in the field of merger arbitrage, where Alpine Select benefited from «discounts to bid» situations, realizing a net profit of CHF 3.2 million: on the one hand through a direct investment in Syngenta and on the other hand indirectly through its investment in Altin (and their direct investment in Actelion).
  • Our credit and global macro positions produced a somewhat muted profit of CHF 1 million. Nevertheless, we are sticking to these positions as we expect the markets to be more volatile again going forward, and these managers will be able to achieve their best results in such an environment and thus we will be able to effectively protect our portfolio.
  • Our largest position, Cheyne New Europe, has started to return money to investors in the first half of 2017 (about EUR 845,000 for Alpine Select). We are optimistic that this will continue over the next years, not only transforming this illiquid legacy asset into cash but also contributing to our performance positively going forward.
  • Further, Alpine Select has made little changes to the portfolio: Yuki Japan Rebounding Growth Fund (doubled up on this position), STATS Japan L/S Fund (initiated new position), Northwest Warrant Fund (position redeemed by 50%), Aleutian Fund (increasing of this position is initiated).
  • On a consolidated view, Alpine Select holds around CHF 32.5 million in cash as of 30 June 2017: Alpine Select feels well prepared for «rocky» market situations.

Alpine Select will publish the semi-annual report 2017 on 28 August 2017.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

22.05.2017 At today’s Annual Shareholders’ Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the Board of Directors

 

 

Press Release

Zug, 22 May 2017

At today’s Annual Shareholders’ Meeting of Alpine Select Ltd., shareholders passed all agenda items and proposals submitted by the Board of Directors

In detail, the shareholders’ meeting 2017 of Alpine Select Ltd. passed the following resolutions:

  • The annual report 2016 (statutory financial statements as well as financial statements [IFRS]) was approved and the compensation report 2016 was approved in a consultative vote. In addition, the request to carry forward the loss of the fiscal year 2016 to a new account was approved.
  • The members of the board of directors and the management were discharged for the 2016 financial year.
  • The board members Raymond J. Baer, Thomas Amstutz and Dieter Dubs were individually re-elected as members of the board of directors, each for a one-year term of office until completion of the next ordinary shareholders’ meeting. Michel Vukotic was elected as new member of the board of directors for a one-year term. In addition, Raymond J. Baer was re-elected as president of the board of directors and together with Dieter Dubs, as a member of the compensation committee, each for a one-year term. HütteLAW AG, Cham, was re-elected as independent representative until the next ordinary shareholders’ meeting. And KPMG Ltd., Zurich, was appointed as auditor for another one-year period.
  • The maximum aggregate amount of compensation of the board of directors for the coming term (AGM 2017 to AGM 2018) was approved. Additionally, the maximum aggregate amount of compensation for the management (for the next financial year 2018) was approved.
  • Furthermore, the shareholders approved the reduction of the share capital from CHF 227 025.00 to CHF 224 058.00 by cancelling 148 350 shares that the Company repurchased under the share buyback program, approved by the ordinary shareholders’ meeting on 20 May 2015.
  • The shareholders also authorized the board to launch at their discretion, a new share buyback program of up to 10% of the total share capital (in the period between 22 May 2017 and the ordinary shareholders meeting in 2019).
  • In addition, the shareholders approved the creation of authorized capital and the revised article 4a of the articles of association.
  • Finally, the shareholders have also approved the request of the board of directors, to cancel article 28 including its heading «Intended acquisition of assets» of the articles of association.

In his presidential speech, the president of the board of directors briefly commented on the Alpine Group’s participation in Altin Ltd. (current holding size: 93.51%) and reaffirmed that the Company’s goal remains the possible full consolidation or merger of the business activities of both companies and finally the delisting of the Altin share.

At today's annual meeting of shareholders', 59.83% of all shares were represented.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

24.04.2017 Invitation to the ordinary shareholders' meeting 2017, publication of the annual report 2016

 

 

Press Release

Zug, 24 April 2017

Alpine Select: Invitation to the ordinary shareholders' meeting 2017, publication of the annual report 2016

The ordinary annual shareholders' meeting will take place:

Date: Monday, 22 May 2017
time: 11 a.m. (CEST)
Location: Parkhotel Zug «Saal Park I+II», Industriestrasse 14, Zug

Agenda

  1. Approval of the business report 2016 (statutory financial statements as well as financial statements [IFRS] and resolution on the compensation report 2016
  2. Allocation on retained earnings
  3. Discharge of the members of the board of directors and of the executive board
  4. Elections
  5. Approval of the compensation of the board of directors and of the executive board
  6. Capital reduction through cancellation of the shares repurchased under a share buyback program
  7. Approval of a new share buyback program
  8. Approval of the creation of authorized share capital
  9. Removal of the clause of the articles of association on acquisition of assets

Notes on the organization of the shareholders' meeting 

The Business report for the year 2016 including statutory financial statements as well as financial statements [IFRS], the compensation report, and the audit reports) is available for inspection by the shareholders and is distributed to shareholders upon request. In addition, the annual report and the detailed invitation to the shareholders’ meeting can be downloaded from the Alpine Select website www.alpine-select.ch at www.alpine-select.ch | Investors | Financial Reports and Updates | 2016.

Shareholders who are registered up to and including 3 May 2017 with voting rights in the share register are invited to the ordinary annual shareholders’ meeting 2017 in accordance to the company’s articles of association by letter, addressed to the address as listed in the share register. No entries are made in the share register during the period from 3 May 2017 until after the end of the annual shareholder’s meeting.

Shareholders who are unable to attend the annual shareholders’ meeting in person may appoint another shareholder or the independent shareholders’ representative (HütteLAW AG, Cham) as their proxy. The proxy for representation may be submitted via the response card, that shareholders receive with the invitation or to the independent shareholders’ representative also by using the online application.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have traded at or close to its Net Asset Value.


 

12.04.2017 Annual result 2016, no dividend distribution

 

 

Press Release

Zug, 12 April 2017

Alpine Select: Annual result 2016, no dividend distribution

Alpine Select can again look back on a successful financial year: Including the pay-out to shareholders of CHF 1.00 in May 2016, the Alpine Select share price increased in 2016, as per 31 December 2016 by 6.85% (from CHF 15.91 to CHF 17.00). The net asset value («NAV») of the Company increased from CHF 15.74 to CHF 16.33 per share, thus also closing the fiscal year 2016 with a positive performance (+ 3.75%). Throughout the year 2016, the shares traded at or near the NAV thereby delivering on an important commitment of ours.

For the period ended 31 December 2016, Alpine Select posted a gain of TCHF 10,663 (2015, restated for IFRS 10: loss of TCH 2,511) in accordance with IFRS.

At the extraordinary shareholders’ meeting held on 7 February 2017, shareholders approved among others the cash distribution of an extraordinary dividend free from withholding tax out of the reserves from capital contributions in the amount of CHF 3.00 per registered share of CHF 0.02 nominal value. The dividend was paid out to the shareholders with ex-date 9 February 2017 (date of payment: 13 February 2017). As a result of this payment, the Board of Directors of Alpine Select will not propose a further dividend payment to the ordinary shareholders’ meeting of 22 May 2017.

The annual report 2016 of Alpine Select Ltd. is available as of 24 April 2017 at the seat of the Company and can be downloaded as of this day from the Company’s website.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

07.02.2017 The Extraordinary Shareholders' Meeting approves all proposals and recommendations of the board of directors

 

 

Press Release

Zug, 7 February 2017

Alpine Select: The Extraordinary Shareholders’ Meeting approves all proposals and recommendations of the board of directors

At the extraordinary shareholders' meeting held today in Zug, the shareholders approved all proposals and recommendations of the board of directors as described in the invitation.

  1. Reduction of the share capital of CHF 286,324.64 to CHF 227,025.00 by way of cancellation of the 2,964,982 registered shares with a nominal value of CHF 0.02 each which were repurchased by Alpine Select under the share buyback program announced on 29 November 2016 and concluded on 29 December 2016;
  2. Determination of the result of the audit report  that the claims of the creditors are fully covered notwithstanding the capital reduction;
  3. Article 4 of the articles of association reads now, as per date of the entry of the capital reduction in the commercial register:
    "Art. 4 - share capital
    The share capital of the Company amounts to CHF 227,025.00 and is divided into 11,351,250 registered shares with a par value of CHF 0.02 each. The shares are fully paid-in."

In addition, the shareholders approved the cash distribution of an extraordinary dividend free from withholding tax out of the reserves from capital contributions in the amount of CHF 3.00 per registered share of CHF 0.02 nominal value. The repayment or distribution out of the reserves from capital contributions is made through the account “free reserve”, whereby this account serves merely as a run-through. The dividend will be paid out to the shareholders with ex-date 9 Februar 2017 (date of payment: 13 February 2017).

In his presidential speech, Raymond J. Baer briefly commented on Alpine Group's participation in Altin AG (current holding size: 88.65%), and reaffirmed that the Alpine Group's goal remains the possible full consolidation or merger of the business activities of both companies.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

10.01.2017 Invitation to the Extraordinary Shareholders' Meeting

 

 

Press Release

Zug, 10 January 2017

Alpine Select: Invitation to the Extraordinary Shareholders’ Meeting

The Board of Directors of Alpine Select decided today to submit the following agenda items for the extraordinary shareholders’ meeting on 7 February 2017:

1 Capital reduction through cancellation the shares repurchased under the share buyback program at a fixed price

On 29 November 2016 Alpine Select had announced a share buyback program at a fixed price for up to 3,580,000 own shares, corresponding to around 25% of the share capital registered in the share register. This program has been successfully completed on 29 December 2016 and has been settled with value date 30 December 2016.

The board of directors proposes to the extraordinary shareholders’ meeting that the 2,964,982 shares repurchased under this share buyback program be cancelled through a capital reduction and thus proposes:

  1. to reduce the share capital of CHF 286,324.64 to CHF 227,025.00 by way of cancellation of the 2,964,982 registered shares with a nominal value of CHF 0.02 each which were repurchased by Alpine Select under the share buyback program announced on 29 November 2016 and concluded on 29 December 2016;
  2. to confirm as a result of the report of the auditors that the claims of the creditors are fully covered notwithstanding the capital reduction;
  3. to amend article 4 of the articles of association according to the following wording as per the date of the entry of the capital reduction in the commercial register (the proposed amendments are underlined):

"Art. 4 - share capital

The share capital of the Company amounts to CHF 227,025.00 and is divided into 11,351,250 registered shares with a par value of CHF 0.02 each. The shares are fully paid-in."

2 Payment of an extraordinary dividend 

The Board of Directors of Alpine Select proposes to the extraordinary shareholders’ meeting the cash distribution of an extraordinary dividend free from withholding tax out of the reserves from capital contributions in the amount of CHF 3.00 per registered share of CHF 0.02 nominal value. The repayment or distribution out of the reserves from capital contributions is made through the account “free reserve”, whereby this account serves merely as a run-through.

The request follows the existing company policy to keep the share capital flexible, by returning surplus liquidity to its shareholders.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

Press Release 2016

29.12.2016 (FR) Alpine Select: Programme de rachat d'actions à prix fixe terminé avec succès

 

 

Communiqué presse

Zoug, le 29 décembre 2016

Alpine Select: Programme de rachat d'actions à prix fixe terminé avec succès

Le 29 novembre 2016, Alpine Select SA, Zoug («Alpine Select»), dans un communiqué de presse, a annoncé un programme de rachat d'actions à prix fixe pour un maximum de 3'580'000 actions propres, correspondent à environ 25% du capital-actions de Alpine Select inscrit au registre du commerce («Offre de Rachat»). Après la publication de l'annonce de rachat le 14 décembre 2016, l'Offre de Rachat était ouverte à l'acceptation du 15 décembre 2016 au 29 décembre 2016, 16h00 HEC («Délai de Rachat»). Le prix de rachat par action nominative de Alpine Select présentée à l’acceptation était CHF 17.00.

Pendant le Délai de Rachat prenant fin le 29 décembre 2016, 16h00 HEC, un total de 2'964'982 actions nominatives ont été présentées à l'acceptation à Alpine Select. En conséquence, les présentations à l'acceptation ne doivent pas être réduites. Le paiement du prix de rachat (diminué de l'impôt fédéral anticipé de 35% sur la différence entre le prix de rachat des actions et leur valeur nominale) contre la livraison des actions nominatives sera effectué avec valeur au 30 décembre 2016.

Avec l’exécution de l’Offre de Rachat la suspension du négoce sur la deuxième ligne de négoce sera annulée le 3 janvier 2017.

Pour de plus amples informations, veuillez contacter Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) ou consulter notre site internet Website.

Concernant Alpine Select
Alpine Select SA est une société d'investissements dont le siège est situé à Zoug, qui est cotée à la SIX Swiss Exchange depuis 1998. Elle offre la possibilité à des investisseurs institutionnels et privés de participer à un portefeuille largement diversifié. La société entretient un contact actif avec les organes de ses participations et s'engage de manière constructive pour les intérêts de ses actionnaires. Alpine Select ne perçoit ni des frais administratifs ni de performance. Les actions de la société sont liquides et se négocient toujours à une valeur proche de leur valeur intrinsèque.


 

13.12.2016 Proposal for the election of a new member of the Board of Directors

 

 

Press Release

Zug, 13 December 2016

Alpine Select: Proposal for the election of a new member of the Board of Directors

At today’s meeting, the Board of Directors of Alpine Select has decided to propose to the annual shareholders’ meeting of 22 May 2017 that Mr. Michel Vukotic be elected as a new member to the board.

Mr. Michel Vukotic has been successfully working in the banking sector for over 30 years. He has an exceptionally broad financial market knowledge in both traditional and alternative investment schemes. The board of directors is pleased to be able to present the shareholders’ meeting with Michel Vukotic a personality that will complement the board of directors with his knowledge and broad experience.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

29.11.2016 (FR) Programme de rachat d'actions d'un maximum de 3'580'000 actions propres

 

 

Communiqué de presse

Zug, le 29 novembre 2016

Alpine Select: Programme de rachat d'actions d'un maximum de 3'580'000 actions propres

Nature, but et objet du programme de rachat

L'assemblée générale ordinaire de Alpine Select SA, Zoug («Alpine Select» ou «Société») du 24 mai 2016 a mandaté le conseil d'administration de Alpine Select d'acquérir, dans le cadre d'une offre publique d'acquisition, un maximum de 3'580'000 actions propres conformément aux dispositions de la Loi fédérale sur les infrastructures des marchés financiers et le comportement sur le marché en matière de négociation de valeurs mobilières et de dérivés (LIMF) et à ses ordonnances et règles d'exécution. Sur la base de cette décision d'autorisation, le conseil d'administration de Alpine Select a décidé le 28 novembre 2016 de racheter au maximum 3'580'000 actions propres à prix fixe (contre espèces) («Offre de Rachat»).

Le capital-actions de Alpine Select actuellement inscrit au registre du commerce se monte à CHF 286'324.64, divisé en 14'316'232 actions nominatives liées d'une valeur nominale de CHF 0.02 chacune. En conséquence, l'Offre de Rachat porte sur environ 25% du capital-actions de Alpine Select inscrit au registre du commerce.

Le but de l'Offre de Rachat est d'apporter des liquidités aux actionnaires de Alpine Select, respectivement de leur permettre de réduire leur participation dans la Société. Le conseil d'administration de Alpine Select prévoit de proposer à l'assemblée générale ordinaire du 22 mai 2017 de décider l'annulation des actions rachetées et une réduction du capital-actions au montant correspondant.

Le programme de rachat actuel de Alpine Select au prix du marché sur la deuxième ligne de négoce est suspendu jusqu'à l'exécution de cette Offre de Rachat.

Participation de Alpine Select à son propre capital

Au 28 novembre 2016, Alpine Select détenait directement ou indirectement 148'350 actions nominatives propres, correspondent à 1.04% du capital-actions et des droits de vote.

Actionnaires de Alpine Select avec 3% des droits de vote ou plus

Le 8 novembre 2016, les actionnaires suivants détenait 3% ou plus du capital-actions et des droits de vote de Alpine Select:

Aktionnaire Nombre de droits de vote Participation en %
Trinsic AG  2'128'906 14.87%
Hans Müller 1'450'000 10.13%
Raymond Bär 967'708 6.76%
Hans-Ulrich Rihs 613'000 4.28%
Hans Hornbacher 473'637 3.31%

Trinsic SA a annoncé envers Alpine Select qu'elle prévoit de présenter 2'101'717 de ses actions de Alpine Select dans le cadre de l'Offre de Rachat.

Messieurs Müller, Bär, Rihs et Hornbacher ont communiqué à Alpine Select qu'ils n'ont pas l'intention de présenter à l'acceptation respectivement vendre des actions nominatives dans le cadre de l'Offre de Rachat.

Calendrier de l'Offre de Rachat

Pour l'Offre de Rachat, le calendrier ci-après est prévu:

30 novembre 2016 Début du délai de carence de 10 jours de bourse
13 décembre 2016 Fin du délai de carence
14 décembre 2016  Publication de l'annonce de rachat
15 décembre 2016  Début de la durée de l'offre de 10 jours de bourse
29 décembre 2016 Fin de la durée de l'offre, 16h00 HEC
Publication du résultat de l'Offre de Rachat
30 décembre 2016 Exécution de l'Offre de Rachat

Publication du résultat 

Le 29 décembre 2016, après la clôture de la bourse, Alpine Select va annoncer le résultat de l'Offre de Rachat, y compris une réduction potentielle des présentations à l'acceptation, au moyen d'un communiqué de presse et d'une publication sur le site internet de Alpine Select (undefined).

Décision de la Commission des OPA

Le 28 Novembre 2016, la Commission des OPA («COPA») a autorisé l'Offre de Rachat et a rendu une décision avec le dispositif suivant:

"1. L'offre publique de rachat envisagée de Alpine Select SA à prix fixe en vue de l'annulation des actions acquises par réduction du capital-actions sera libérée, à concurrence de 3'580'000 actions nominatives, représentant environ 25% du capital-actions et des droits de vote, de l'application des règles sur les offres publiques d'achat.

2. Le déroulement envisagé de l'annonce de l'offre publique de rachat et de la publication de l'annonce de rachat est autorisé :

  • Communiqué de presse de Alpine Select SA portant sur (i) les grandes lignes du rachat d'actions envisagé (en particulier l'information sur le volume du rachat d'actions et le calendrier concret), mais sans indication du prix de rachat et (ii) la décision de la Commission des OPA avec le dispositif et l'indication de la possibilité de recours des actionnaires au sens de l'art. 58 OOPA.
  • Publication simultanée de la décision de la Commission des OPA sur le site internet de la Commission des OPA.
  • Publication de l'annonce de rachat (avec le prix de l'offre) après l'écoulement de 10 jours de bourse.
  • Début de la durée de l'offre le premier jour suivant la publication de l'annonce de rachat.

3. La demande de Alpine Select SA en réduction du délai de carence à cinq jours de bourse est rejetée.

4. La présente décision sera publiée le jour de la publication du communiqué de presse de Alpine Select SA sur le site internet de la Commission OPA..

5. L'émolument à charge de Alpine Select SA s'élève à CHF 25'000. »

La décision de la COPA va être publiée aujourd'hui sur le site internet de la COPA.

Droits des actionnaires de Alpine Select

Requête pour obtenir la qualité de partie (art. 57 de l'Ordonnance sur les OPA)

Les actionnaires qui détiennent au moins 3% des droits de vote de Alpine Select, exerçables ou non (une «Participation Qualifiée»), depuis le 29 novembre 2016 (chacun un «Actionnaire Qualifié»), obtiennent la qualité de partie s'ils en font la requête auprès de la COPA. La requête d'un Actionnaire Qualifié doit être reçue par la COPA (Selnaustrasse 30, case postale 1758, 8021 Zurich; fax: +41 (0)58 499 22 91) dans un délai de cinq (5) jours de bourse à compter de la date de publication de la décision de la COPA. Le délai commence à courir le premier jour de bourse après la publication de la décision de la COPA sur son site internet. Avec la requête, le requérant doit fournir la preuve de sa Participation Qualifiée. La COPA peut à tout moment demander la preuve que l’Actionnaire Qualifié détient encore une Participation Qualifiée. La qualité de partie d'un Actionnaire Qualifié sera conservée pour d’éventuelles autres décisions rendues par la COPA en relation avec l’Offre de Rachat, pour autant que l'Actionnaire Qualifié détienne encore une Participation Qualifiée..

Opposition (art. 58 de l'Ordonnance sur les OPA)

Un Actionnaire Qualifié peut faire opposition à la décision de la COPA. L'opposition doit être formée auprès de la COPA (Selnaustrasse 30, case postale 1758, 8021 Zurich; fax: +41 (0)58 499 22 91) dans les cinq (5) jours de bourse à compter de la date de publication de la décision de la COPA. Le délai d'opposition commence à courir le premier jour de bourse après la publication de la décision de la COPA sur son site internet. L'opposition doit comporter une conclusion, une motivation sommaire ainsi que la preuve de la Participation Qualifiée à compter du 29 novembre 2016.

Pour de plus amples informations, veuillez contacter Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) ou consulter notre site internet Website.

Concernant Alpine Select
Alpine Select SA est une société d'investissements dont le siège est situé à Zoug, qui est cotée à la SIX Swiss Exchange depuis 1998. Elle offre la possibilité à des investisseurs institutionnels et privés de participer à un portefeuille largement diversifié. La société entretient un contact actif avec les organes de ses participations et s'engage de manière constructive pour les intérêts de ses actionnaires. Alpine Select ne perçoit ni des frais administratifs ni de performance. Les actions de la société sont liquides et se négocient toujours à une valeur proche de leur valeur intrinsèque.


 

05.09.2016 Walter Berchtold to resign from the board of directors of Alpine Select Ltd. and of Absolute Invest Ltd. as per end of 2016

 

 

Press Release

Zug, 5 September 2016

Walter Berchtold to resign from the board of directors of Alpine Select Ltd. and Absolute Invest Ltd. as per end of 2016

Walter Berchtold, member of the board of directors of Alpine Select Ltd. and of Absolute Invest Ltd. has informed the president of the board today that he will be resigning as a member of the board of directors for both companies, effective per 31 December 2016. The resignation follows Walter Berchtold’s nomination as CEO of Falcon Private Bank (as of 1 October 2016) and is done to avoid any potential conflicts of interest that might arise out of this.

The board of directors and management regret that decision and like to thank Walter Berchtold for his commitment and valuable contribution and wish him continued success in his future activities.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

30.08.2016 Semi-annual results and report as per 30 June 2016

 

 

Press Release

Zug, 30 August 2016

Semi-annual results and report as per 30 June 2016

  • Positive performance of Alpine Select share price YTD
  • Acquisition of controlling majority in Altin as special focus
  • Negative contribution to result can largely by attributed to Japan side of portfolio
  • Investment in HBM reduced and now forms a normal sized position in the portfolio
  • Considerable returns on capital expected in the second half year 2016

During the first six months of 2016, the Alpine Select share increased from CHF 15.91 to CHF 16.20, equaling to a positive performance of 1.82%. The net asset value (“NAV”) recorded a performance of -3.81% (from CHF 15.74 to CHF 15.14) YTD as per 30 June 2016. However, the YTD performance of the consolidated NAV is +2.73% for the same period. (For the consolidated NAV the Altin position is calculated based on its proportional net assets – instead of the Altin share price.) Performance figures include dividend pay-out to shareholders of CHF 1.00.

Alpine further increased its participation in Altin successfully from 1,020,605 shares (equaling to 29.59% of all outstanding Altin shares) at the beginning 2016 to 2,109,800 shares or 61.2% as per 30 June 2016. The Altin position in the portfolio resulted in an unrealized profit of approximately CHF 15 million.

The partially realized losses of around CHF 10 million can largely be attributed to the Japan side of the portfolio (with a loss of CHF 6 million). In addition, one investment which did not perform as expected, was closed with a loss of CHF 2.8 million. Furthermore, HBM Healthcare – previously by far the largest position in the portfolio – was further reduced to a normal sized position in the portfolio. The rest of the portfolio remained during the first half year largely unchanged.

Alpine expects additional returns of capital during the second half year of 2016. Especially since the – at the Altin extraordinary shareholders’ meeting approved dividend and the reduction of the nominal capital – will lead to a pay-out of a combined CHF 24 per Altin share and thus Alpine will be credited with approximately CHF 50 million. This will further lead to a considerably reduced allocation in hedge funds, which is in line with the message communicated on 6 July 2016 whereby Alpine is to again increasingly focus on its traditional topics and/or investment strategies such as discount arbitrage and special situations.

The semi-annual report as per 30 June 2016 can be downloaded from the Alpine Select website: www.alpine-select.ch/investors/financial-reports/yr-2016.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

06.07.2016 Alpine Select informs about its investments in the field of hedge funds and its intention in regards to Altin Ltd.

 

 

Press Release

Zug, 6 July 2016

Alpine Select informs about its investments in the field of hedge funds and its intention in regards to Altin Ltd.

At today’s meeting, the Board of Directors of Alpine Select Ltd. has taken the decision in principle, to reduce in medium-term its exposure in Hedge Funds - held directly as well as indirectly via its majority holding in Altin Ltd. - and to again increasingly focus on our traditional topics and/or investment strategies.

Currently, Alpine Select Ltd holds directly or indirectly a total of 61.21% in Altin Ltd., Zug. As Altin has announced on 30 May 2016 as well as on 21 June 2016, the repayment in the amount of total CHF 24 per share as proposed by Alpine Select and decided by the shareholders of Altin is envisaged to be executed in September 2016. Taking into account this repayment to the shareholders and thus also to Alpine Select Ltd. and provided appropriate market conditions, the prerequisite is given that Alpine Select Ltd has an interest to further expanding its holding in Altin Ltd. Should Alpine Select Ltd. be able to further expand its holding in Altin, Alpine Select Ltd. shall seek negotiations with the board of directors of Altin Ltd. in the fourth quarter 2016 on a possible full consolidation or merger of the business activities of both companies, respectively. In the meantime, Alpine Select Ltd. pursues to make further adjustment at Altin Ltd., e.g. to alignment of the investment guidelines and to increase efficiency (esp. cost cuttings). Should a corresponding integration transaction actually take place, Alpine Select Ltd. strives to take into account the interests of all stakeholders of Altin Ltd.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

24.05.2016 Alpine Select: The annual meeting of shareholders’ approves all proposals and recommendations of the board of directors

 

 

Press Release

Zug, 24 May 2016

Alpine Select: The annual meeting of shareholders’ approves all proposals and recommendations of the board of directors

At the Annual General Meeting held today in Zug, the shareholders approved all proposals and recommendations of the board of directors as described in the invitation:

  • After taking note of the reports of the auditor, shareholders approved the annual report (financial statements and consolidated financial statements for the year 2015) and the compensation report 2015 was approved in a consultative vote. In addition, the request to carry forward the profit of the fiscal year 2015 to a new account was approved. The profit carried forward thus increased to CHF 135’294’381.
  • Even though the targeted performance was not reached, the board had proposed an unchanged dividend distribution of CHF 1.00 per registered share entitled to dividends. Reason for this was lack of attractive investment opportunities in the markets and the board’s desire to return capital to shareholders. The annual meeting of shareholders approved the request for a distribution of a withholding tax-free repayment out of “reserves from capital reserves”. The dividend will be paid to shareholders with ex-date 26 May 2016 (payment-date: 30 May 2016).
  • The members of the board and the management were granted discharge.
  • In addition, the members of the board of directors and of the compensation committee as well as the independent proxy advisor and the auditors were all re-elect for a further term of one-year. Also, Raymond J. Baer was re-elected as president of the board.
  • Shareholders approved a maximum total remuneration for the board of CHF 500,000 for the term ending at the next annual meeting of shareholders’ and a maximum compensation for the management of CHF 210,000 for the period from 1 January to 31 December 2017.
  • For regulatory reasons, the repurchase of own shares under the current buyback program is limited to 2,150 shares per trading day. The share buyback approved in principal by the shareholders at today’s annual meeting authorizes the board to buy-back in 2016 and at its discretion about 25% of the shares outstanding – should such a need arise. The so repurchased shares would then be cancelled as part of a capital reduction.

At today's annual meeting of shareholders, 60.21% of all shares were represented.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

13.05.2016 Alpine Select requests to convene an Extraordinary Shareholders’ Meeting of Altin

 

 

Press Release

Zug, 13 May 2016

Alpine Select requests to convene an Extraordinary Shareholders’ Meeting of Altin for the purpose of taking the decision with regards to a distribution of a special dividend.

Alpine Select currently holds directly and indirectly 58.5% of Altin’s shares. Alpine Select has requested Altin’s Board of Directors to call an extraordinary shareholders‘ meeting. According to the motion submitted, shareholders are asked to decide at the meeting on a cash distribution in the total amount of CHF 24.00 per registered Altin share. The total distribution of CHF 24 per registered Altin share is – according to the relevant shareholder request – to be executed by means of a capital reduction by repayment of par value in the amount of CHF 16.97 per share and by means of a distribution of a special dividend out of “reserves from capital contributions” in the amount of CHF 7.03 per share.

With this proposed cash distribution to the shareholders of Altin Ltd., Alpine Select aims to realize a first step towards a possible future integration or merger of the business activities of both companies respectively. Should the shareholders approve the proposed motion, it will be Alpine Select’s intention to take all Altin Ltd. stakeholders interests into consideration.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

09.05.2016 Publication of consolidated Net Asset Value («NAV»)

 

 

Press Release

Zug, 9 May 2016

Publication of consolidated Net Asset Value («NAV»)

Alpine Select disclosed on 8 April 2016, that the Company had increased its stake in Altin Ltd. to over 50%. At the ordinary shareholders’ meeting of Altin Ltd. held today, the shareholders voted in favor of the board’s suggestions and elected Thomas Amstutz, Dieter Dubs and Gerhard Niggli new to the Board. The board of directors of Altin Ltd. is completed by Messrs André Pabst and Roger Rüegg, which were re-elected.

As of today, Alpine Select will publish – in addition to the currently published weekly Net Asset Value («NAV») (where the Altin position is calculated based on its share price) – a consolidated weekly NAV, where the Altin position is calculated based on its NAV.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

21.04.2016 Invitation to the ordinary shareholders’ meeting 2016 of Alpine Select Ltd.

 

 

Press Release

Zug, 21 April 2016

Invitation to the ordinary shareholders’ meeting 2016 of Alpine Select Ltd.

The ordinary Annual Shareholders' Meeting will take place on:

Date: Tuesday, 24 May 2016
Time: 11 a.m. (CEST)
Location: Parkhotel Zug "Saal Park I+II, Industriestrasse 14, Zug

Agenda

  1. Approval of the annual report 2015 (financial statements and consolidated financial statements for the year 2015) and resolution on the compensation report 2015
  2. Appropriation of the annual result
  3. Resolution on the distribution of a dividend
  4. Discharge of the members of the board of directors and of the executive board
  5. Elections
  6. Approval of the compensation of the board of directors and of the executive board
  7. Authorization of a share buyback program

Notes on the organization of the shareholders' meeting

The annual report for the year 2015 (including annual review, statutory and consolidated financial statements, the compensation report, and the audit reports) is available for inspection by the shareholders and is distributed to shareholders upon request. In addition, the annual report and the detailed invitation to the shareholders’ meeting can be downloaded from the Alpine Select website www.alpine-select.ch.

Shareholders who are registered up to and including 5 May 2016 with voting rights in the share register are invited to the ordinary annual shareholders’ meeting 2016 in accordance to the company’s articles of association by letter, addressed to the address as listed in the share register. No entries are made in the share register during the period from 5 May 2016 until after the end of the annual shareholder’s meeting.

Shareholders who are unable to attend the annual shareholders’ meeting in person may appoint another shareholder or the independent shareholders’ representative (HütteLAW AG, Cham) as their proxy. The proxy for representation may be submitted via the response card, that shareholders receive with the invitation or to the independent shareholders’ representative also by using the online application.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

11.04.2016 Annual result 2015 and dividend distribution

 

 

Press Release

Zug, 11 April 2016

Annual result 2015 and dividend distribution

The performance of the shares of Alpine Select in 2015 mirrored roughly the stock market indices, however with a much lower volatility. Including the pay-out to shareholders of CHF 1.00 in May 2015, the Alpine Select share price increased in 2015, as per 31 December 2015 by 0.73%. The net asset value (NAV) of the Company however recorded a reduction of 1.25% in the year 2015, from CHF 16.93 to CHF 16.72 per share. Even though the long-term performance target was not reached, the Board of Directors of Alpine Select considers this result as acceptable given the challenging market environment. The board therefore proposes to the annual shareholders’ meeting on 24 May 2016 again a distribution in the form of a withholding tax-free repayment out of “reserves from capital contributions” of CHF 1.00 per registered share entitled to dividends.

The annual report 2015 of Alpine Select Ltd. is available as of 21 April 2016 at the seat of the Company and can be downloaded as of this day from the Company’s website.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

18.03.2016 Extraordinary Shareholders' Meeting of Altin Ltd.

 

 

Press Release

Zug, 18 March 2016

Extraordinary Shareholders' Meeting of Altin Ltd.

We are glad that our representative, Thomas Amstutz, has been elected to the Altin board of directors at today's extraordinary shareholders' meeting of Altin Ltd. All the other motions put forward by Alpine Select were declined. However, it is our intention to pursuing our interest in this particular investment further.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

11.03.2016 Without Alpine Select's substantial purchases, Altin's discount would still be at 25%

 

 

Information to

Shareholders of Altin Ltd
Shareholders of Alpine Select Ltd
Media representatives
Interested market participants

Zug, 11 March 2016

Without Alpine Select's substantial purchases, Altin's discount would still be at 25%

According to the statements made in Altin's the letter to shareholders, dated 25 February 2016, the reduced discount of Altin's share price to its net asset value (NAV) is mainly due to the considerably efforts made by the company to re-establish a market presence in the UK.

However, this is not the case: Altin's share price trades at a historic high mainly thanks to the steady accumulation of Altin shares by Alpine Select. This is illustrated impressively by the chart shown below. 

 

Without the massive purchases of roughly 35% of all of Altin's outstanding shares, the discount most probably would still be around its historical average of 25% instead of currently being below 10%.

We therefore do not understand the decision of Altin's board and some financial intermediaries to reject most of our agenda items for the forthcoming Altin extraordinary shareholders‘ meeting of 18 March 2016. The proposals made by Alpine Select will lead to a further reduction of the prevailing discount and generate added value to the shareholders.

By adding a payment date to its proposal of a dividend distribution, Alpine Select has addressed the concerns of Altin’s board of directors and its auditors in regards to the liquidity required to enable such a distribution. Subsequently, Alpine Select expects the auditor to confirm the legality of the dividend proposal. It is only with such a confirmation that the shareholders can vote – without doubt - on the proposed dividend distribution.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website.

About Alpine Select
Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

Press Release 2015

09.11.2015 Alpine Select: Share buyback via second trading line of Alpine Select Ltd.

 

 

Press Release

Zug, 9 November 2015

Alpine Select: Share buyback via second trading line of Alpine Select Ltd.

The Board of Directors of Alpine Select Ltd. (Stock Exchange Symbol ALPN) has decided – based on the decision of the General Assembly on 20 May 2015 – to launch a share buyback program for a maximum of 10% of the share capital via a second trading line. Based on the current outstanding number of registered shares of Alpine Select of 14,316,232 this results in a maximum buyback volume of 1,431,623 registered shares. The actual amount of shares bought back will be determined by the company’s freely available liquidity on the one hand and by the supply on the second trading line on the other hand. Alpine Select retains the right to terminate the program at any time, and has no obligation to purchase treasury shares under this share buyback program.

The advertisement relating to the share buyback will be published on 11 November 2015. Trading on the second trading line will commence on 11 November 2015 and will be sustained until the ordinary shareholders meeting of Alpine Select in 2017 at the latest. After completion of the share buyback program, the Board of Directors will propose to the General Assembly the capital reduction by cancellation of all shares purchased within this buyback program. The transaction will be executed by the Neue Helvetische Bank AG, Zurich.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website www.alpine-select.ch.

About Alpine Select

Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

27.08.2015 Alpine Select: Semi-annual results and report as per 30 June 2015

 

 

Presse Release

Zug, 27 August 2015

Alpine Select: Semi-annual results and report as per 30 June 2015

  • Continued positive performance of portfolio and share price ;
  • HBM continues to be main driver for positive performance;
  • Increased engagement in ‘Japan’ funds and Altin Ltd;
  • Continued monitoring of markets and review opportunities that might arise.

During the first six months of 2015, Alpine Select share increased from CHF 16.78 to CHF 17.90, a positive performance for the reporting period of 6.7%. Also, the Net Asset Value (“NAV”) has developed positively, from CHF 16.93 to CHF 17.73 or plus 4.7%. (Performance figures include dividend pay-out to shareholders of CHF 1.00.)

With a realized profit of CHF 0.7 million and CHF 7.9 million (unrealized) our position in HBM Healthcare has again contributed the largest share to the positive result for the first half of 2015. Various visits to Japan have strengthened the positive views on this market, and Alpine Select has thus increased its allocation. In addition, Alpine Select remains convinced of the quality of Altin’s portfolio and has built up its holding to above 25% by buying shares at an attractive discount and after entry of Altin’s capital reduction in the commercial register of the Canton Zug.

In the year 2015 so far, we have already seen a number of market turbulences, driven by e.g. the Swiss National bank’s announcement to discontinue the minimum exchange rate of CHF 1.20 and the financial crisis in Greece. Alpine Select also monitors closely the current market turmoil caused by the slowdown of the Chinese economy and will adjust the portfolio, if necessary.

The semi-annual report as per 30 June 2015 can be downloaded from our website.

For further information, please contact Claudia Habermacher at This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website.

About Alpine Select

Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

14.07.2015 Alpine Select: Completion of the ordinary capital increase

 

 

Press Release

Zug, 14 July 2015

Alpine Select: Completion of the ordinary capital increase

  • Gross proceeds of approx. CHF 16.51 Mio.
  • Placement price of CHF 17.60 per registered share

The Board of Directors of Alpine Select Ltd., Zug (Stock Exchange Symbol: ALPN) resolved on 13 July 2015 to issue a total of 938’278 new registered shares (Namenaktien) following the resolution by the shareholders of 20 May 2015 on an ordinary capital increase against cash contribution. The new shares were placed at a price of CHF 17.60 per registered share by way of an accelerated bookbuilding process. The price represents a slight premium of 3 cents to net asset value (NAV) of 9 July 2015 (CHF 17.57). Alpine Select receives gross proceeds of approximately CHF 16.51 million from the capital increase.

The issue of new shares has been carried out in the context of an ordinary capital increase as approved by the annual shareholders’ meeting, held on 20 May 2015. The execution of the capital increase is expected to be entered into the commercial register on 14 July 2015; the new shares will trade at the Swiss Stock Exchange for the first time on 16 July 2015. The capital increase results in a rise in the Alpine Select share capital to CHF 286’324.64. The subscription rights of shareholders have been excluded in accordance with the resolution passed by the Annual Shareholders Meeting.

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website www.alpine-select.ch.

About Alpine Select

Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

20.05.2015 Alpine Select: The annual general meeting approves all proposals and recommendations

 

 

Press Release

Zug, 20 May 2015

Alpine Select: The annual general meeting approves all proposals and recommendations of the board of directors

At the annual general meeting held today in Zug, the shareholders approved all proposals and recommendations of the board of directors as described in the invitation.

The main decisions include the following:

The members of the Board and the Compensation Committee as well as the independent proxy advisor and the auditors were all re-elect for a further term of one-year. The members of the board and the Management were granted discharge.

The distribution of a tax-free dividend of CHF 1.00 was approved. The dividend will be paid-out to shareholders ex-date 26 May 2015 (value date: 28 May 2015).

Shareholders also authorized the board to launch at their discretion, a new share buyback program up to a maximum of 10% of the total share capital (in the period between 21 May 2015 and the AGM in 2017). The published share buy-back program, published on 29. April 2013 (2013 to 2015) has been completed. Under this program, the Company has bought back no shares.

The shareholders agreed to the proposed ordinary capital increase. In order to support an efficient placement of the new shares on the capital market and to broaden the company’s shareholder base, the shareholder’s subscription rights are according to the shareholders’ decision excluded. The board will carry out the decision in accordance to the placed subscriptions and within the period of three months. In addition, the shareholders approved the creation of authorized capital and the revised article 4a of the articles of association.

At today’s annual meeting of shareholders’, 52% of all shares were represented.

For further information, please contact Claudia Habermacher (chabermacher@alpine-select.ch) or visit our website www.alpine-select.ch.

About Alpine Select

Alpine Select Ltd is an investment company domiciled in Zug and has been listed on the Swiss Stock exchange since 1998. The company offers institutional and individual investors the opportunity to buy into a broad portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees. The Company’s shares are liquid and have always traded at or close to its Net Asset Value.


 

Archive

04.06.2014 Open Letter to the Shareholders of HBM Healthcare Investments AG

 

 

Ihre Stimme zählt: Stärken Sie die Aktionärsdemokratie und helfen Sie mit bei der Bekämpfung des Discounts.
Für weitere Informationen beachten Sie bitte den beigefügten offenen Brief.

Gerne stehen wir Ihnen unter This email address is being protected from spambots. You need JavaScript enabled to view it. für Rückfragen zur Verfügung.


Your vote counts: Strengthen shareholders’ democracy and simultaneously help diminish the discount to book value.
For more information please read the attached open letter.

Please do not hesitate to contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. – we are happy to answer any question you may have.


 

11.04.2014 Change to Publication of Consolidated NAV

 

 

Wechsel zur Publikation des konsolidierten NAV

Zug, 11. April 2014. Alpine Select AG am 8. April 2014 das Jahresergebnis 2013 publiziert. Dabei wurde die Beteiligung an der Absolute Invest AG (an welcher Alpine Select AG per Jahresende 2013 98.95% hält) vollständig konsolidiert.

Als Konsequenz daraus wird Alpine Select AG ab heutigem Datum wöchentlich den konsolidierten Net Asset Value (NAV) je Aktie berechnen und publizieren.


Change to publication of consolidated NAV

Zug, 11 April 2014. Alpine Select AG published its annual result for 2013 on 8 April 2014. The position of Absolute Invest AG (a 98.95% holding of Alpine Select as per year-end 2013) has been fully consolidated.

As a consequence, Alpine Select calculates and publishes as of today weekly the consolidated NAV.