20.05.2020 Alpine Select Ltd.: The ordinary sharholders' meeting approves all agenda items and proposals
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).
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 (in PDF format)