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
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.
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 (in PDF format)