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ALTIN AG: 2011 results

 
 
    -- 2011 performance: -7.52%, outperforming the HFRX index 
 
    -- A good start to 2012: +4.53%1 
 
    -- Cumulative performance since inception: +168.79%2 
 
    -- Dividend of CHF 4.10 per share 
 

Baar, 25 April 2012 - ALTIN AG (LSE:AIA) (SWX:ALTN), the Swiss alternative investment company, held its annual general meeting today. In the difficult financial environment of 2011, ALTIN finished the year down -7.52%. Yet thanks to its active management style, ALTIN performed better than the HFRX index, which fell by -8.87%. Finally the Board of Directors proposed to shareholders to accept a dividend of CHF 4.10 per share, representing 7% of the NAV as per 31 December 2011 and paid out of share premium reserves.

2011 results

2011 was a year of significant market and liquidity risk. ALTIN finished 2011 down -7.52%, yet performed better than the HFRX index and MSCI World Hedged Index, which were down -8.87% and -7.54% respectively. In this challenging environment, ALTIN made two important decisions. The first, as a result of the increased market volatility mainly due to the European sovereign debt issues, was to reduce the leverage employed by 9%, to finish the year at a 17% level. The second was to diversify the portfolio by introducing 11 new investment strategies, which contributed to reducing the beta of equities in the portfolio. The best performance contributors were Macro and Long/Short Equity strategies, followed by Multi-Strategy and Event Driven funds.

Since early 2009, ALTIN's positioning has been biased towards liquid strategies and liquid assets. This positioning was maintained in 2011 and ALTIN's portfolio continues to hold a majority of investments with a redemption frequency term of 3 months or less.

Decisions of the Annual General Meeting

Following the new high dividend policy announced on 24 November 2011, the Annual General Meeting accepted the Board's proposal to pay a dividend of CHF 4.10 per share for 2011 out of share premium reserves. This amount corresponds to 7% of the NAV as per 31 December 2011 and represents a dividend yield of 9.3% based on the end-of-year share price, and is therefore significantly higher than initially announced.

Notes on the new dividend policy

The Board of Directors intends to maintain the dividend policy in future years and such a proposal will be submitted to the Annual General Meeting for approval on an annual basis. Should the dividend policy change, such change would be communicated in a press release.

As announced in November 2011, should the investment performance in the previous financial year be higher than 4% of the NAV, an additional distribution corresponding to 20% of the excess performance would be proposed to the shareholders. In the event that the company has a negative or sub 4% performance, the Board of Directors can decide whether such negative performance must be made up in future years when submitting their dividend proposal to the Annual General Meeting. Any decision would be published in a press release.

As at 31 December 2011, CHF 55.9 million of share premium reserves3 (of which CHF 53.2 million were approved by the Swiss Federal Tax Authority) were transferred from the General Reserve to a newly created Capital Contribution Reserve and will be available for future distribution free of withholding tax.

For further information, please contact

 
Investor Relations Manager    Kinlan Communications 
Marc T. Clapasson             David Hothersall 
Tel. +41 41 760 62 60         Tel. +44 (0)20 7638 3435 
info@altin.ch                 davidh@kinlan.net 
 
 

Note to Editors

About ALTIN AG

ALTIN AG was launched in 1996 and is listed on the SIX Swiss Exchange as well as on the London Stock Exchange. It ranks among Switzerland's leading alternative investment companies. Currently, ALTIN is invested in more than 35 hedge funds representing diverse investment strategies. Its objective is to generate an absolute compound annual return in USD terms with lower volatility than equity markets. Owing to these characteristics and a low correlation with equity markets, ALTIN shares provide an ideal complement for all diversified portfolios.

ALTIN is managed by Alternative Asset Advisors SA, a management firm specializing in alternative investments and a member of the SYZ & CO Group.

www.altin.ch

1 YTD NAV performance as at 31.03.2012

2 NAV performance between 1 Dec. 1996 and 31 March 2012

3 Figures published in the 2011 Annual Report

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