CAI Castle Alt Inv

TIDMCAI

RNS Number : 2229X

Castle Alternative Invest AG

08 January 2014

Castle Alternative Invest AG

Proposed cancellation of listing of shares on the Official list and from trading on the Main Market of the London Stock Exchange

The Board of Castle Alternative Invest AG (the Company) today announces that is has published a circular in connection with the proposed cancellation of the listing of the Company's ordinary shares on the Official List of the UK Listing Authority and from trading on the London Stock Exchange's Main Market for Listed Securities (the Cancellation) in accordance with Listing Rule 5.2.5. In accordance with Listing Rule 9.6.3, a copy of the circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM

It should be noted that the Company's ordinary shares will remain listed on the SIX Swiss Exchange and will continue to be quoted and traded in Swiss francs and US dollars on the SIX Swiss Exchange.

An Extraordinary General Meeting (EGM) will be convened, to be held at the offices of the Company, Schützenstrasse 6, CH-8808 Pfäffikon, Switzerland at midday (CET) on 31 January 2014 at which a resolution will be proposed to seek shareholder approval for the Cancellation.

Reasons for Cancellation of the London Listing

In line with its aim of enhancing shareholder value, the Board is proposing a consolidation of the Company's listing into a single listing on the SIX Swiss Exchange.

The Board has reviewed the Company's current dual listing on the SIX Swiss Exchange and the London Stock Exchange. Although the Directors believe that the listing of the Company's shares in London has enhanced the Company's international profile, they believe that moving to a single listing of the Company's shares on the SIX Swiss Exchange will be beneficial for shareholders, as it will consolidate all secondary market trading through a single and therefore more liquid quotation and reduce on-going regulatory and compliance costs. In reaching the decision, the Directors have taken the following factors into account:

-- at the time of the initial listing of the Company's shares in London in June 2009, the Board believed that the listing would improve liquidity in the trading of the shares and this has not occurred, with trading in the shares on the London Stock Exchange declining substantially and such trades representing a very small proportion of the total trading in the shares;

-- the Company is now significantly smaller than when the listing of the Company's shares in London was initiated;

-- international investors have demonstrated their willingness to deal in the shares on the SIX Swiss Exchange; and

-- the Directors estimate that the annual costs associated with maintaining the listing of the Company's shares in London currently amount to at least $90,000.

Expected Timetable of Events

 
 Latest time and date for receipt          5 p.m. (CET) on 24 January 2014 
  of registration cards in respect 
  of the EGM 
 Time and date of EGM                      Midday (CET) on 31 January 2014 
 Cancellation of listing of shares           8:00 am (GMT) on 3 March 2014 
  on the Official List and trading 
  on the London Stock Exchange effective 
 

If any of the above time and/or dates change, the revised times and dates will be notified to Shareholders by a further announcement.

For further information, please contact:

Mark White, General Manager, telephone +44 (0)20 7529 0960

Pia Skogstrom, Investor Relations, telephone +44 (0)20 7529 0971

or e-mail: lgt.cai@lgt.com

www.castleai.com

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

Swiss Security Number 509.275

A joint stock corporation incorporated on July 30, 1996 under Swiss laws

Registered Office: Schuetzenstrasse 6, 8808 Pfaeffikon/SZ, Switzerland

This information is provided by RNS

The company news service from the London Stock Exchange

END

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