EANS-Adhoc: shaPE Capital AG
Implementation of realization strategy
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
16.09.2009
shaPE Capital AG ("shaPE") today announced the implementation of a
realization strategy. This realization strategy is designed to return
the value of its portfolio to shareholders over time.The substantial discrepancies between the portfolio value and the share price are a significant disadvantage for the shareholder and - coupled with the limited liquidity - do not allow a respective realization of the intrinsic investment value in shaPE. As the structural concept "liquidity in an illiquid asset class" has failed in the recent stress scenario, the board of shaPE came to the conclusion that a listed evergreen structure for a private equity fund of funds will also in the future - and even with narrowed discounts - not allow the shareholder to capture the real value of his investment. Therefore and after consideration of various alternative options, the board determined that a realization strategy is in the best interest of shareholders.
Under the realization regime, shaPE will not make any new commitments, but will fulfill future capital calls of the existing portfolio. As the portfolio then turns cash flow positive over time, shaPE will return capital to shareholders. The return of capital will be done through further share buy backs, reduction of nominal value, return of agio and other means. shaPE presently intends to pursue this realization strategy until the full value has been returned to shareholders. Potentially and after careful consideration of the conditions of the financial markets, shaPE will also consider accelerating the realization strategy through selected secondary sales. shaPE reserves the right to discontinue the realization strategy and switch to another appropriate strategy.
In light of the realization strategy, shaPE also examined its structure. The board searched for a cost-efficient, transparent and effective solution for the investment advisory and management as well as secretarial and administrative functions. The board also wanted to secure stability and continuity.
Starting 1 October 2009, the investment management and advisory function will be reassumed by Julius Baer Group who has been the original sponsor of shaPE. Simon Lamprecht, company secretary of shaPE, will transfer to Julius Baer Group, where he will continue to be responsible for various functions for shaPE. Beat Buehlmann will continue to serve as chairman of shaPE; he will be retained as an advisor by Julius Baer Group. With the appointment of Julius Baer Group and the continuation of the responsible individuals, the board is convinced to have selected the optimal structure for the execution of the realization strategy.
end of ad-hoc-announcement ========================================== =====================================") shaPE Capital AG (shaPE) is an investment company domiciled in Pfaeffikon SZ that follows the principle of a fund of funds and provides access to private equity investments with daily liquidity. Diversified by regions, investment stages and vintage years, shaPE invests in globally selected private equity companies. shaPE was founded in 2001 and is listed on the SIX Swiss Exchange under the ticker symbol SHPN.
Further inquiry note:
Dr. Simon Lamprecht
shaPE Capital AG
Poststrasse 4
8808 Pfäffikon SZ
Tel: +41/55/415'28'20
E-Mail: simon.lamprecht@horizon21.com
Internet: www.shape-capital.com
Branche: Financial & Business Services
ISIN: CH0012885841
WKN: 765355
Börsen: SIX Swiss Exchange / official dealing