GAM Holding has initiated a new share buy-back programme in a bid to reduce capital.
The cancellation of shares is subject to shareholder approval at future Annual General Meetings (AGM).
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Under the new three-year programme, GAM Holding is keen to repurchase around 16.7 million shares, accounting to 10% of its shares in issue. This excludes the 6.6 million shares that the company had bought under the previous buy-back programme which are to be cancelled.
The programme is scheduled to end on 27 April 2017.
The share buy-backs will be carried out over a second trading line at the SIX Swiss Exchange where GAM Holding acts as sole buyer and it will be subject to the Swiss federal withholding tax of 35%, calculated on the difference between the repurchase price of the shares and their par value.
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By GlobalData
