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April 2009
CHF 1 billion
Spin-off of investment subsidiary Athris
Capital increase and introduction of single share class at Jelmoli
Share buyback of 45% of Athris with tradable put-options
Bellevue acting as transaction manager
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Transaction
- Restructuring of Jelmoli Holding Ltd
- Spin-off of Athris Holding Ltd into a SIX Swiss Exchange listed company
- CHF 370m (approximately 45% of shares outstanding) share repurchase program with tradable put options
- Creating a single share class of Jelmoli registrerd shares
- Capital increase for Jelmoli Holding Ltd to the sole subscription of the lead investor, compensating for giving up control
- Market making in Jelmoli shares, Athris registered and bearer shares and Athris put options
Highlights
- Unprecedented percentage of capital reduction (45%)
- Simultaneous implementation of all restructuring measures (as mentioned above) with execution date 30 March for all steps
Bank am Bellevue‘s strength
- Quick decisions; the client is in direct daily contact with decision makers
- Capability of dealing with complex/non-standard transaction structures
- Access to SIX Swiss Exchange, regulatory authorities and local advisers
- Impeccable execution
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