GAM Holding AG’s share buy-back programme launched on 5 May 2020 completed on 28 April 2023.
Under this programme the company repurchased a total of 8,661,328 shares at the average price of CHF 1.57, utilising CHF 13.6 million on the ordinary trading line. No shares were bought back on the second trading line designated for cancellation.
As announced on 30 April 2020, GAM Holding AG entered into a share buy-back programme that was designed to purchase shares on the ordinary trading line to cover share-based payments and to purchase shares on the second trading line designated for cancellation.
The maximum buy-back volume had been fixed at 16 million shares over a maximum period of three years.
The maximum buy-back volume per day according to art. 123 (1) (c) of the Financial Market Infrastructure Ordinance (FMIO) amounts to 414,261 shares.
All transactions on the second trading with the purpose of capital reduction are subject to the Swiss federal withholding tax. 50% of the difference between the repurchase price of the shares and the par value of CHF 0.05 will be subject to the Swiss federal withholding tax of 35%. The tax is directly deducted from the repurchase price and remitted to the Swiss Federal Tax Administration.
Persons domiciled in Switzerland may claim reimbursement of Swiss Federal withholding tax according to art. 21 of the Swiss Federal Law on Withholding Tax.
Persons domiciled outside Switzerland may reclaim Swiss Federal withholding tax subject to the provisions of the relevant Double Taxation Agreement.
Imposition of direct Federal taxes (Cantons and municipalities generally adopt the same practice):
Shares held as private assets: The difference between their repurchase price and their par value of CHF 0.05 per each share constitutes taxable income.
Shares held as business assets: The difference between their repurchase price and their book value constitutes taxable income.
Shareholders domiciled outside Switzerland for tax purposes will pay tax in accordance with the laws of the country in which they are domiciled.
Information on the (2020 – 2023) share buy-back programme