Bellevue Group - Successful conversion of BB Medtech AG into an
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An overwhelming majority of BB Medtech shareholders backed the
proposal to transform the listed investment company into a
Luxembourg-based equity fund. According to the final tally, 94.97% of
all outstanding shares were tendered. The BB Medtech (Lux) Fund
offers shareholders a transparent and highly liquid investment
vehicle that, like its predecessor, will invest in listed companies
active in the fast growing medical technology market. The BB Medtech
(Lux) Fund was officially launched as scheduled on September 28,
2009. The shareholders of BB Medtech AG will be allocated 1 fund unit
per share on October 2, 2009. Bellevue Asset Management will continue
to serve as asset manager.
A nearly unanimous shareholder approval of 94.97% was reached, well
above the necessary threshold required to consummate the transaction.
It was already apparent during the initial acceptance period that the
share exchange offer converting the investment company into a
Luxembourg-based fund would be successful. On October 2, 2009 the
shares of BB Medtech AG will be exchanged for shares of the new BB
Medtech (Lux) Fund. The initial Net Asset Value of the fund
calculated as of September 28 is CHF 45.30 or EUR 30.02. This
represents an increase in value of 35% (CHF) or 35% (EUR) since March
30, 2009, the date when the Board of Directors announced it was
reviewing all possible means of eliminating the discount between the
share price and the net asset value of the investment portfolio.
The transaction offers shareholders multiple benefits. The discount
between the company's share price and the Net Asset Value of the
investment portfolio has been permanently eliminated. Now fund units
can be bought and redeemed on a daily basis at net asset value.
Shareholders remain invested in the fast growing medical technology
sector but in a new form. Increasing life expectancy, greater
emphasis on health and aesthetics, the structural change sweeping
across the healthcare industry, increasing patient demands and
improving healthcare systems in fast growing emerging markets will
sustain the high growth potential of the medical technology sector.
Medtech is also a sector that has displayed substantial talent for
innovation. The global market for medical technology products and
services has grown between 10% and 20% p.a., depending on the
sub-market, and the total market volume now surpasses the USD 300
billion mark. The medtech industry is fundamentally sound, the profit
margins are generally attractive and some segments of the market
should continue to grow by as much as 20% p.a. in the coming years.
The BB Medtech (Lux) Fund is the latest addition to Bellevue Asset
Management's family of Luxembourg-based funds in the healthcare
segment. Bellevue Asset Management, an independent, highly
specialized asset management boutique with a more than 15-year track
record and CHF 2.7 billion in assets under management, ranks among
the leading providers of investment services in this sector. Fund
management has been delegated to a team of 3 portfolio managers and
analysts headed by Stefan Blum.
For further information:
Media: André Rüegg,
Telephone +41 44 267 67 00, Fax +41 44 267 77 01,
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Bellevue Group AG
Seestrasse 16, Postfach Küsnacht/Zürich
WKN: A0LG3Z; ISIN: CH0028422100; Index: SPI, SSCI, SPIEX;
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