Disclosure 23610

Publication date: 18.12.2023, 17:44:23

Summary

Issuer	Ultima Capital SA
Reason for disclosing	Acquisition, Creation of group, Granting of derivative holdings
Basis of calculation	5'909'922
Purchase positions	2'327'922 (39.390%)
Sale positions	2'488'069 (42.100%)
Date of origination of the reporting obligation	10.12.2023

Group of shareholders: Group

Beneficial owners
Engelwood Asset Management S.A., 5 rue Guillaume Kroll L-1882 Luxembourg, acting as manager of Philae Fund (Subfund Property)
Rafiq, Akbar, London, United Kingdom
Picco Golinelli, Eliane, London, United Kingdom
Sabater, Jaume, Zug, Switzerland

Types of understanding
Group of sellers

Indirect participant	Representation of the group
Philae Fund S.A. acting on behalf of its sub fund Property, a Luxembourg investment company in variable capital – reserved alternative investment fund (société d’investissement en capital variable – fonds d’investissement alternatif réservé, SICAV-FIAR) incorporated under the form of a société anonyme, 15, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg; Madison Debt Holdings IV S.à r.l., 1, Place d'Armes, L-1136 Luxembourg; Varia Investments Opportunities Group S.A., 5, rue Guillaume Kroll, L-1882 Luxembourg; Global Financial Opportunities, 5, rue Guillaume Kroll, L-1882 Luxembourg	Engelwood Asset Management S.A., 5 rue Guillaume Kroll L-1882 Luxembourg

Indirect participant

Representation of the group

Philae Fund S.A. acting on behalf of its sub fund Property, a Luxembourg investment company in variable capital – reserved alternative investment fund (société d’investissement en capital variable – fonds d’investissement alternatif réservé, SICAV-FIAR) incorporated under the form of a société anonyme, 15, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg; Madison Debt Holdings IV S.à r.l., 1, Place d'Armes, L-1136 Luxembourg; Varia Investments Opportunities Group S.A., 5, rue Guillaume Kroll, L-1882 Luxembourg; Global Financial Opportunities, 5, rue Guillaume Kroll, L-1882 Luxembourg

Engelwood Asset Management S.A., 5 rue Guillaume Kroll L-1882 Luxembourg

Purchase positions

Namensaktien

Number	Voting rights
1'724'917	1'724'917

No voting rights at own discretion

Derivative holdings

Type	Number	Voting rights	ISIN or basic terms
Call Options	26	603'005	Philae Fund, acting on behalf of its sub fund Property, (1) acquired a total of 26 call options for the acquisition of 603,005 shares in Ultima Capital SA from 26 counterparties holding such shares, being exercisable from 10 December 2023 until (and including) the day failing 12 (twelve) months and 15 (fifteen) Business Days after 10 December 2023 and (2) wrote to the same counterparties the same number of put options for disposal of the same number of shares in Ultima Capital SA during the period of one month after the date of expiration of the aforementioned exercise period of the call option, each call and option at an exercise price of CHF 105.00, and only each put and call option being alternatively exercisable.

Sale positions

Type	Number	Voting rights	ISIN or basic terms
Put/written call options	5	2'488'069	Each of the (indirect) participation holders indicated above entered into call and put option agreements with Alpine Holding Kft., based on which they (1) granted to Alpine Holding Kft. a total of 5 call options for the acquisition of up to an aggregate of 2,488,069 shares in Ultima Capital SA, exercisable until 10 December 2025 (except one option for up to 763,152 shares exercisable until 10 December 2024), each at a price of CHF 84.00 or, after 10 June 2025, CHF 86.50 per share (except one option for 763,152 shares with an exercise price of CHF 105.00 per share) and (2) acquired from Alpine Holding Kft. the same total number of put options for the disposal of the same number of shares, each for an exercise price of CHF 105.00 and each exercisable during the period of two months after the expiration of the call options if such call options had not been exercised, and only each put and call option being alternatively exercisable.