Disclosure 21158

Publication date:
Last updated:


Issuer Ultima Capital SA
Reason for disclosing Change in information, Secured debt financing with put option (repayment in kind)
Basis of calculation 5'909'922
Purchase positions 1'704'205 (28.836%)
Sale positions 1'968'004 (33.300%)
Date of origination of the reporting obligation 26.08.2021

Individual shareholder

Beneficial owner George, Max-Hervé, London/UK
Direct shareholder Alpine 2 SCSp, 5 rue Guillaume Kroll L-1882 Luxembourg, Grand Duchy of Luxembourg

Purchase positions


Number Voting rights
1'704'205 1'704'205

No voting rights at own discretion

No derivative holdings

Sale positions

Type Number Voting rights ISIN or basic terms
Put Option 1 1'968'004 On 26 August 2021, Alpine 2 SCSp, 5 rue Guillaume Kroll, L-1882 Luxembourg, Grand Duchy of Luxembourg, became direct shareholder of 492'001 shares in Ultima Capital SA (8.325%). On 27 August 2021, Alpine 1 SCSp, whose beneficial owner is Max-Hervé George, London, United Kingdom, and which in turn owns the units in Alpine 2 SCSp, has entered into a secured debt financing with Alpine Holding Korlátolt Felelősségű Társaság, 11 Andrássy út, 1061 Budapest, Hungary. The shares in Ultima Capital SA owned by Alpine 2 SCSp serve as collateral for the debt financing (secured debt). Under the secured debt financing agreement, Alpine 1 SCSp issues various tranches of notes with maturity date 30 December 2025 ("Notes"). At the election of Alpine 1 SCSp, repayment of these collateralized Notes can be made either in cash or by transferring the units in Alpine 2 SCSp ("Repayment in Kind") at the maturity of the Notes. In the case of such Repayment in Kind, Alpine 2 SCSp would be required to hold 1'968'004 shares in Ultima Capital SA (33.30%) as well as certain other assets.