AP Alternative Portfolio AG (BRSE:APN) announces a share repurchase program. Under the program, the company will repurchase up to a minimum of 48,148 registered shares and a maximum of 50,980 registered shares, representing 9.01% of the share capital, for a total of CHF 13 million. The shares will be repurchased within the price range of CHF 255 to CHF 270 per share. The fixed price at which own registered shares will be repurchased corresponds to a premium of CHF 11 to CHF 26 per registered share and/or a discount to the net asset value of $290 and/or CHF 291 of 6.90% to 12.07% per registered share on January 31, 2017. The repurchased shares will be cancelled. The tender offer serves the purpose of returning liquidity to the shareholders and/or allowing them to reduce their investment in the company. Each tendering shareholder has to indicate the number of shares that it intends to offer for sale at prices falling within the given price range. The buy-back price is determined identically in such a way supported by these offers for sale for all tendering shareholders so that the total amount of CHF 13 million can be acquired at the lowest possible price, with which the tendering shareholders can sell their registered shares either in the framework of a “Dutch Auction” mentioned or a higher price. Tendering shareholders, who offered a higher stock price than the fixed buy-back price, will not be considered. A proportional reduction of the registered shares tendered at the fixed buyback price is carried out at the level of this price. The tender offer is valid until March 17, 2017. As of February 17, 2017, the company has 565,316 registered shares in issue and has no registered shares in treasury.