Leonteq announced that 25 shareholders participated in person at its virtual extraordinary general meeting on Monday, with an independent voting rights representative accounting for 960 shareholders. In total, 10,612,332 votes were cast, representing approximately 57 percent of the issued shares.
The shareholders overwhelmingly approved Rainer-Marc Frey's requested share buyback program, with 8,654,144 votes or 82.79 percent in favor, 16.03 percent against, and 1.18 percent abstaining. The proposal sets a maximum purchase value of 100 million Swiss francs. However, Leonteq's board of directors notes that the immediate purchase of shares is subject to regulatory and fiduciary duties, as well as approval from the Swiss Financial Market Supervisory Authority (Finma). The company had previously stated its intention to launch a share buyback in early 2027, provided the CET1 capital ratio remains sustainably above 15 percent. The total payout from dividends and share buybacks is expected to consider the company's profit for 2026.
On Thursday, Leonteq reported that Frey's H21 Macro Limited had acquired an additional 1.19 million shares, or approximately 6.5 percent of Raiffeisen Schweiz's capital. This acquisition increased Frey's direct and indirect stake to 29.78 percent. However, the newly acquired shares were not eligible to vote at the extraordinary general meeting as they were not registered with voting rights as of September 14.
Shareholders also approved Frey's second proposal, which amends the company's statutes to allow board members to receive additional compensation in the form of participation certificates. The proposal was approved with 63.08 percent of the votes, while 36.04 percent voted against and 0.88 percent abstained. The board of directors had previously opposed the proposal. Leonteq noted that the Finma may require further details before approving the statute change.
In personnel decisions, Andreas Casutt was elected to the board of directors with 83.63 percent of the votes. In the subsequent election for board president, 83.27 percent of the votes were cast for Casutt. Casutt, an attorney at the Zurich law firm Niederer Kraft Frey, is also a member of the board of directors of the listed company Mikron and was previously president of the Siegfried Holding until April. He succeeds Christopher Chambers, who had announced his resignation.
Felix Oegerli, who was initially slated to become the new board president, has decided to focus on his role as a significant minority shareholder and will not be running for the position. Leonteq announced this decision prior to the extraordinary general meeting.
Additionally, Reto Suter, the former Siegfried CFO and board member of Inficon and Accelleron, was elected to the board of directors with 99.02 percent of the votes. Suter replaces Philippe Weber, who did not seek re-election. Leonteq noted that both candidates have the necessary regulatory approval. The Finma considers Horizon21 AG as a qualified shareholder of Leonteq due to its significant influence on the investment decisions of H21 Macro Ltd. Consequently, the authority views Casutt as a non-independent member of Leonteq's board of directors.
Shareholders also approved the relief of the board of directors and management for the fiscal years 2024 and 2025. The approval for 2024 was 96.40 percent, and for 2025, it was 98.06 percent.
Rainer Marc Frey has been engaged with Leonteq since 2017 and has expanded his position by acquiring a larger share package from Raiffeisen in March 2026. Frey's stake now stands just below the 30 percent threshold. The long-term plans of the major shareholder with the derivatives specialist remain unclear.
Operatively, Leonteq achieved the anticipated return to profitability in the first half of 2026. Additionally, the company successfully resolved its regulatory liabilities in June.
