The last twelve months have been good for Altin AG (Altin). Its NAV has grown 5.0%, providing confirmation that it offers a lower volatility solution with distinctly different sources of return, and its discount has narrowed, boosting share-price returns (11.4%). Despite this, a major shareholder (32% holding) is requesting a dividend equivalent to 28.2% of Altin’s net assets (to the disadvantage of most other investors) and the replacement of three of its four-strong board. We think th ....