Media Release


Fine against Blackstone Resources AG

The Sanctions Commission of SIX Group AG has imposed a fine of CHF 40’000 against Blackstone Resources AG for breach of the listing rule provisions.

SIX Exchange Regulation AG (SER) is responsible for monitoring and enforcing stock exchange obligations concerning listed companies. After carrying out a preliminary inquiry, SER opened an investigation against Blackstone Resources AG on 28 May 2019. The investigation was related to the Issuer’s conversion of all its bearer shares into registered shares on 14 January 2019. Upon completion of its investigation, SER submitted a sanctions proposal to the Sanctions Commission, which approved the proposal based on the evidence submitted and imposed a fine of CHF 40,000 against Blackstone Resources AG with decision of 20 November 2020. Blackstone Resources AG waived its right to appeal. The decision of the Sanctions Commission became legally binding after expiry of the time limit for appeal.

On 21 December 2018, Blackstone Resources AG decided at its extraordinary general meeting to convert its 42,700,000 listed bearer shares into the equal number of registered shares with a nominal value of CHF 0,50 each. On 14 January 2019, the conversion of shares was entered into the Commercial Register and on 17 January 2019 published in the Swiss Official Gazette of Commerce (SOGC). As Blackstone Resources AG had failed to submit a listing application for the conversion of shares, trading of the shares of Blackstone Resources AG was suspended on 17 January 2019. After approval of Blackstone Resource AGs listing application on 31 January 2020, trading of the 42,700,000 registered shares of Blackstone Resources AG resumed with a new Swiss Security Number. 

The Sanctions Commission qualified the breach of the listing rule provisions as severely negligent.