Companies must immediately and clearly communicate any events that could affect the price of a share beyond normal trading fluctuations. This means that all the market participants interested in a particular company have the same level of information.
WHAT NEEDS TO BE PUBLISHED
The ad hoc publicity obligation covers information relevant to prices, such as financial figures, staff changes and planned mergers. There is no exhaustive list of events so the decision as to whether to publish an ad hoc announcement is at the discretion of the listed company.
As examples of potentially price-sensitive facts that must be disclosed under the ad hoc publicity provisions, if applicable, can be named:
- financial figures
- financial reports
- changes in personell in the Board of Directors or management
- restructuring operations
- changes in capital
- takeover bids
- changes in business operations (e.g. new sales partners, new and significant products, withdrawal or recall of a significant product, etc.)
- information on trading results (e.g. significant changes in earnings such as profit decrease/increase or profit warning, cessation of dividends, etc.)
- significant changes to shareholder structure
- financial restructuring
In general, any information that could have a substantial impact on the price falls under the rules governing ad hoc publicity. There is no exhaustive list of facts subject to ad hoc publicity. Issuers must therefore ask themselves in time if a planned or unexpected change could lead to significant price fluctuations on the Exchange.
WHEN IT NEEDS TO BE PUBLISHED
An ad hoc announcement is required as soon as the company becomes aware of the essential elements of the matter at hand. If possible, the announcement must be published outside of trading hours: before 7:30 am or after the close of trading at 5:35 pm. If, in exceptional cases, the announcement is made during trading hours, we must be informed at least 90 minutes before publication so that we can temporarily cease trading the affected securities if the situation requires it.
WHERE IT NEEDS TO BE PUBLISHED
To reach the widest audience, ad hoc announcements must be sent not only to us, but also to at least two electronic financial news services and two national Swiss daily newspapers. The announcement must also appear on the listed company’s website and must be sent to interested market participants by email.