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SIX Exchange Regulation approves application for delisting of Alpiq shares

Lausanne – Alpiq announces that SIX Exchange Regulation AG, with its decision dated 26 November 2019, has approved Alpiq Holding Ltd.’s application to delist the Alpiq shares. The delisting date has been set for 17 December 2019. The final day of trading on the SIX Swiss Exchange will be 16 December 2019.

Information about the Alpiq Holding Ltd. shares:

  • Issuer: Alpiq Holding Ltd.

  • Title: Delisting of all 27,874,649 registered shares of Alpiq Holding Ltd., Lausanne, at a nominal value of CHF 10.00/share

  • Title category: Registered shares

  • Securities No.: 3 438 970

  • ISIN: CH0034389707

  • Securities symbol: ALPH

  • Regulatory standard: International Reporting Standard

Delisting is in the corporate interest of Alpiq

With the completion of the public purchase offer, the already modest free float has been decreased and the low trading volume has been further reduced. As a result, the tradability of the Alpiq shares and the pricing have become significantly more difficult. 

In addition, the delisting is expected to result in cost reductions in the low single-digit millions, in Swiss francs. Consequently, the rationale for maintaining the listing of Alpiq shares no longer applies. 

In addition, due to the listed bonds, Alpiq still has to fulfil certain reporting and disclosure obligations in accordance with the listing regulations and will thus continue to ensure transparency. As a result, all Alpiq shareholders will continue to have access to the relevant public publications. 

Some time ago, in order to offer the free-float shareholders the opportunity to divest their shares at a fair price before the delisting, the core shareholders (Consortium of Swiss Minority Shareholders, EOS Holding SA and Schweizer Kraftwerksbeteiligungs-AG (SKBAG), a subsidiary of CSA Energy Infrastructure Switzerland) therefore launched a public purchase offer via SKBAG. In the meantime, this purchase offer has been completed. 

Various options for trading Alpiq shares

Following the delisting, shareholders will be able to continue to trade the shares on a bilateral basis. However, since with the exception of those shareholders who hold more than 3 percent of the shares, it is not publicly known who owns shares, experience suggests that such trading volumes will be extremely low. 

Alternatively, shareholders can apply to selected banks that operate over-the-counter (OTC) trading platforms to trade their shares OTC. However, due to the limited free float, the trading volumes on such a platform are expected to be very low, and there is likely to be a difference between supply and demand prices (bid-ask spread). Alpiq has no obligation or intention to establish such OTC trading. 

Alpiq shares can in principle also be held on a long-term basis

In principle, Alpiq shares can also be held on a long-term basis. According to applicable Swiss law, however, what is known as a squeeze-out merger can be carried out at any time subject to the approval of more than 90 percent of the shareholders. A squeeze-out merger would entail the merger of Alpiq with a newly established company held by the core shareholders. The minority shareholders would receive a cash settlement.