Vetropack Holding Ltd has decided, subject to the approval of the SWX Swiss Exchange, to switch the listing of its bearer shares from the primary market to the side market during the first quarter 2004. In view of Vetropack's capitalisation and the distribution of its shares, SWX Local Caps is the ideal segment. Vetropack will continue to report its accounts in accordance with Swiss GAAP ARR standards.
In view of its current free float and normal trading volumes the listing of Vetropack on the SWX side market reflects the character of the share. Despite Vetropack's move to the SWX Local Caps segment the company will continue to maintain its high level of investor information and its open information policy. The regulations in respect of shareholdings and corporate governance are identical. This is also true of the frequency of the financial reports. The costs which would be incurred in converting to the IFRS standards – in order to remain listed on the primary market – would generate no adequate added value for Vetropack. The switch to the side market is planned to be introduced within the first quarter 2004, subject to the approval of the SWX Swiss Exchange.
