New Swiss Steel shares to be traded on the Swiss stock exchange tomorrow
Published: Tuesday, May 28th 2024, 18:50
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Following the approval of the reverse stock split at a ratio of 200 to 1 at last week's Swiss Steel Annual General Meeting, the new shares will be traded for the first time on the SIX Swiss Exchange from (tomorrow) Wednesday.
The last trading day for the old shares was (today) Tuesday, the steel group announced in a communiqué on Tuesday after the close of trading. As a result of the reverse stock split, each holder of 200 registered shares of the company with a par value of CHF 0.08 will receive one new registered share with a par value of CHF 16.00.
The reverse stock split could lead to fractions of new registered shares for individual shareholders, it added: "This is the case if the shareholder holds a number of Swiss Steel shares after May 28, 2024 that is not divisible by 200 or a multiple thereof."
Fractions of new shares will be rounded down to the nearest whole number of new Swiss Steel shares, the Group explained. In return, shareholders would receive a corresponding cash settlement for their fractions. "The reverse stock split has no impact on the value of the company," emphasized Swiss Steel.
On Tuesday, the (old) Swiss Steel shares closed unchanged at CHF 0.077 on the Swiss stock exchange. In purely mathematical terms, this would result in a price of CHF 15.40 for the new Swiss Steel shares.
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