An article appeared in the 25 June 2005 issue of the financial newspaper “Finanz und Wirtschaft“ reporting that a roundtable discussion had taken place in New York with a small circle of investors, at which the top management of Converium provided information on developments related to the cessation of its US business operations. Shortly after this New York investor conference, a second meeting with select participants was held in London.
Market participants should have an equal opportunity to gain knowledge of potentially price sensitive facts within the context of Art. 72 of the Listing Rules. Accordingly, the selective disclosure of such facts to a chosen few individuals is impermissible. Discussions with investors are allowed, but only as long as no potentially price sensitive facts are selectively communicated.
Within the scope of its preliminary investigation, SWX found no indication that Converium had discussed new facts at either of the investor events and thus had not disclosed potentially price sensitive facts. The meetings with investors were of a very general nature (“educational briefings“) and their primary purpose was to introduce personally the new head of the company’s US subsidiary. No mention was made of further progress in the cessation of the company’s US operations, rather there was merely an explanation given as to how matters of this nature are handled in general. Given the known facts as they stand at present, equal treatment of all market participants was therefore safeguarded and no corresponding violation of Art. 72 of the Listing Rules was committed. Therefore, the related proceeding has been terminated.
