In its legal action of 22 April 2003, Hesta Ltd. petitioned the commercial court of Zurich (Handelsgericht) to cancel the bearer shares listed on the SWX Swiss Exchange (SWX) not held by Hesta Ltd. (Hesta) upon completion of the public takeover offer, as well as the other unlisted registered shares of Zellweger Luwa Ltd. (Zellweger), pursuant to Art. 33 of the Stock Exchange Act.
Pursuant to Art. 76 of the Listing Rules (LR), the Admission Board may authorize exemptions from certain provisions of these Rules provided this is not contrary to the interests of the public, of the SWX or of market participants and provided the applicant can prove in each case that the aim of the provisions in question can be otherwise met in a satisfactory manner.
During the cancellation proceedings, the price of the Zellweger securities will equal the public offer price and will therefore not be affected by information on the company. Furthermore, there will be no need for investors to be informed on Zellweger's financial situation, since Hesta will pay the public offer price.
Therefore, in accordance with Art. 76 LR, the SWX Swiss Exchange has granted the application of Zellweger Luwa Ltd. to be exempted from periodic reporting and ad hoc publicity for the duration of the cancellation proceedings, but no longer than up to the end of 2003.
