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Perrot Duval published the figures for the financial year 2003/2004 on 5 October 2004. The press release was faxed to a variety of newspapers and electronic information systems between 8.04 a.m. and 9.13 a.m. The Internet portal “Swissquote” made the figures from Perrot Duval public at 9.43 a.m. The announcement resulted in a massive increase in the company’s share price (bearer shares up to 6.36 %, participation certificates up to 17.87 %). The company failed to inform SWX ninety minutes prior to the commencement of trading or the publication of the figures.
According to art. 72 para. 1 of the Listing Rules (LR), an issuer must inform the market of any price-sensitive facts which arise in its sphere of activity and are not public knowledge. The publication of financial figures is, in principle, to be regarded as a potentially price-sensitive fact as specified in art. 72 LR and should therefore be communicated in accordance with the regulatory modalities prescribed. Furthermore, art. 72 para. 4 LR states that disclosure must be carried out so as to ensure equal treatment of all market participants to the greatest possible extent. In addition, the issuer must provide SWX with a copy of its planned communication to the market no later than ninety minutes before trading starts or the announcement is made.
It is particularly important that all possible care is taken to avoid publication of potentially price-sensitive facts less than ninety minutes before trading begins or during the trading hours. Market participants should be allowed sufficient time to receive and consider the information. Perrot Duval informed the market between 8.04 a.m. and 9.13 a.m., i.e. not simultaneously. In the opinion of the Executive Committee of the Admission Board of the SWX, the fact that the figures for the financial year 2003/2004 were sent out during a critical period of trading and not simultaneously, together with the fact that SWX was not informed by 7.30 a.m., i.e. ninety minutes in advance, constitutes a moderate violation of art. 72 LR. The provision of prior information to SWX means that SWX can suspend trading where necessary. Perrot Duval has already received written instructions from SWX pointing out the correct procedure for the publication of ad-hoc notices in relation to a similar incident in 2003.
In summary, the Executive Committee of the Admission Board of the SWX decided that the non-simultaneous disclosure of potentially price-sensitive facts during a critical trading period by Perrot Duval did not ensure equal treatment of all market participants and was therefore in violation of the principle of equal treatment as stated in art. 72 para. 4 LR. In addition, Perrot Duval failed to provide SWX with the ad-hoc notice at least ninety minutes before the start of trading or the announcement itself.
