.jpg)
At 2.43 p.m. on 10 September 2004, Gornergrat-Monte Rosa-Bahnen, Zermatt, sent the SWX Swiss Exchange an e-mail announcing the imminent publication of its semi-annual results. The SWX contacted the company without delay and drew its attention to the provisions regarding ad hoc publicity. In spite of this notification by telephone by the SWX, the company sent an e-mail with the media release concerning the semi-annual results for 2004 to selected media at 4.54 p.m. The media release was entitled (in red): "LOCK-UP PERIOD: Friday, 10 September 2004, until 5.30 p.m."
According to Art. 72 para. 1 of the Listing Rules (LR), the issuer must inform the market of any potentially price-sensitive facts which arise in its sphere of activity and are not of public knowledge. In principle, the publication of financial figures is deemed a potentially price-sensitive fact pursuant to Art. 72 LR and hence must be published according to the relevant procedure pursuant to applicable rules and regulations. Under Art. 72 para. 4 LR, the issuer must publish the information in such a way that equal treatment of market participants is ensured to the greatest possible extent. The issuer must provide its communication to the SWX no later than ninety minutes before the start of trading or the time of publication pursuant to para. 1 ( Art. 72 para. 5 LR).
The principle of equal treatment pursuant to Art. 72 para. 4 LR is breached when ad hoc publications are disseminated ahead of time. Indicating a lock-up period for publication is not an effective way of ensuring equal treatment of market participants. The communication of potentially price-sensitive facts to selected persons can cause informational asymmetries within the market that promote insider trading. A lock-up period is not an effective method of prevention.
To sum up, Gornergrat-Monte Rosa-Bahnen have violated the provisions regarding ad hoc publicity pursuant to Art. 72 LR by selectively communicating a potentially price-sensitive fact during trading hours and thereby jeopardising the principle of equal opportunity for all market participants.
