(Finance) – Sunrise And returned to being an independent Swiss company listed on the stock exchange. On February 16, 2024, Liberty Global had announced its intention to spin off Sunrise and relist it on the SIX Swiss Exchange, from which it delisted in 2020. On 25 October 2024, Liberty Global shareholders approved the proposal to spin off Sunrise 100% through distribution of a dividend in kind in the form of American Depository Shares (ADS), the holders of which have the right to convert such ADSs into Sunrise shares.
Class A ADSs are tradable on NASDAQ as of November 13, 2024, while the Class A shares began trading at SIX Swiss Exchange this morning, 15 November 2024. A public offering of neither the ADSs nor the shares of the company has taken place. Sunrise Class A shares are expected to be included in the family of SPI indices five trading days after the first trading day on the SIX Swiss Exchange, i.e. from 22 November 2024.
“I believe Sunrise is better and stronger than ever – commented the CEO of Sunrise, André Krause – We are leveraging our strong number 2 position in the attractive Swiss telecommunications market and are well equipped to realize our long-term vision and continue to serve Swiss customers with high-quality networks and attractive service offerings. Sunrise shares represent an attractive investment opportunity for existing and new investors. Sunrise is ready for growth and cash returns and we expect an attractive progressive dividend policy.”
Sunrise plans to pay a dividend of at least CHF 240 million in 2025 (for the financial year ending 2024), with a progressive dividend per share policy thereafter.
“It is exciting to see one of the major players in Swiss telecommunications take root here, bringing new investment opportunities to the market – said Bjorn Sibbern, Global Head Exchanges and member of the executive board of SIX – I wish Sunrise every success on its journey as an independent listed company on SIX. This quote concludes a successful yearafter SIX stock exchanges in Switzerland and Spain recorded the world’s two largest IPOs in the first half of the year.”