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Cancellation of ARYZTA’s secondary listing on Euronext Dublin
As announced on 18 January 2021, the Board of ARYZTA AG has, after careful review, made the decision to cancel ARYZTA’s secondary listing on Euronext Dublin.
The Board of ARYZTA has written to Euronext Dublin and requested the cancellation of the CDI listing. Trading of ARYZTA CDI’s on Euronext Dublin will cease on 1 March 2021 at 5:30 pm GMT. ARYZTA shares will continue to trade on the Swiss SIX Exchange.
ARYZTA’s secondary listing on Euronext Dublin comprises CREST Depository Interests (“CDI”). A CDI is a security that represents a stock traded on an exchange outside the UK & Ireland , in this case the SIX Swiss Exchange.
When ARYZTA was formed in 2008, It was considered a straightforward and cost-effective way to manage the dual listing for the benefit of former IAWS shareholders. As part of the establishment of ARYZTA, former holders of IAWS Group plc shares and options received ARYZTA registered shares, delivered initially in the form of Capita Depository Interests and since replaced by CREST Depository Interests (CDIs).
For each Euronext Dublin-listed share available as a CDI, CREST has the required number of shares in shares held in its name on the SIX SIS in Switzerland. These CDIs are an English law instrument and trades in them can be settled through CREST, just like a regular share. The underlying shares are held on trust for the owners of the CDI, who have full economic rights over them.
Why is ARYZTA cancelling its second listing? The Board of ARYZTA has reviewed the current listing arrangements for ARYZTA’s shares. As part of the review process, the Board has had special regard to: • The continued evolution of ARYZTA’s shareholder base, with less than 4% of the shares outstanding now being listed on the Euronext; • the liquidity in the Irish listing versus the primary SIX Exchange listing; • the benefits of a second listing given the much reduced overall size of the Group’s market capitalisation; and • the overall Board objective to simplify the Group and reduce central costs.
What are the next steps for CDI holders on the Euronext Dublin (CDIs)?
1) CDI holders should instruct their broker/custodian to exchange their CDIs for the underlying Swiss listed shares through the CREST system; or 2) CDI holders should instruct their broker/custodian to sell their CDIs on Euronext Dublin before the cancellation of the listing on 1 March 2021.
These actions can be arranged through a broker or financial advisor. ARYZTA is not a financial advisor and cannot facilitate trading and has direct no arrangement in place with brokers.
You need to take action and you are advised to immediately contact your broker or financial adviser to discuss what action to take before 1 March 2021.
CDI holders that take no action will continue to hold their CDIs within the CREST system. However these CDIs will no longer be traded on any public exchange after the Euronext Dublin listing is cancelled on 1 March 2021. This will limit trading to off-market only (off-market means trading is less liquid and dependent on finding a willing buyer and seller outside of a public exchange. This is a less transparent system in terms of trading and price determination and is likely to involve additional cost).
Please contact ARYZTA Investor Relations for more information firstname.lastname@example.org