New Venturetec AG in Liq. applies for the delisting of the company’s shares from SIX Swiss Exchange
Zug, September 27, 2019: The Board of Directors of New Venturetec AG in Liq. decided today, after consultation with the liquidator of the company, to apply for the delisting of the company's shares (SIX: NEV; ISIN CH0007036830) from trading on the SIX Swiss Exchange and has submitted the corresponding application for delisting to the SIX Swiss Exchange. This step is due to the liquidation of the company, which was approved by the shareholders at the Extraordinary Shareholders’ Meeting on July 10, 2019.
With the application, the Board of Directors has requested that the trading be discontinued by close of business day October 31, 2019, whereby it remains at the discretion of the competent body of the SIX Swiss Exchange to dispose another delisting day.
This cut-off date is reasoned by the progress made in the liquidation and is in line with the liquidator’s intention to complete the liquidation in a timely manner and to distribute free assets to the shareholders if legal conditions are met.
As of today, the par value reduction of CHF 5.98 per share, totaling CHF 37,768,400.28, approved by the Extraordinary General Meeting on 10 July 2018, was paid out to shareholders. The remaining company’s assets thus consist mainly of USD liquidity and the investment in Myriad, which remains marketable. When disposing of these assets, the liquidator takes into account the investment guidelines of New Venturetec, as well as the negative interest rate environment in Swiss francs.
The distribution of the liquidation result will not be subject to Swiss withholding tax to the extent of the nominal value and capital contribution reserves authorized by the Swiss Federal Tax Administration. Such distribution is usually tax-free for individuals domiciled in Switzerland, provided the shares are held as private assets. The Company currently shows the amount of CHF 36’980’707 of capital contribution reserves, of which CHF 32’500’000 have been approved. For the amount of CHF 4’480’707, the approval of the Swiss Federal Tax Administration is still pending.
About New Venturetec
New Venturetec is a publicly traded Swiss investment company (SIX: NEV), which was put into liquidation as of July 10, 2019.