Sunrise shares to start trading on Swiss stock exchange on Nov. 15 (updated)

Liberty Global

16/10/2024 08:21

(Adds details, background from paragraph 3)
       Oct 16 (Reuters) - Shares in Swiss telecom group Sunrise
will start trading on the Swiss stock exchange on Nov. 15, it
said on Wednesday, following the company's spin off from U.S.
telecommunications company Liberty Global  LBTYA.O .
    Class A shares in Sunrise, which will be 100% spun off by
Liberty Global, are to be included in the Swiss Performance
Index five trading days following that date, Sunrise said in a
statement.
    The company, which provides mobiles, landline, broadband and
TV services, was bought by Liberty Global for $7.4 billion in
2020.
    Reuters reported in July that Sunrise could have an
enterprise value of 8 billion to 9 billion Swiss francs ($9.27
billion to $10.43 billion) following the listing.
   Sunrise, the second biggest company in the Swiss telecoms
market after state-controlled Swisscom  SCMN.S , generated sales
of 3.04 billion Swiss francs last year and an adjusted free cash
flow of 353 million francs. 
    The company last month pledged a divided payout of around
240 million francs for 2024, with a future dividend policy of
paying out up to 70% of adjusted free cash flow.
    Shares in Sunrise will be distributed to Liberty Global
shareholders on November 12 initially via American Depositary
Shares (ADS) according to the type and number of Liberty Global
shares they already have.
    The ADS's can be traded on Nasdaq from Nov. 13, and
exchanged for Sunrise shares from Nov. 14.
    The record date for the distribution of the shares is close
of business on November 4.

($1 = 0.8628 Swiss francs)

 (Reporting by Tristan Veyet in Gdansk and John Revill in
Zurich, Editing by Rachel More, Elaine Hardcastle)
 ((Tristan.Chabba@thomsonreuters.com;))