Fine against Blackstone Resources AG

The Sanctions Commission of SIX Group AG has imposed a fine of CHF 40’000 against Blackstone Resources AG for breach of the listing rule provisions.

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SIX Exchange Regulation AG (SER) is responsible for monitoring and enforcing stock exchange obligations concerning listed companies. After carrying out a preliminary inquiry, SER opened an investigation against Blackstone Resources AG on 28 May 2019. The investigation was related to the Issuer’s conversion of all its bearer shares into registered shares on 14 January 2019. Upon completion of its investigation, SER submitted a sanctions proposal to the Sanctions Commission, which approved the proposal based on the evidence submitted and imposed a fine of CHF 40,000 against Blackstone Resources AG with decision of 20 November 2020. Blackstone Resources AG waived its right to appeal. The decision of the Sanctions Commission became legally binding after expiry of the time limit for appeal.

On 21 December 2018, Blackstone Resources AG decided at its extraordinary general meeting to convert its 42,700,000 listed bearer shares into the equal number of registered shares with a nominal value of CHF 0,50 each. On 14 January 2019, the conversion of shares was entered into the Commercial Register and on 17 January 2019 published in the Swiss Official Gazette of Commerce (SOGC). As Blackstone Resources AG had failed to submit a listing application for the conversion of shares, trading of the shares of Blackstone Resources AG was suspended on 17 January 2019. After approval of Blackstone Resource AGs listing application on 31 January 2020, trading of the 42,700,000 registered shares of Blackstone Resources AG resumed with a new Swiss Security Number.

The Sanctions Commission qualified the breach of the listing rule provisions as severely negligent.

If you have any questions, please contact
Hrvoje Tkalcec, Head Communications & Media Relations.
Phone: +41 58 399 2267
Email: ser_media@six-group.com

SIX Exchange Regulation AG is a legally independent company of SIX Group and of one the Regulatory bodies of the SIX trading venues. It performs the functions assigned under Swiss federal law and enforces the rules laid down by the Regulatory Board, and monitors compliance with legal and regulatory requirements. As part of its diverse remit, SIX Exchange Regulation AG submits proposals for sanctions to the Sanctions Commission or can enact sanction notices. SIX Exchange Regulation AG consists of the divisions Listing & Enforcement, responsible for regulating issuers, and Surveillance & Enforcement, which monitors trading.
www.ser-ag.com

SIX provides and operates stable and efficient infrastructure for the Swiss and Spanish financial centers, thus ensuring access to the capital markets and the flow of information and money between financial market players. As a global provider of financial information, SIX delivers high-quality reference, pricing, corporate actions, and ESG data and provides regulatory services and indices to clients around the world. The company is owned by its users (more than 120 banks) with a workforce of 4,160 employees and a presence in 19 countries.
www.six-group.com

Media Release

Fine against Blackstone Resources AG

The Sanctions Commission of SIX Group AG has imposed a fine of CHF 40’000 against Blackstone Resources AG for breach of the listing rule provisions.