During the extraordinary board meeting held by Swissgrid Ltd on 4 December 2019, the Board of Directors enacted the share capital increase resulting from adjustments to the valuation of the assets that were acquired on 3 January 2019. The ensuing amendments to Swissgrid’s articles of incorporation still need to be approved by the Swiss Federal Council.
Following issuance of the corresponding rulings by the Swiss Electricity Commission (EICom), the first valuation adjustment for the transmission grid systems transferred on 3 January 2019 resulted in an overall positive change in value. The previous owner is being compensated for the investment in their transmission grid systems with 30% of the value being in Swissgrid shares and 70% of the value being in a loan claim against Swissgrid. In exchange, in connection with the existing conditional capital, new Swissgrid shares with a nominal value of CHF 1,364,423.00 were issued (half «A» registered shares and half «B» registered shares). The corresponding resolution of the Board of Directors was passed at the extraordinary board meeting on 4 December 2019.
The corresponding amendments to the articles of incorporation of Swissgrid Ltd still require the approval of the Swiss Federal Council. Approval is expected to be given in December 2019.