UPC transaction: Sunrise welcomes ETHOS recommendations

'We are pleased that the ETHOS Investment Foundation shares our conviction that our proposed acquisition of UPC Switzerland is in the best interests of the company and our shareholders. The recommended acceptance of the capital increase as well as the recommended rejection of the agenda items to remove Peter Kurer as Chairman of the Board of Directors and Jesper Ovesen as Member of the Board of Directors and Chairman of the Audit Committee fully confirmed our strategy», says Olaf Swantee, CEO of Sunrise.

In its recommendation to the shareholders, ETHOS has expressed its support for the acceptance of the CHF 2.8 billion capital increase and thus the takeover of UPC Switzerland by Sunrise. ETHOS also recommends to reject the proposals to remove Peter Kurer, Chairman of the Board of Directors, and Jesper Ovesen, member of the Board of Directors and Chairman of the Audit Committee, at the Annual General Meeting on 23 October 2019.

ETHOS is one of Switzerland's most influential voting and proxy advisors, whose clients include Swiss institutional investors and pension funds. In particular, Ethos considers that the proposed transaction makes sense strategically, the capital increase with tradeable pre-emptive rights is in line with its guidelines and the purchase price is supported by a fairness opinion that has been made public.