Vienna Stock Exchange: Segment switch for seven companies – free float too low

(Vienna) Effective 23 March 2009, seven companies will leave the prime market segment of the Vienna Stock Exchange because their free float capitalization is too low. The following issuers no longer meet the minimum capitalization criteria regarding free float: Brain Force Holding AG, C-Quadrat Investment AG, Head N.V, Hirsch Servo AG, HTI High Tech Industries AG, SkyEurope Holding AG and SW Umwelttechnik Stoiser & Wolschner AG. All issuers affected by the exclusion meet all of the other requirements of the prime market rules; the only reason for the exclusion from the prime market is an insufficient level of free float capitalization.

The concerned issuers will subsequently be switched to one of the following segments: standard market continuous, standard market auction or mid market. Which segment they go to depends, on the one hand, on the trading form (continuous trading or auction trading), and on the other, on the decision of the issuer (in the case of a switch to the mid market). 

The criterion of minimum capitalization of free float has been one of the rules of the prime market since its inception on 1 January 2002. In a survey of market participants conducted before implementing the new market segmentation, the rule stipulating a certain size of the free float and minimum capitalization was revealed to be one of the most important aspects.

Starting as of 23 March 2009, those companies listed on the segment standard market continuous, but that nonetheless meet all of the requirements of the prime market voluntarily – with the exception of minimum free float capitalization – will be identified on the website of the Vienna Stock Exchange.

Generally, any of the companies excluded can rejoin the prime market at a later time if it lastingly meets the criterion of minimum free float in addition to the other requirements.
 

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Criterion of minimum capitalization as of 27 February 2009:
EUR 16.06m (free float over 25%) or EUR 32.13m (free float below 25%)