We are pleased to provide you with an update on the proceedings against UBS: The court has extended the deadline for UBS to submit its response, which was originally 15 December 2023. UBS now has until 10 January 2024 to submit its response to the Commercial Court. The Commercial Court will then forward the documents to our legal representative. The next steps will then be taken jointly.
UBS justified its request by stating that the deadline was originally set in July 2023 in connection with another request for a review of the exchange ratio. As the original deadline did not take into account the other subsequently submitted applications, UBS argued that an extension of the deadline had to be granted in view of this "additional workload". The court decided to grant the extension requested by UBS. As a result, we will most likely not be able to submit anything to you until 11 January 2024 at the earliest (the deadline is midnight on 10 January 2024). However, it will probably take a few days longer until the Commercial Court has forwarded the files and we can send you the response with a summary.
So you do not need to worry if you do not receive a message from us immediately. In the interest of equal treatment, we always communicate all news to all newsletter subscribers at the same time and without being asked. You therefore do not need to ask for an update in advance. We will endeavour to inform you as quickly as possible. This is why we did not send you an update in the meantime, as we had no new information about the proceedings. Should there be any new information we will inform you.
We are also pleased to inform you that the SASV has secured sufficient financial resources to take the case to the Federal Supreme Court should this be necessary.