Swiss asset manager GAM has postponed the publication of its annual report. The stock exchange regulator has given it a hard deadline by which to do so.
In April, GAM warned that it would have to postpone the publication of its 2022 annual report, pushing the date to May 4 to finalize business-relevant aspects as part of its strategic review for the report.
The postponement was approved by Swiss exchange SIX Exchange Regulation (SER), Zurich-domiciled GAM said Tuesday in a statement. But there are conditions. If the report is not published by May 31 at the latest, SER reserves the right to temporarily suspend trading in GAM securities.
Investors Opposed to Sale
According to Tuesday's announcement, the publication of the annual report and the presentation of the annual results for 2022 will take place on May 4, followed by the annual general meeting on May 25. GAM is planning to report its half-year results on August 3.
There is turmoil surrounding GAM which recently confirmed it was in talks about a possible sale. Last week, a group of investors led by French billionaire Xavier Niel bought into the company which controls the voting rights of twelve million GAM shares representing about 7.5 percent of outstanding share capital, as finews.com reported.
The group wants to prevent a sale at all costs.
