Welcome to our third newsletter. In the following update you will find out where we are in the process of preparation for the token swap:
We have recently completed the financial statements for 2019 and had them audited by PwC. Based on the latest numbers, BDO is now re-evaluating the provided fairness opinion on the proposed exchange rate. We have also been in touch with the Swiss Financial Market Supervisory Authority (FINMA) and a European regulator regarding the documents required to finalize the swap terms. Furthermore, we have submitted the relevant papers to get a tax ruling from the Swiss authorities, where we are still awaiting the final decisions. The ruling gives Modum as a company, legal certainty and it is an important step in the timeline to providing the participation certificates. At the same time, we are finalizing the swap terms and as soon as all the legal paperwork is ready, we will be able to register for an ISIN number with SIX.
The concrete results of all the work the team is doing will be communicated when all the relevant answers have been obtained and are final.
On another note, thank you so much to everyone who has registered to be part of the onboarding app beta-tester-team, we were overwhelmed by the great response! As announced in February, the first tests are now being performed and come April we will open the testing up to a wider audience. Participants will be briefed separately from this newsletter on what they should look out for and how feedback will be collected. If anyone else is interested in joining the tester team, you can still register by filling out this form.
We will close this update with a message about the Modum team. As of the beginning of the week, public life has come to halt due to the covid-19 containment measures ordered by the Swiss Federal Council. Our team is fully operational, with most of us working remotely, making sure that we do our part in contributing to stopping the pandemic.
Wishing you a good weekend ahead and stay healthy!
The Modum Team