Roche’s Board of Directors proposes exchange of Genussscheine for participation certificates (Partizipationsscheine)
Roche (OTCQX: RHHBY) announced plans to modernize its capital structure by proposing to exchange non-voting equity securities (Genussscheine) for participation certificates (Partizipationsscheine) with a nominal value of CHF 0.001 each. The proposal will be presented at the Annual General Meeting on March 10, 2026.
The company will also reduce the nominal value of bearer shares from CHF 1.00 to CHF 0.001, resulting in a cash repayment of CHF 0.999 per share (total CHF 106.58 million). The new participation certificates will maintain economic equivalence to Genussscheine, including dividend rights and liquidation proceeds. Additionally, Roche will discontinue printed dividend vouchers and transition to intermediated securities.
Roche (OTCQX: RHHBY) ha annunciato l'intenzione di modernizzare la propria struttura patrimoniale proponendo di scambiare i titoli azionari senza diritto di voto (Genussscheine) con certificati di partecipazione (Partizipationsscheine) dal valore nominale di CHF 0,001 ciascuno. La proposta sarà presentata all'Assemblea Generale Annuale il 10 marzo 2026.
L'azienda ridurrà inoltre il valore nominale delle azioni al portatore da CHF 1,00 a CHF 0,001, con un rimborso in contanti di CHF 0,999 per azione (totale CHF 106,58 milioni). I nuovi certificati di partecipazione manterranno l'equivalenza economica rispetto ai Genussscheine, inclusi i diritti sui dividendi e i proventi in caso di liquidazione. Inoltre, Roche eliminerà i voucher cartacei per i dividendi e passerà ai titoli intermediati.
Roche (OTCQX: RHHBY) anunció planes para modernizar su estructura de capital proponiendo el intercambio de valores de capital sin derecho a voto (Genussscheine) por certificados de participación (Partizipationsscheine) con un valor nominal de CHF 0,001 cada uno. La propuesta se presentará en la Asamblea General Anual el 10 de marzo de 2026.
La compañía también reducirá el valor nominal de las acciones al portador de CHF 1,00 a CHF 0,001, lo que resultará en un reembolso en efectivo de CHF 0,999 por acción (total CHF 106,58 millones). Los nuevos certificados de participación mantendrán la equivalencia económica con los Genussscheine, incluidos los derechos a dividendos y a los ingresos por liquidación. Además, Roche eliminará los cupones de dividendos impresos y pasará a valores intermediados.
로슈 (OTCQX: RHHBY)는 무의결권 주식 증권(Genussscheine)을 참여 증서(Partizipationsscheine)로 교환하는 자본 구조 현대화 계획을 발표했으며, 각 증서의 명목 가치는 CHF 0.001입니다. 이 제안은 2026년 3월 10일 정기 주주총회에서 발표될 예정입니다.
또한 회사는 무기명 주식의 명목 가치를 CHF 1.00에서 CHF 0.001로 낮추어 주당 CHF 0.999의 현금 환급을 실시할 예정이며(총 CHF 1억 658만), 새로운 참여 증서는 배당권 및 청산 수익을 포함하여 Genussscheine와 경제적 동등성을 유지합니다. 추가로, 로슈는 인쇄된 배당 바우처를 중단하고 중개 증권으로 전환할 계획입니다.
Roche (OTCQX: RHHBY) a annoncé son intention de moderniser sa structure de capital en proposant d’échanger les titres de participation sans droit de vote (Genussscheine) contre des certificats de participation (Partizipationsscheine) d’une valeur nominale de CHF 0,001 chacun. Cette proposition sera soumise à l’Assemblée Générale Annuelle le 10 mars 2026.
La société réduira également la valeur nominale des actions au porteur de CHF 1,00 à CHF 0,001, entraînant un remboursement en espèces de CHF 0,999 par action (total de CHF 106,58 millions). Les nouveaux certificats de participation conserveront une équivalence économique avec les Genussscheine, incluant les droits aux dividendes et aux produits de liquidation. De plus, Roche supprimera les coupons de dividendes imprimés et passera aux titres dématérialisés.
Roche (OTCQX: RHHBY) kündigte Pläne zur Modernisierung seiner Kapitalstruktur an, indem es den Austausch von stimmlosen Beteiligungswertpapieren (Genussscheine) gegen Partizipationsscheine mit einem Nominalwert von je CHF 0,001 vorschlägt. Der Vorschlag wird auf der Hauptversammlung am 10. März 2026 vorgestellt.
Das Unternehmen wird außerdem den Nennwert der Inhaberaktien von CHF 1,00 auf CHF 0,001 reduzieren, was zu einer Barauszahlung von CHF 0,999 pro Aktie (insgesamt CHF 106,58 Millionen) führt. Die neuen Partizipationsscheine behalten die wirtschaftliche Gleichwertigkeit zu den Genussscheinen, einschließlich Dividendenrechte und Liquidationserlöse, bei. Zusätzlich wird Roche gedruckte Dividenden-Coupons einstellen und auf intermediäre Wertpapiere umstellen.
- Modernization of capital structure to align with revised Swiss corporate law
- Equal treatment of participation certificates with bearer shares
- Shareholders to receive CHF 0.999 per bearer share in cash repayment
- Transition to more efficient intermediated securities system
- Potential risk of dividend claim loss if home custodians don't convert to intermediated securities
- Dividends will be forfeited if not claimed within five years
- Participation certificates (Partizipationsscheine) with a nominal value of CHF 0.001 each will replace the non-voting equity securities (Genussscheine).
- Reduction of the nominal value of the bearer shares (Inhaberaktien) from CHF 1 to CHF 0.001 in line with the nominal value of the new participation certificates.
- Participation certificates are economically equivalent to Genussscheine and will be listed on the SIX Swiss Exchange.
- Discontinuation of printed dividend vouchers and a further transition to intermediated securities, in line with efficient and modern market practices.
- The exchange of Genussscheine for participation certificates and the reduction as well as the repayment of the nominal value of the bearer shares will be submitted to the shareholders for approval at the 2026 Annual General Meeting
Basel, 22 July 2025 - Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today its Board of Directors' decision to propose to shareholders a modernisation of Roche Holding Ltd’s capital structure for approval at the Annual General Meeting to be held on 10 March 2026 ("2026 AGM"). The proposal includes the exchange of the existing non-voting equity securities (“Genussscheine”) for participation certificates with a nominal value of CHF 0.001 each.
To ensure equal treatment of the participation certificates with the bearer shares in accordance with the articles of incorporation of Roche Holding Ltd, shareholders will be asked to approve a reduction of the nominal value of the bearer shares from CHF 1.00 to CHF 0.001 per share. Subject to shareholder approval, holders of bearer shares will receive, by way of a repayment of nominal value, CHF 0.999 in cash per bearer share, resulting in a total repayment of CHF 106,584,309.
The exchange of Genussscheine, an outdated form of equity instrument, for participation certificates follows Roche’s articles of incorporation and is an adjustment driven by the revised Swiss corporate law. Participation certificates are economically equivalent to Genussscheine: Following the exchange, the participation certificates replacing the Genussscheine will be listed on the SIX Swiss Exchange and have the same dividend entitlement as well as the same entitlement to any liquidation proceeds as the bearer shares. Detailed explanations of the proposals of the Board of Directors will be made available together with the shareholder invitation to the 2026 AGM. Subject to the approval by shareholders at the 2026 AGM, the exchange is expected to be implemented shortly after the 2026 AGM.
Discontinuation of dividend vouchers
After payment of the dividend for the financial year 2025, the repayment of the nominal value reduction amount of the bearer shares and the exchange of the Genussscheine for participation certificates there will be no remaining unused printed dividend vouchers. Roche will cease issuing printed dividend vouchers.
Home custodians are urged to submit their printed certificates representing Roche equity securities, together with the remaining dividend vouchers, to a depository bank promptly for conversion into intermediated securities. This will ensure smooth future dividend payments to current home custodians and avoid a potential loss of dividend claims. Dividends will be forfeited if not claimed within five years.
No issuance of new printed certificates
Roche will cease issuing printed certificates for bearer shares, Genussscheine and participation certificates in the future. Home custodians are asked to submit their printed certificates and dividend vouchers to a depository bank for conversion into intermediated securities and booking into a securities account.
For additional details, please refer to the information document and consult the dedicated FAQ section available here. Roche employees will be informed accordingly.
About Roche
Founded in 1896 in Basel, Switzerland, as one of the first industrial manufacturers of branded medicines, Roche has grown into the world’s largest biotechnology company and the global leader in in-vitro diagnostics. The company pursues scientific excellence to discover and develop medicines and diagnostics for improving and saving the lives of people around the world. We are a pioneer in personalised healthcare and want to further transform how healthcare is delivered to have an even greater impact. To provide the best care for each person we partner with many stakeholders and combine our strengths in Diagnostics and Pharmaceuticals with data insights from the clinical practice.
For over 125 years, sustainability has been an integral part of Roche’s business. As a science-driven company, our greatest contribution to society is developing innovative medicines and diagnostics that help people live healthier lives. Roche is committed to the Science Based Targets initiative and the Sustainable Markets Initiative to achieve net zero by 2045.
Genentech, in the United States, is a wholly owned member of the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, Japan.
For more information, please visit www.roche.com.
All trademarks used or mentioned in this release are protected by law.
Roche Global Media Relations
Phone: +41 61 688 88 88 / e-mail: media.relations@roche.com
| Hans Trees, PhD Phone: +41 79 407 72 58 | Sileia Urech Phone: +41 79 935 81 48 |
| Nathalie Altermatt Phone: +41 79 771 05 25 | Lorena Corfas Phone: +41 79 568 24 95 |
| Simon Goldsborough Phone: +44 797 32 72 915 | Karsten Kleine Phone: +41 79 461 86 83 |
| Kirti Pandey Phone: +49 172 636 72 62 | Yvette Petillon Phone: +41 79 961 92 50 |
| Dr Rebekka Schnell Phone: +41 79 205 27 03 |
Roche Investor Relations
| Dr Bruno Eschli Phone: +41 61 687 52 84 e-mail: bruno.eschli@roche.com | Dr Sabine Borngräber Phone: +41 61 688 80 27 e-mail: sabine.borngraeber@roche.com |
| Dr Birgit Masjost Phone: +41 61 688 48 14 e-mail: birgit.masjost@roche.com |
Investor Relations North America
| Loren Kalm Phone: +1 650 225 3217 e-mail: kalm.loren@gene.com |
Attachment
FAQ
What changes is Roche (RHHBY) proposing to its capital structure in 2026?
How will Roche's bearer shareholders be compensated for the nominal value reduction?
Will the new participation certificates have different rights than the current Genussscheine?
What happens to existing printed dividend vouchers for Roche shares?
When will Roche implement these capital structure changes?
