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Bär & Karrer Ltd.

BRANDSCHENKESTRASSE 90, 8027 ZÜRICH, SWITZERLAND
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Work +41 58 261 50 00
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Fax +41 58 261 50 01
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www.baerkarrer.ch
Geneva, Lugano, Zug, Zurich

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18 December 2008 - Implenia: Federal Administrative Court rules against Laxey

December 2008

The Federal Administrative Court has dismissed Laxey's objections to the Federal Banking Commission's rulings of 7 March 2008 and 12 December 2007. The court confirmed in its two decisions, dated 18 December 2008, that Laxey has failed to comply with stock market notification regulations when it invested in Implenia in early 2007, meaning that the shares it purchased were acquired illegally.

The system Laxey used , was based on CFDs (contracts for difference), issued by various banks on Implenia shares after Laxey transferred shares to them, allowing Laxey to terminate the CFDs at any point in time and to then purchase the shares, held by the banks to secure their positions. The Federal Administrative Court confirmed the qualification of the Federal Banking Commission that Laxey, by using CFDs, has indirectly acquired the underlying shares and was therefore subject to a notification obligation when it purchased the shares and entered into the CFDs and not when Laxey called the shares at a later point in time. Implenia is being advised by Bär & Karrer. The Bär & Karrer team comprises partners Rolf Watter and Corrado Rampini and senior associate Charlotte Wieser.

For more information please visit www.baerkarrer.ch

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