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2011

NASDAQ OMX Stockholm warns SRAB Shipping AB

2011-03-31

NASDAQ OMX Stockholm (the “Exchange”) issues a warning against SRAB Shipping AB (“SRAB”). SRAB is traded on First North.

According to 4.2 in the First North Rule Book (the “Rules”) publication of price-sensitive information shall take place as soon as possible, i.e. in direct conjunction with the adoption of a resolution, an election having taken place, or a circumstance becoming known to the company. The information must be correct, relevant, and reliable, and must not omit any fact which is likely to affect the assessment of such information. The information shall simultaneously with the disclosure to the market be provided to the Certified Adviser and to the Exchange. According to 4.6 of the Rules this applies also to reports of annual earnings figures and half-yearly reports.

On October 12th 2010, the Board of SRAB resolved to establish a balance sheet for liquidation purpose. On the same day the Exchange noticed that the Company, at 11:58 am, had published a press release regarding the resolution but that the press release was only available on the Company’s website and on the website of the Company’s news distributor. Neither the Exchange nor any of the major news agencies had at the time noticed the news. Thus, the Exchange requested the Company, through its Certified Adviser, to disclose the information again in accordance with the requirements of the First North Rulebook. An updated press release was issued at 2:06 pm on the same day. The Exchange noted that the share price fell from the point in time at which the press release was available at the website until it was disclosed in accordance with the First North Rulebook.

The Exchange noted in connection with this that the Company had not published its half-yearly report in accordance with 4.2 of the Rulebook. As in the situation on October 12th 2010, the Company's half-yearly report was only made available on the Company's website and at Cision's website. Neither the Exchange nor any of the major news agencies had noted the report. The investigation of the matter shows that the Company's inadequate disclosure are likely due to handling errors in the publication of the relevant information on the Company’s news distributor’s website. This does however not deprive the Company from its responsibility for the incorrect publication. Since the matter concerned price sensitive information, the Company should have been extra careful when publishing the information to ensure that the information was made available for market participants at the same time

According to Section 7.3 of Supplement B of the Rules the Exchange can bring matters to the Disciplinary Committee for the Disciplinary Committee to impose fines or to decide on the removal of financial instruments from admission to trading on First North. If the breach of the Rules is of a less serious nature or is excusable the Exchange can also issue a warning.

Based on the fact the SRAB’s breach of the Rules has been caused by mistakes and that it has not been the intention by SRAB to hide information from the market the Exchange in this case considers it enough to issue a warning.

2011:1 HQ AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that in three instances the former listed company HQ AB (“HQ”) has contravened the Exchange’s rules and regulations for issuers (“Exchange Rules”) in respect of compliance with the International Financial Reporting Standards (”IFRSs”), which are standard practice and adopted by the EU as the international standard for reporting by listed companies. Accordingly, HQ is ordered to pay a fine of five annual fees.

2011:1 HQ AB Press Release (EN)

2011:1 HQ AB Beslut (SE)

2011:2-4 Carnegie Investment Bank AB, Skandiabanken AB and UBS Limited

Carnegie Investment Bank AB, Skandiabanken AB and UBS Limited, trading members at NASDAQ OMX Stockholm AB (“the Exchange”), have contravened the Exchange’s rules and regulations (“Exchange Rules”) by mediating sales orders subject to terms that deviated from the current market value. Accordingly, the Exchange’s Disciplinary Committee has ruled that the trading members are each to be fined four hundred thousand Swedish kronor (SEK 400,000). 

2011:2-4 Press Release (EN)

2011:2 Carnegie Beslut (SE)

2011:3 Skandiabanken Beslut (SE)

2011:4 UBS Decision (EN)

2011:5 AllTele Allmänna Svenska Telefonaktiebolaget

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company AllTele Allmänna Svenska Telefonaktiebolaget (“AllTele”) on three occasions has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. Based on an overall assessment of the circumstances, the Disciplinary Committee rules that AllTele shall pay a fine equivalent to four annual fees, 768 000 SEK.

2011:5 AllTele Press release (EN)

2011:5 Alltele Decision (SE)

2011:6 Luxonen S.A.

The Disciplinary Committee of NASDAQ OMX Stockholm AB (the “Exchange”) has ruled that the listed company Luxonen S.A. (“Luxonen”) has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. Based on an overall assessment of the circumstances, the Disciplinary Committee rules that Luxonen shall pay a fine equivalent to two annual fees, 384,000 SEK.

2011:6 Luxonen Press release (EN)

2011:6 Luxonen Beslut (SE)

2011:7 Holmen AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (the “Exchange”) has ruled that the listed company Holmen AB (“Holmen”) has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. The case concerns Holmen’s violation of rule 3.1.5 in the Rulebook. Based on an overall assessment of the circumstances the Disciplinary Committee considers the breach of a less serious nature and therefore gives Holmen a warning.

2011:7 Holmen Press release (EN)

2011:7 Holmen Beslut (SE)

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