Committee´s decision on Nordecon Tallinn, Estonia

Tallinn, Estonia, 2013-10-03 15:33 CEST (GLOBE NEWSWIRE) --  

On October 3, 2013, the Listing and Surveillance Committee of NASDAQ OMX Tallinn decided to impose a fine in the amount of 2 000 euros to Nordecon AS for violation of NASDAQ OMX Tallinn rules and regulations chapter Requirements for Issuers (hereinafter RI) clauses 1.2.1, 2.1.3, 3.8 and 2.4.1.

Background:

According to RI clause 1.2.1 the Issuer is obliged to secure disclosure of information stated in RI in such a form and within such time limits as specified in RI.

According to RI clause 2.1.3 the Issuer shall consider in its operations that the time of disclosure of information about a transaction/act/event in the Issuer’s operations or otherwise related to the Issuer does not depend on the performance of any formalities necessary for its occurrence and disclosure of information shall not be delayed with the excuse of waiting for an event or circumstance to become public. If the event has occurred or its occurrence is likely, but the formalities necessary for the occurrence of the event, or any other formalities, have not been performed at the moment of disclosure of information, or if another condition or risk relates to the occurrence of the event, such facts shall be presented along with the information being disclosed.

According to RI clause 3.8 the Issuer is obliged to immediately disclose information of any court or arbitration proceedings initiated by or against the Issuer, as well as of any court judgment or regulation or arbitration award, interim or final, whether or not having entered into force, that do or may have an effect on the price of the Issuer’s listed securities.

According to RI clause 2.4.1 information is deemed disclosed when it is made public as a notice through the Exchange Information System.

Nordecon AS has not disclosed via official information distribution system of the Exchange information about legal proceedings trial (no 2-11-32501/42; start date: December 3, 2012) nor the info about the verdict made on May 20, 2013 regarding acquiring the share of its subsidiary Eurocon OÜ. The share currently belongs to Aivar Noormets.

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