STOCKHOLM, Sweden, July 31, 2003 (PRIMEZONE) -- The Disciplinary Committee of Stockholmsborsen has issued a warning to Hoganas AB for failure to comply with the company's listing agreement with the Exchange.
Information relating to the content of Hoganas AB's report on the first quarter of 2003 was available on the company's website on April 14, 2003, prior to the publication of information in the manner prescribed in the company's listing agreement with Stockholmsborsen. Information was disclosed as a result of Reuters being able to proceed by conjecture to the hidden address under which the information had been stored for later publication on the website. This was made possible as a result of the hidden address being so similar to the address used for corresponding information on earlier occasions and which was thus commonly known. As a result, Reuters was able to disseminate the information prior to its publication by the company in the correct manner.
The Disciplinary Committee referred to other similar instances that it had examined earlier this year and discovered that Hoganas had breached the listing agreement by not taking adequate steps to ensure that the information contained in the company's quarterly report did not leak out in advance. However, the Disciplinary Committee considered that in part the unintentional disclosure was related to the company's desire - in accordance with the guidelines issued by Stockholmsborsen - to make such information available on the website as quickly as possible following its publication in the prescribed manner. Given this background, the Disciplinary Committee considered that the infringement was excusable and issued the company a warning.
Disciplinary Committee
The role of Stockholmsborsen's Disciplinary Committee is to consider suspicions regarding whether Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If Stockholmsborsen suspects that a member or a listed company has acted in breach of Stockholmsborsen's rules and regulations, the matter is reported to the Disciplinary Committee. Stockholmsborsen investigates the suspicions and pursues the matter and the Disciplinary Committee issues a ruling regarding possible sanctions. The sanctions possible for a listed company are a warning, a fine or delisting. The fines that may be imposed range from one to ten annual fees. The possible sanctions for members are a warning, a fine or termination of membership. The Disciplinary Committee's Chairman and Deputy Chairman must be lawyers with experience of serving as judges. There must be at least two other members of the Committee who have in-depth insight into the workings of the securities market.
Members: Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice Marianne Lundius (Deputy Chairman), Madeleine Leijonhufvud (professor), Stefan Erneholm (company director) and Hans Mertzig (company director).
Deputy Members: Hans Edenhammar (MBA), Claes Beyer (lawyer), Jack Junel (company director), Lars Ostman (professor) and Ragnar Boman (MBA).
For further information, please contact Ulf Lindgren, Chief Legal Council, Stockholmsborsen +46 (0)8 405 70 60 Anders Ackebo, Head of Listing & Surveillance, Stockholmsborsen +46 (0)8 405 70 10
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http://www.waymaker.net/bitonline/2003/07/31/20030731BIT00300/wkr0002.pdf