Tallinn, Estonia, 2013-10-03 15:32 CEST (GLOBE NEWSWIRE) --
On October 3, 2013, the Listing and Surveillance Committee of NASDAQ OMX Tallinn decided to give a warning to AS Merko Ehitus for violation of NASDAQ OMX Tallinn rules and regulations chapter Requirements for Issuers (hereinafter RI) clauses 1.2.1, 2.1.5, 3.2.1 and 2.4.1.
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 2.1.5 the Issuer is required to disclose all the information on the Issuer subject to disclosure pursuant to the provisions of these Requirements, including information on any significant subsidiaries belonging to the same group as the Issuer. For the purposes of these Requirements, a subsidiary is deemed to be significant if its balance sheet total, sales, profit or loss from operations according to the latest annual report accounts for ten (10) per cent or more of the consolidated balance sheet total, sales, profit or loss from operations of the group.
According to RI clause 3.2.1 the Issuer shall immediately disclose information on any changes in the composition of the management board, the supervisory board and audit committee, or any change of auditors or procurators.
According to RI clause 2.4.1 information is deemed disclosed when it is made public as a notice through the Exchange Information System.
On August 8, 2013, AS Merko Ehitus disclosed via official information distribution system of the Exchange that the authority of Richard Viies, Management Board Member of its significant subsidiary Tallinna Teede AS, was terminated as of January 5, 2013, due to expiry of the term of the service contract.
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