Tallinn, Estonia, 2014-04-11 16:00 CEST (GLOBE NEWSWIRE) --
On April 11, 2014, the Listing and Surveillance Committee of NASDAQ OMX Tallinn decided to give a warning to Tallinna Kaubamaja AS 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.
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 2.1.5 the Issuer is required to disclose all the information on the Issuer subject to disclosure pursuant to the provisions of these Requirements.
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. An Issuer is also required to send a notice to the Exchange if any person specified in this clause has applied for resignation from his or her position and if an agreement has been reached with a person to be employed in any of the positions specified in this clause.
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 March 3, 2014, Tallinna Kaubamaja AS disclosed via official information distribution system of the Exchange its 2013 audited financial report, which included formerly undisclosed information about the extension of the service contract of Management Board Member Raul Puusepp. The extension was signed on February 21, 2014 and is in force until March 6, 2017.
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