NASDAQ OMX Riga decided on April 15, 2014 to issue a warning to AS “Rīgas kuģu būvētava” (RKB1R, ISIN code: LV0000100378). The company breached the NASDAQ OMX Riga Listing and Disclosure rules Article 13.4.6. and Article 13.4.7.
According to the NASDAQ OMX Riga Listing and Disclosure Rules Article 13.4.6., the issuer is obligated to prepare and submit to the Exchange all notifications in Latvian and English, but according to the Article 13.4.7. notifications or financial reports in English and in Latvian must be submitted simultaneously, however, not later than before the opening of the next trading day at the Exchange.
AS “Rīgas kuģu būvētava” has failed to disclose via official information disclosure system of the Exchange several announcements in English that were published on 31.03.2014, 04.04.2014 and on 10.04.2014 only in Latvian.
Additionally NASDAQ OMX Riga decided to simultaneously apply observation status to AS “Rīgas kuģu būvētava” according to the NASDAQ OMX Riga Listing and Disclosure rules Article 20.1.2, Subarticle 5.
The NASDAQ OMX Riga Listing and Disclosure rules stipulate that the Exchange may assign observation status to an issuer when it fails to publish the information in the due time and manner as stipulated by the NASDAQ OMX Riga Listing and Disclosure rules.
The purpose of assigning observation status is to alert the market participants.
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