NASDAQ OMX Riga informs that, based on the decision made by the Financial and Capital Market Commission (FCMC), AS “Latvijas Zoovetapgāde” shares (ticker: ZOV1R, ISIN code: LV0000100758) will be immediately delisted from the regulated market – Baltic Secondary list.
On July 16, 2014 FCMC took a decision to delist AS “Latvijas Zoovetapgāde” shares from the Baltic Secondary list due to company’s several and permanent breaches of the Law on the Financial Instruments Market (Law).
AS “Latvijas Zoovetapgāde” has permanently not complied with the requirements set by the Law on submission of audited annual reports, thus failing to provide credible financial information of the company to its investors. Until the day of decision AS “Latvijas Zoovetapgāde” has not submitted its audited annual reports of 2011, 2012 and 2013 as well as interim reports of 3 months 2014. Additionally, it has been found that AS “Latvijas Zoovetapgāde” has failed to submit information about several material events, incl. claims in court and arbitration court against the company, decisions of the court, changes in the Supervisory Board of the company etc in time and order set out in the Law.
Also after several FCMC requests the information was not disclosed neither to investors, nor FCMC.
Considering the above mentioned, FCMC Council concluded that AS „Latvijas Zoovetapgāde” behavior endangers interests of investors, who in timely manner do not receive relevant information about the economical and legal status of the market participant to be able to take grounded decisions on purchase or sale of company’s shares. Additionally, also earlier AS “Latvijas Zoovetapgāde” breached the Law several times for which it received warnings and penalty. Therefore, after evaluating the proportion of punishment and its conformity with the situation, incl. company’s financial status, FCMC Council took a decision to delist AS “Latvijas Zoovetapgāde” shares from the Exchange.
NASDAQ OMX Baltic is a common name for exchanges, regulated markets, alternative markets First North operated by NASDAQ OMX companies in the Baltic states, i.e. NASDAQ OMX Tallinn AS, NASDAQ OMX Riga AS and AB NASDAQ OMX Vilnius.