The Disciplinary Committee of Nasdaq Stockholm AB has decided to delist the shares in Petrotarg AB (previously Ginger Oil AB) (“Petrotarg”). The last day of trading will be March 17, 2017, which is one month from the date of the Disciplinary Committee’s decision.
The Disciplinary Committee has found that Petrotarg repeatedly has conducted a number of breaches of the Nasdaq First North Nordic Rulebook (the “Rule Book”).
The Disciplinary Committee concluded that Petrotarg, on several occasions and for a relatively long period of time, has failed to fulfill its disclosure obligations. The Committee takes a particularly serious view of the failings in conjunction with the merger with U.S. Energy Group AB, announced on May 25, 2016, in connection with which Petrotarg contravened the Rule Book in a number of aspects. These breaches, combined with the failings in information disclosure in conjunction with the announcement of a share issue in December 2016, have also made the Committee to determine that Petrotarg does not have the necessary organization or resources in place for information disclosure.
The Disciplinary Committee concluded that the breaches are of such a serious nature that they may undermine the market’s and the public’s confidence in Nasdaq Stockholm, Nasdaq First North and the securities market in general. The Committee thus concluded that Petrotarg’s shares should be delisted from Nasdaq First North.
A detailed description of the matter and the Disciplinary Committee’s decision are available at: http://www.nasdaqomx.com/listing/europe/surveillance/stockholm/disciplinarycommittee/decisions/
Please see the attached document for a Swedish version of the decision. An English version will be available via the above link within shortly.
For further information about this exchange notice please contact Issuer Surveillance, telephone +46 8 405 60 00, or iss@nasdaq.com.
