Tallinn, Estonia, 2017-04-28 16:45 CEST (GLOBE NEWSWIRE) -- On April 27, 2017, the Listing and Surveillance Committee of Nasdaq Tallinn decided to impose a fine in the amount of 3 200 euros to Nordecon AS for violation of Nasdaq Tallinn rules and regulations chapter Requirements for Issuers (hereinafter RI) clause 1.2.1, 2.1.1, 2.2.1, 3.8 and 2.4.1, and oblige the issuer to immediately publish Exchange announcement regarding legal procedings trial against Maanteeamet (Road Administration).
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 2.1.1 members of the supervisory board and management board of an Issuer are under the obligation to scrutinise on an on-going basis, within the scope of their competence, all the events and changes taking place in the Issuer’s operations to assess what information is subject to immediate disclosure in accordance with these Requirements.
According to RI clause 2.2.1 whenever an Issuer becomes aware of any rumour or report about the Issuer, true or false, that contains information that is likely to have, or has had, an effect on the price of its securities, the Issuer is required to immediately comment on the rumour or report by submitting a respective notice to the Exchange.
According to RI clause 3.8 the Issuer is obliged to immediately disclose information of any court or arbitration proceedings initiated by or against the Issuer, as well as of any court judgment or regulation or arbitration award, interim or final, whether or not having entered into force, that do or may have an effect on the price of the Issuer’s listed securities.
According to RI clause 2.4.1 information is deemed disclosed when it is made public as a notice through the Exchange Information System.
Nordecon AS did not disclose via official information distribution system of the Exchange information about legal proceedings trial against Maanteeamet (Road Administration), where Nordecon AS requires compensation for the work done in the amount of 4.2 million euros.
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