On 28 April 2017, Nordecon AS received the decision of the Nasdaq Tallinn Listing and Surveillance Committee, according to which Nordecon AS has violated the obligation to disclose information and comment rumours published about them. According to the decision of the Tallinn Listing and Surveillance Committee, the alleged violation of Nordecon AS was committed when Nordecon AS did not disclose information about the judgement made in civil case no. 2-14-60996 on 14 September 2016 and did not comment the information regarding the same dispute published in media on 27 September 2016. Nordecon AS does not agree with the decision of the Nasdaq Tallinn Listing and Surveillance Committee and disputes it in Nasdaq Tallinn Arbitration Court.
The decision of the Nasdaq Tallinn Listing and Surveillance Committee is unreasoned and unclear. According to the rules of the securities market, the issuer shall disclose information about proceedings and decisions that that do or may have an effect on the price of the issuer’s listed securities. Nordecon AS has always complied with this. The decision made in civil case no. 2-14-60996 on 14 September 2016 did not have an effect or could have had an effect on the price of Nordecon AS shares because it did not identify any circumstances that would have changed the financial performance of Nordecon AS and it did not satisfy any claim of Nordecon AS. Therefore, Nordecon AS was not obliged to disclose the information referred to by the Nasdaq Tallinn Listing and Surveillance Committee.
Regardless of the above, Nordecon AS published information regarding civil case no. 2-14-60996 on 24 January 2017 (https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=754979&messageId=946907). Nordecon AS finds that a decision made by the Nasdaq Tallinn Listing and Surveillance Committee seven months after the alleged violation and three months after the elimination of the alleged violation is unreasoned and misleading. Nordecon AS agrees with the opinion of the head of surveillance of the Tallinn securities market that “an additional disclosure about the initial court dispute would not provide significant additional information to investors at a time when new information has already been revealed and it would probably further complicate the situation”.
Nordecon (www.nordecon.com) is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographically the Group operates in Estonia, Ukraine, Finland and Sweden. The parent of the Group is Nordecon AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 10 subsidiaries in the Group. The consolidated revenue of the Group in 2016 was 183 million euros. Currently Nordecon Group employs close to 700 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ Tallinn Stock Exchange.
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
E-mail: andri.hobemagi@nordecon.com
www.nordecon.com