Nasdaq Tallinn decided to add the observation status to the shares of AS Tallink Grupp starting from today, July 25, 2017, based on the clause 3.5.4.8. of chapter Supervision of the rules and regulations (Supervision Rules).
Based on sub-sections of the clause 3.5. of the Supervision Rules of Nasdaq Tallinn, the exchange has right to add an observation status to a share and to the trading information displayed on the web site to draw the market participants' attention to significant circumstances related to a security or an issuer.
On July 6, 2017 and July 19, 2017, Tallink Grupp disclosed two announcments:
Agreement among certain shareholders https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=782603&messageId=983922
Commencement of an exploratory process relating to potential strategic options https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=784159&messageId=985997
According to Supervision Rules clause 3.5.4.6., the observation status can be added in the case of making takeover offer to the shareholders of the issuer or announcing the intention of such an offer. AS Tallink Grupp has not announced the takeover offer but made a reference to the possible voluntary or mandatory takeover offer in the announcement.
According to clauses 3.5.4.7. and 3.5.4.8. the observation status can be added if other circumstances related to the issuer or its securities or another situation of the issuer may have material influence or may affect the interests of investors according to the opinion of the Exchange.
The purpose of adding the observation status is to alert the market participants about the uncertainty regarding the strategic options considered by the company on attracting new core investors, which could lead to some of the existing shareholders divesting their shares in the company.
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