On 27 April 2017, the Nasdaq Tallinn Listing and Surveillance Committee made a decision, according to which Nordecon AS had violated their obligation to disclose information and comment published rumours in relation to civil case 2-14-60996.
On 4 May 2017, Nordecon AS published a stock notice in relation to the decision of the Nasdaq Tallinn Listing and Surveillance Committee of 27 April 2017 (https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=772942&messageId=971018).
On 30 June 2017, Nordecon AS appealed the decision of the Nasdaq Tallinn Listing and Surveillance Committee of 27 April 2017 in the Court of Arbitration of Exchange. Nordecon AS noted in the cover letter of the appeal that as according to subsection 28 (1) of the Rules of the Court of Arbitration of Exchange, the proceeding of the arbitration court is confidential, Nordecon AS cannot publish a stock notice about the initiation of arbitration proceeding. Nordecon AS also noted that if Nasdaq Tallinn considers it necessary to publish a stock notice, Nordecon AS asks to be informed of this immediately.
On 13 July 2017, the Court of Arbitration of Exchange accepted the appeal of Nordecon AS of 30 June 2017.
On 25 July 2017, Nasdaq Tallinn announced that “a mistake has occurred in relation to the AS Nordecon arbitration case”. Nearly one month after the submission of the appeal and two weeks after the appeal was accepted, Nasdaq Tallinn took the position that Nordecon AS should publish a stock notice with regard to the initiated arbitration proceeding.
Based on the above, Nordecon AS informs that they have disputed the decision of the Nasdaq Tallinn Listing and Surveillance Committee of 27 April 2017 which imposed a “warning/contractual penalty in the amount of three thousand two hundred (3,200) euros” on Nordecon AS for the alleged violation of the obligation to disclose information and comment a published rumour.
Nordecon AS is of the view that the issuer is obliged to publish information that may affect the price of the issuer’s security. The disclosure of information about court or arbitration court proceedings that do not affect the price of securities might be misleading. Nordecon AS is convinced that civil case 2-14-60996 and the corresponding decision and the decision of the Nasdaq Tallinn Listing and Surveillance Committee of 27 April 2017 and its appeal do not affect the price of the securities of Nordecon AS.
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 720 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