Source: Nasdaq Tallinn

Refusal to admit Medical Pharmacy Group shares to trading on First North market

Listing and Surveillance Committee of Nasdaq Tallinn analysed the application and respective appendixes of AS Medical Pharmacy Group thoroughly and decided on October 5, 2017 to refuse admission to trading of AS Medical Pharmacy Group B-shares on MTF First North operated by Nasdaq Tallinn AS.

Listing and Surveillance Committee concludes that AS Medical Pharmacy Group’s financial position, economic activities, management and planned ownership structure and rights in general are not appropriate for publicly traded company. Listing and Surveillance Committee also concludes that the financial position, management, reputation and other significant circumstances may harm investors’ interest and the reputation of First North and Stock Exchange.


Comment of the Stock Exchange

The stock exchange must ensure regular and lawful operation and trustworthiness of the securities market, as well as the surveillance of market participants and their operations.

The decision of listing a company on Nasdaq Tallinn  stock exchange or admitting it to trading on First North is made by the Listing and Surveillance Committee. The Committee is comprised of independent financial market experts.

It is important to bear in mind that in addition to becoming publicly traded in a stock exchange’s trading platform, a listing of a company also serves as a message to local and institutional investors and ensures that the securities and the issuer comply with certain standards. Therefore, specific conditions have been set for companies aiming to become traded. Corporate governance recommendations should be followed by the securities market participants to ensure the smooth operation of the securities market. The role of the Listing and Surveillance Committee is to give a neutral assessment whether the issuer and the securities comply with these rules and criteria.


In case of questions, please contact either Riho Rasmann, the Chairman of the Listing and Surveillance Committee of Nasdaq Tallinn ( or Kaarel Ots, the Chairman of the Board, Nasdaq Tallinn (


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Nasdaq Baltic is a common name for exchanges, regulated markets, alternative markets First North operated by Nasdaq companies in the Baltic states, i.e. Nasdaq Tallinn AS, Nasdaq Riga AS and AB Nasdaq Vilnius.