OMX AB, listed on OMX Nordic Exchange Stockholm up to May 2, 2008, has
contravened the rules by failing to disclose information that is liable to
affect the valuation of the company's listed securities in the correct manner.
The Exchange's Disciplinary Committee has decided that the company will be given
a warning.
According to the listing agreement, information that is liable to affect the
valuation of the company's listed securities to a not insignificant degree must
- other than in special cases - be disclosed through publication. Publication is
to be done in a manner that ensures that the information is made available to
the public rapidly and in a non-discriminatory manner. The information shall
simultaneously be disclosed to the Exchange and be made available on the
company's website as soon as possible.
On January 11, 2008, OMX disclosed that an agreement had been reached with the
Bombay Stock Exchange governing the delivery of technology. The value of the
order was not reported in the press release. On January 12, 2008 Dagens Industri
published an article that included two quotes from OMX's then CEO, Magnus
Böcker, according to which he stated: “The order value is confidential but it
does involve a few hundred million kronor” and “One of our largest deals ever.”
The committee concludes that the information provided on the deal with the
Bombay Stock Exchange was to a certain extent new for the market and was liable
to affect the value of OMX share to a not insignificant degree. Consequently,
the information should have been published in line with the listing agreement's
rules.
The provision of information in the interview did not comply with the rules of
the listing agreement. However, as noted by OMX, the interview took place during
a period when the public offer by Borse Dubai to OMX's shareholders was ongoing
and, for this reason, the current case could hardly be viewed as presenting a
risk that the share price would actually be affected. Against this background,
the breach is viewed as minor, and thus the sanction extends to a warning.
The following persons participated in the Committee's decision: Johan Munck,
Hans Mertzig, Carl-Johan Högbom, Ragnar Boman and Jack Junel.
For further information:
Anders Ackebo, OMX Nordic Exchange Stockholm +46 (0)8-405 70 10
About the Disciplinary Committee | The role of OMX Nordic Exchange in
Stockholm's Disciplinary Committee is to consider suspicions regarding whether
Exchange Members, brokers or listed companies have breached the rules and
regulations applying on the Exchange. If the Exchange suspects that a member,
broker or listed company has acted in breach of the Exchange's rules and
regulations, the matter is reported to the Disciplinary Committee. The Exchange
investigates the suspicions and pursues the matter and the Disciplinary
Committee issues a ruling regarding possible sanctions. The sanctions possible
for listed companies are a warning, a fine or delisting. The fines that may be
imposed range from one to 15 annual fees. The sanctions possible for Exchange
Members are a warning, a fine or debarment, while brokers may be warned or have
their brokerage license rescinded. The Disciplinary Committee's Chairman and
Deputy Chairman must be lawyers with experience of serving as judges. At least
two of the other members of the Committee must have in-depth insight into the
workings of the securities market.
Members: Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice
Marianne Lundius (Deputy Chairman), Madeleine Leijonhufvud (professor), Stefan
Erneholm (company director) and Hans Mertzig (company director). Deputy Members:
Hans Edenhammar (MBA), Claes Beyer (lawyer), Jack Junel (company director),
Ragnar Boman (MBA) and Carl Johan Högbom (MBA).
Disciplinary Committee at OMX Nordic Exchange Stockholm issues a warning to OMX AB
| Source: Nasdaq Nordic
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