Tallinn, Estonia, 2015-04-01 14:00 CEST (GLOBE NEWSWIRE) --
On March 30, 2015, the Listing and Surveillance Committee of NASDAQ OMX Tallinn decided to terminate the trading in Telescan AS shares on multilateral trading facility First North operated by NASDAQ OMX Tallinn AS due to repeated and material violation of provisions of the Rules of multilateral trading facility First North (RFN). Considering the interests of investors and the fact that there has been no trading activity in Telescan AS shares on MTF First North, the resolution of terminating the trading will come into force as of April 6, 2015. Thus, the last day of trading in Telescan AS shares will be Thursday, April 2, 2015.
Background:
Proper information disclosure is the main measure to ensure transparency and reliability of securities market, incl. multilateral trading facility. According to RFN clause 3.2, Issuers are subject to RFN, Securities Market Act and other legal acts. According to clause 23.1, the Issuer is obliged to disclose information required by RFN in such a form and within such time limits as specified in RFN. According to clause 25.1, information shall be deemed disclosed when it is disclosed as a notification by means of the Information System of the Exchange.
According to RFN clause 23.6, the Issuer shall appoint a contact person available to the Exchange who could immediately provide the requested assistance, information or documents, if necessary. The Issuer shall notify, without delay, the Exchange and the Certified Adviser about substitutes of this person. Telescan AS has not notified the Exchange about substituting existing contact person or appointed new contact person. In addition, the Issuer has not been available via any reasonable communication channel during several months.
According to RFN clauses 26.3.1. and 26.3.5, the Issuer shall submit financial reports for six (6) months and twelve (12) months of the financial year to the Exchange and disclose the financial report, without delay, after its approval by the management board of the Issuer, however, not later than two (2) months from the end of the reporting period. Despite of reminding, Telescan AS has not disclosed the twelve month interim report, thus committing a severe violation of RFN. In addition, Telescan AS has not disclosed the fact of replacing their Certified Advisor, as required by RFN clause 27.1, although the current agreement will end on April 5, 2015.
Telescan AS has not paid the annual fees stipulated in the price list of First North, despite of repeated reminders and extended due date, that is a severe violation of RFN and can be a sole ground for termation of trading.
Telescan AS has not fulfilled the information disclosure requirements in a proper manner. In addition, Telescan AS has not appointed a contact person or ensured his or her availability, has not been available for communication or submitted the explanations requested by the Exchange. Also, Telescan AS has left unpaid the annual fees stipulated in the price list of First North. Conduct of Telescan AS has been in conflict with the clauses 3.2., 23.1, 23.6, 23.7, 25.1, 26.3.1, 26.3.5 and 27.1 of RFN.
Repeated and material violations of the provisions of RFN by Telescan AS and failure to respond to repeated reminders has been proved with the evidence collected by the Exchange during the supervisory proceedings. Considering all the circumstances, trading with the shares of Telescan AS can not be deemed possible.
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NASDAQ OMX Baltic is a common name for exchanges, regulated markets, alternative markets First North operated by NASDAQ OMX companies in the Baltic states, i.e. NASDAQ OMX Tallinn AS, NASDAQ OMX Riga AS and AB NASDAQ OMX Vilnius.