Stockholm, February 21, 2017 — The Disciplinary Committee of Nasdaq Stockholm has decided that the shares of Petrotarg AB (“Petrotarg”) are to be delisted from trading on Nasdaq First North. The last day of trading will be March 17, 2017, which is one month from the date of the Disciplinary Committee’s decision.
The Disciplinary Committee has found that Petrotarg has repeatedly breached the Nasdaq First North Nordic Rulebook (the “Rule Book”).
The Disciplinary Committee has concluded that Petrotarg, on a number of occasions and for a relatively protracted period of time, has not fulfilled its disclosure obligations. The Committee takes a particularly serious view of the failings in conjunction with the merger with U.S. Energy Group AB, announced on May 25, 2016, in connection with which Petrotarg contravened the Rule Book in a number of respects. The failings in information disclosure connected to this transaction, combined with the failings in information disclosure in conjunction with the announcement of a share issue in December 2016, have also made the Committee to determine that Petrotarg does not have the necessary organization or resources in place for information disclosure.
The Disciplinary Committee has concluded that the breaches are of such a serious nature that they may undermine the market’s and the public’s confidence in Nasdaq Stockholm, Nasdaq First North, and the securities market in general. The Disciplinary Committee has thus concluded that Petrotarg’s shares should be delisted from Nasdaq First North.
A detailed description of the matter and the Disciplinary Committee’s decision are available at:
Participating in the Committee’s decision were former Supreme Court Justice Marianne Lundius, Company Director Stefan Erneholm, Company Director Erik Einerth, Company Director Carl Johan Högbom and Lawyer Patrik Marcelius.
About the Disciplinary Committee
The role of Nasdaq Stockholm’s Disciplinary Committee is to consider suspicions regarding whether Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If the Exchange suspects that a member or a listed company has acted in breach of the 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. Fines paid are not included in the Exchange’s business but are attributed to a foundation supporting research in the securities market. 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: Former Supreme Court Justice Marianne Lundius (Chairman), Supreme Court Justice Ann-Christine Lindeblad (Deputy Chairman), Company Director Erik Einerth, Company Director Stefan Erneholm, Company Director Anders Oscarsson, Lawyer Wilhelm Lüning, Company Director Jack Junel, MBA Ragnar Boman, MBA Carl Johan Högbom, Lawyer Patrik Marcelius and Authorized Public Accountant Magnus Svensson Henryson.
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