Nasdaq Stockholm delists Nordic Mines AB
Stockholm, September 7, 2017 — The Disciplinary Committee of Nasdaq Stockholm AB has decided that the shares of Nordic Mines AB (“Nordic Mines”) are to be delisted from Nasdaq Stockholm. The delisting will take place with immediate effect.
Nasdaq Stockholm AB suspended the trading in Nordic Mines’ shares on July 7, 2017 because the company published inside information on its website on June 30, 2017 regarding changes to its Board of Directors and management, as well as a press release from its General Meeting of shareholders, without having published such information beforehand in a correct manner. On the same day, July 7, 2017, Nasdaq Stockholm AB updated the reasons for the observation status of Nordic Mine’s shares that had previously been given, since the company for a long period of time had failed to meet fundamental listing requirements regarding management, capacity for providing information and the composition of the Board of Directors. Since, according to Nasdaq Stockholm AB, conditions for resuming trading in Nordic Mines’ shares did not exist, the shares have been suspended since this date.
Since the aforementioned events took place, Nasdaq Stockholm AB has repeatedly requested a detailed statement of the measures that Nordic Mines intends to take in order to meet the listing requirements. Since the initial response from the company did not contain any specific, satisfactory proposals for measures, Nasdaq Stockholm AB again on August 14, 2017 requested Nordic Mines to submit, not later than August 31, 2017, a clear statement of how the company meets the relevant listing requirements.
Nordic Mines submitted a response on August 31, 2017. The company has not rectified the deficiencies in question within the prescribed time and has also not presented a concrete action plan. In Nasdaq Stockholm AB’s opinion, the conduct of Nordic Mines and its lack of respect for the application of rules are so serious that there is the risk to damage confidence in the Exchange and the securities market.
The Disciplinary Committee has determined that the management and Board of Directors of Nordic Mines have not fulfilled the requirements of items 2.4.1, 2.4.2 and 2.4.3 of Nasdaq Stockholm’s Rule Book for Issuers (“the Rule Book”). It is the Disciplinary Committee’s opinion that the conditions do not exist to resume trading of the company’s shares on the Exchange.
Accordingly, the Disciplinary Committee has decided by virtue of items 2.9.2 (2) and 2.9.3 in the Rule Book to delist the Nordic Mines shares from trading on Nasdaq Stockholm. The delisting applies with immediate effect.
A detailed description of the matter and the Disciplinary Committee’s decision is available at:
Participating in the Committee’s decision were former Supreme Court Justice Marianne Lundius, Supreme Court Justice Anne-Christine Lindeblad, MBA Ragnar Boman, Company Director Carl-Johan Högbom and Authorized Public Accountant Svante Forsberg.
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, Authorized Public Accountant Magnus Svensson Henryson and Authorized Public Accountant Svante Forsberg.
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