Stockholm, March 15, 2016 — The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has found that RealXState AB (“RealXState”) has contravened the regulations of the Nasdaq First North (“the Rulebook”) and has thus ordered that the preference shares in RealXState be delisted from trading on Nasdaq First North with immediate effect.
The case concerns RealXStates’ contravention of items 7.2.1 (a) (iii) and 7.2.1 in Supplement B of the Rulebook.
In its decision, the Disciplinary Committee concludes that RealXState, over a relatively extended period, has not complied with the listing requirements, that the company has materially violated the Rulebook in relation to the publication of information and maintenance of an insider register, and that a number of prohibited transactions have been carried out in the company and these have created major uncertainty surrounding the company. The confidence in the Company is considered to be so damaged that it can hardly be restored within the foreseeable future.
The Disciplinary Committee emphasizes that delisting can be enforced even if a listed company fulfills all the listing requirements but is nonetheless considered to have undermined public confidence in the Exchange, the First North or the securities market in general.
A detailed description of the matter, and the Disciplinary Committee’s decision, have been published on:
Participating in the Committee’s ruling were former Supreme Court Justice Johan Munck, Company Director Anders Oscarsson, former Stock Exchange Governor Carl Johan Högbom, Company Director Jack Junel and Supreme Court Justice Ann-Christine Lindeblad.
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. NASDAQ OMX Stockholm 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 Johan Munck (Chairman), Supreme Court Justice Marianne Lundius (Deputy Chairman), Supreme Court Justice Ann-Christine Lindeblad, Company Director Erik Einerth, Company Director Stefan Erneholm and Company Director Anders Oscarsson. Deputies: Former Authorized Public Accountant Bo Magnusson, Lawyer Wilhelm Lüning, Company Director Jack Junel, Ragnar Boman (MBA) and Carl Johan Högbom (MBA).
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