Stockholm, July 28, 2016 – The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has ruled that Nordic Mines AB (“Nordic Mines”) has breached Nasdaq Stockholm’s Rule Book for Issuers (“the Rule Book”) and has therefore ordered Nordic Mines to pay a fine of SEK 1,435,000, corresponding to seven annual listing fees.
The Disciplinary Committee finds that Nordic Mines, on different occasions, acted in breach of items 3.1.1, 3.1.2, 3.1.5 and 3.3.3 of the Rule Book. The violations relate to shortcomings in information disclosure relating to the Board’s decision to issue new shares, disclosures concerning remuneration for a subscription commitment and other material information regarding a preferential rights issue. Nordic Mines also provided inadequate information regarding the company’s financial situation and breached the rules governing selective information disclosure.
Combined, these serious violations demonstrate that the company has contravened its obligation to maintain the necessary procedures and systems for providing information to the securities market, and thus the company has also acted in breach of item 2.4.3 of the Rule Book.
Nordic Mines has also acted contrary to sound market practice on the securities market according to the Securities Council’s statement 2016:1 by way of the manner in which individual investors were provided the opportunity to subscribe for shares in an issue and the conditions under which the subscription was carried out.
Furthermore, Nordic Mines did not publish its annual reports for the 2014 and 2015 fiscal years within the statutory four-month period following the close of the respective financial years, thereby acting in violation of the Swedish Securities Market Act (2007:528).
The Disciplinary Committee thus concludes that Nordic Mines, on numerous occasions, failed to meet its disclosure requirements, that the company acted contrary to sound market practice on the securities market and that it, on two occasions, did not comply with the statutory requirement to publish its annual report within the prescribed time. Accordingly, the Disciplinary Committee orders Nordic Mines to pay a fine corresponding to seven annual listing fees to the Exchange.
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, Supreme Court Justice Anne-Christine Lindeblad, Company Director Carl-Johan Högbom, Company Director Jack Junel and Company Director Stefan Erneholm.
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.
Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,700 listed companies with a market value of over $9.3 trillion and nearly 17,000 corporate clients. To learn more, visit nasdaq.com/ambition or business.nasdaq.com.
Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, Nasdaq Vilnius, Nasdaq Clearing and Nasdaq Broker Services are respectively brand names for the regulated markets of Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd., Nasdaq Iceland hf., Nasdaq Riga, AS, Nasdaq Stockholm AB, Nasdaq Tallinn AS, AB Nasdaq Vilnius, Nasdaq Clearing AB and Nasdaq Broker Services AB. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq Baltic represents the common offering by Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about Nasdaq and its products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq's control. These factors include, but are not limited to factors detailed in Nasdaq's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
|Media Relations Contact:|
|Christina Malmberg Hägerstrand|
|+46 8 405 65 83|