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.
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