Stockholm, December 4, 2015 — The Disciplinary Committee of Nasdaq Stockholm has decided that Petrogrand AB (“Petrogrand”) is to be delisted from First North. The delisting will take effect on February 4, 2016, which is two months from the date on which the Disciplinary Committee made its decision on the matter.
In connection with Petrogrand’s application for admission to trading, the company signed a pledge to comply with the Exchange’s Nasdaq First North Rulebook applicable at any given time (the “Rulebook”). The Disciplinary Committee has decided that Petrogrand has repeatedly committed serious breaches of the Rulebook.
These breaches of regulations have been committed over a long period of time, and primarily pertain to the company’s disclosure of information and capacity for disclosing information. Petrogrand has also committed several breaches of Nasdaq Stockholm’s Takeover Rules.
The breaches originated in the conflict between Petrogrand and Shelton Petroleum. The handling of the conflict has not been justifiable for shareholders, and Petrogrand’s actions may be considered to have damaged confidence in the Exchange, First North, and in the securities market in general. The reason for these breaches appears not only to have been insufficient capacity regarding disclosure of information, but also that Petrogrand appears to have neglected to adhere to the Rulebook for other purposes.
Although Petrogrand now has a partly new Board of Directors and management, the company cannot be discharged from responsibility for past breaches of regulations when this is a matter of repeated, serious breaches of the Rulebook and the fact that such breaches have been committed over a long period of time.
Regarding the breaches of Nasdaq Stockholm’s Takeover Rules, the Disciplinary Committee considers that a very high fine should be levied. With respect to the far-reaching sanction for the breaches of First North’s Rulebook regarding the disclosure of information, the Disciplinary Committee decided that the special fine for the breaches of the Takeover Rules was to be set at the lowest amount of SEK 50,000.
A more detailed description of the case and the Disciplinary Committee’s ruling is published on:
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 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.
Participating in the Committee’s decision were Supreme Court Justice Marianne Lundius, Company Director Stefan Erneholm, Company Director Anders Oscarsson, Company Director Carl Johan Högbom and Lawyer Wilhelm Lüning.
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