Stockholm, March 7 — The Disciplinary Committee has decided that Selena Oil & Gas Holding AB (”Selena Oil”) is to be delisted from First North Premier. The delisting will take effect on May 9, 2014, two months from the date on which the Disciplinary Committee announced its decision on the matter.
On numerous occasions, Selena Oil has failed to provide information, or has provided information that has failed to meet the requirements that disclosed information must be accurate, relevant and sufficiently detailed to permit an assessment of the information’s significance for the company and its financial position.
Selena Oil has also provided misleading information regarding a number of transactions and circumstances of the company, all of which have been paramount in assessing the company’s financial position and future earning capacity.
Furthermore, Selena Oil has not published an up-to-date list of insider transactions on its website. Transaction details for the company’s principal owners have not been provided, including the dates for when they served on company’s Board of Directors.
The company also lacks the human resources required to fulfill its obligations in terms of information disclosure. Since the company is traded on First North Premier, which has even higher standards regarding information disclosure, this factor is particularly serious.
The Disciplinary Committee is extremely concerned about how the company’s former Board and its principal owner have behaved in relation to the other shareholders and believes that this has adversely affected market confidence in First North.
The company now has a new Board, the former CEO has been reinstated and the company has attempted to resolve its problems; nevertheless, the Disciplinary Committee, with reference to the rules of First North, Section 7.2.1, 2.2.4 and 4.14 as well as Appendix L, Section 1.1 and 1.2, has decided that Selena Oil’s shares are to be delisted from First North Premier.
A detailed description of the matter and the Disciplinary Committee's decision has been published on:
About the Disciplinary Committee
The role of NASDAQ OMX Stockholm’s Disciplinary Committee is to examine cases where Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If NASDAQ OMX Stockholm suspects that a member or a listed company has acted in breach of NASDAQ OMX Stockholm’s rules and regulations, the matter is reported to the Disciplinary Committee. NASDAQ OMX Stockholm investigates and prosecutes the case and the Disciplinary Committee assesses the case and 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 include a warning, a fine or debarment. The fines imposed by the Committee 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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