Stockholm, December 4, 2015 — The Disciplinary Committee of Nasdaq Stockholm (the “Exchange”) has decided that Shelton Petroleum AB (“Shelton Petroleum”) is to be delisted. 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 conjunction with the application for listing, Shelton Petroleum signed a pledge to comply with the Exchange’s Rule Book for Issuers applicable at any given time (the “Rule Book”).
The Disciplinary Committee of Nasdaq Stockholm considers that Shelton Petroleum has breached the provisions of the Rule Book regarding the disclosure of information. Furthermore, the company has contravened generally accepted practices on the stock market, and has also breached the Takeover Rules for certain trading platforms. These serious breaches of regulations have been committed over a long period of time.
The breaches originated in the conflict between Petrogrand and Shelton Petroleum. The handling of the conflict with Petrogrand has not been justifiable for shareholders, and Shelton Petroleum’s actions may be considered to have damaged confidence in the Exchange and in the securities market in general.
Although the company now has a partly new Board of Directors and management, Shelton Petroleum cannot be discharged from responsibility for breaches of regulations when this is a matter of numerous breaches of the Rule Book and the fact that such breaches have been committed over a long period of time. These breaches combined constitute a serious violation of the Rule Book, and as a consequence of this, the Disciplinary Committee finds that Shelton’s shares are to be removed from trading on Nasdaq Stockholm.
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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