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Stockholm Stock Exchange warns FlyMe


Stockholm Stock Exchange warns FlyMe FlyMe Europe AB handled its information-disclosure activities in a manner that contravened First Norths rules when the company announced a business transaction in such a way that it seemed to be signed and sealed, despite this not being the case. Accordingly, the Stockholm Stock Exchange has decided to warn the company. FlyMe Europe ABs (FlyMes) shares are traded on First North, the Stockholm Stock Exchanges alternative marketplace. According to First Norths regulations, information disclosed by a company must be correct, relevant and reliable, and no information may be omitted that could influence assessments of the company. On September 1, 2006, FlyMe issued a press release with the headline FlyMe purchases British airline Astraeus. FlyMe stated in the release that its investment in the share acquisition amounted to GBP 6 M. The release did not contain any information to the effect that certain conditions had to be met. On September 25, 2006, FlyMe issued a press release with the headline FlyMe concludes new agreement with UK airline Astraeus. It was stated in this release that FlyMe and Astraeus had mutually agreed not to proceed with the previously announced transfer of 51 percent of Astraeus shares to FlyMe. The release did not give any reasons for the abandonment of the deal. FlyMe subsequently reported in a press release dated September 29 that one of the conditions for the canceled transaction had been the granting of permission for the deal by the British Civil Aviation Authority (CAA) within a certain time period. The release went on to say that, when permission from the CAA was not received within the stated time period, the parties had agreed not to seek an extension of the period for granting approval. Accordingly, the purchase agreement had been annulled and the two airlines had instead entered into a dry leasing agreement. In the press release that FlyMe issued on September 1, the company should at least have stated that the agreement was subject to the CAA approval, since this information was essential to the markets assessment of the transaction. But this was not the case, and nor did FlyMe give any reasons for the cancellation of the deal in its press release of September 25. This infraction is deemed particularly serious in view of the first press release being formulated so as to indicate that the transaction had been finalized. This means that FlyMe has failed to handle its information-disclosure activities in the manner stipulated in First Norths regulations and, accordingly, the Stockholm Stock Exchange has warned FlyMe. The Stockholm Stock Exchange did not find any grounds to direct any criticism at Remium AB, FlyMes Certified Advisor at First North. For more information regarding First North, please visit For more information, please contact Ulrika Areskog, Communications Manager, Stockholm Stock Exchange, tel. +46 8-405 63 76 About OMX OMX is a leading expert in the exchange industry. Through the Nordic Exchange, OMX offers access to approximately 80 percent of the Nordic and Baltic securities market. The Nordic Exchange is a term used for marketing purposes and is not a legal entity. It describes the common offering from the Helsinki Stock Exchange, Copenhagen Stock Exchange, Stockholm Stock Exchange, Tallinn Stock Exchange, Riga Stock Exchange and Vilnius Stock Exchange. OMX integrated technology solutions cross the transaction chain enabling efficient securities transactions for over 60 exchange organizations in more than 50 countries. OMX is a Nordic Large Cap company in the Financial sector on the OMX Nordic Exchange. For more information, please visit PDF

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