Amsterdam Exchanges Asks Sun Development For Explanation

Amsterdam Exchanges has asked Sun Development (formerly Satcom Holding) for an explanation following an advertisement in Aruba Today offering Sun Development shares for sale. It is unclear whether these shares are shares in Sun Development Holding or Sun Development Company and whether a new issue of shares is involved. Amsterdam Exchanges has also received indications that a much larger number of Satcom Holding depositary receipts are in circulation than have been admitted to official listing. On the basis of this, Amsterdam Exchanges suspects that the public may have been denied information that should have been published under the Listing and Issuing Rules. The Listing and Issuing Rules may also have been violated if there has been another issue of shares or depositary receipts for which listing has not been requested. Trading in Satcom will be suspended until the company clarifies the situation. If no explanation is provided, trading in Satcom will only be open between 13 and 17 December 1999 to allow the market to settle positions. On 1 September 1999 Amsterdam Exchanges decided that Satcom would be delisted. However, this decision has been suspended while it is open to appeal. This means that Satcom will be listed for the last time on 17 December 1999.