Approval Of The New Rules On Public Sale Of Shares On The NSEL

On 23 November 2001, the Securities Commission of Lithuania approved The Rules on Public Sale of Shares on the National Stock Exchange of Lithuania (NSEL). The Rules shall regulate the procedure of sale of blocks of shares and privatisation of shares owned by the state (municipality) through the NSEL. The new rules will ensure a more flexible selling procedure and more simple trading procedures for the NSEL members.

After these rules come into force, The Rules on Sale of a Block of Shares on the NSEL and The Rules on Public Sale of State (Municipality) Owned Shares on the NSEL will become void.

The Enforcement Note No. 88 regarding Timing and Order of Procedures of Public Sale of Shares on the NSEL, approved by the Management Board of the NSEL on 28 November 2001, foresees that:

• buyers shall have the right to place buy orders, annul them or change terms of the orders on every trading day on the Stock Exchange from 10.00 a.m. until 2.00 p.m. during the continuous trading;
• if the public sale of shares is arranged and executed by applying the price priority principle, the time period established by the Management Board of the Stock Exchange is 15 (fifteen) minutes.

The Rules on Public Sale of Shares on the NSEL and the Enforcement Note No. 88 will come into force after announcement of the rules in the official gazette "Valstybes Zinios".

The Rules and the Enforcement Note are available on the NSEL web-site http://www.nse.lt