The rules will be amended with a new listing requirement regarding administration, result monitoring, risk management and company disclosure of the company and the organisation of the liability relations relating thereto. Also the statement of the advisor responsible for the listing on meeting the conditions for admission to listing and the capability of the company to act as a listed company will be required.
A cash flow statement shall be included in interim reports and financial statement bulletins as from January 1, 2003. The financial statement bulletins and the interim reports of an I List, NM List and Pre List company shall contain an opinion of the company on the adequacy of disposable assets available for the following 12 months, if the shareholders' equity is less than the share capital of the company or the company's operational history is less than three years.
Amendments relating to the listing of securities and disclosure requirements are contemplated in more detail in the press release of April 24, 2002. The rules of the Helsinki Exchanges are available at www.hex.com
Material change in a listed company becomes a new ground for transfer to the surveillance list
The purpose of the surveillance list is to call investors' attention to a specific matter concerning a listed company or a security. The purpose of the changes relating to the surveillance list is to enable better segmentation of the grounds for the surveillance.
A material change in a company (often referred to as a reverse take-over) is in question when the business or field of operation of a listed company changes due to a business acquisition or another arrangement. The arrangement leads to a material change in the management, share capital, ownership or control of the listed company, and the counterparty of the arrangement is not a listed company. The company will be transferred to the surveillance list unless a prospectus containing similar information of the new entity as would be required in a listing particulars will be provided.
Cent shares-list will be introduced in December 2002
Helsinki Exchanges will also call investors' attention to the technical weakening of the price formation of a listed security. The so-called cent shares -list shall comprise of shares whose price has been below 0,10 EUR for three calendar months. The share will not be transferred to the cent shares -list if the company has announced a plan or otherwise taken action in order to technically change the price of the share. Trading in cent shares takes place in a similar manner as in other shares.
The price fluctuation in shares on the cent share -list compared to the value of the share is considerably greater than in shares with higher value. The purpose of the cent shares -list is to call the attention of the markets and investors to the exceptional price formation mechanism of these securities. Helsinki Exchanges emphasises the fact that the cent shares -list is different in characteristics from the surveillance list, although the cent shares -list is technically regulated as a part of the surveillance list.
