At its meeting on 19 December 2006, the Board of Oslo Børs resolved to admit shares in Reservoir Exploration Technology, Deep Sea Supply, Repant and Crew Minerals to listing on Oslo Børs. At the same meeting, the Board imposed a violation charge of NOK 330,000 on Global Geo Services ASA for breaching the duty to disclose information.
Reservoir Exploration Technology ASA to be listed on Oslo Børs
The Board of Oslo Børs resolved to admit shares in Reservoir Exploration Technology ASA to listing on the SMB List of Oslo Børs.
Admission to listing is conditional on the company, prior to the first day of listing, publishing a listing prospectus approved by Oslo Børs, and on raising through its planned share issue at least NOK 245 million of new equity of which the net proceeds shall be credited to the company’s equity. The company must also publish a statement on the independence of the company's board of directors.
The Board authorised the President of Oslo Børs to fix the date of the first day of listing, which is to be no later than 2 February 2007.
About Reservoir Exploration
RXT is a marine geophysical company specializing in multi-component seismic sea-floor acquisition. Multi-component seismic solves several imaging challenges that cannot be resolved with towed streamer seismic, and targets improved oil recovery from existing fields. The technology also gives better data quality for exploration, and is also the solution where towed streamers are impractical due to high density of platforms and/ or shallow waters. The Company has offices in Oslo, London and Houston.
Deep Sea Supply Plc to be listed on Oslo Børs
The Board of Oslo Børs resolved to admit shares in Deep Sea Supply Plc to listing on the SMB List of Oslo Børs.
The Board agreed to exempt the company from the requirement that a listed company must have been in existence for at least three years and have carried out the major part of its business for at least three years, cf. Section 2-1 of the Stock Exchange Regulations.
This exemption was granted because the business activities in question have been in existence for part of the period but were carried out through other legal entities, and because analysis of the company is very largely dependent on factors that are available to the market in other ways, so the market therefore has access to sufficient information to reach an informed opinion on the company. Based on an overall evaluation, Oslo Børs has concluded that an exemption from the requirement for the company to have been in existence and carried out the major part of its business for at least three years is in the interests of investors and the public.
The Board also stipulated that prior to the first day of listing the company must satisfy the requirements for the number of holders of one round lot or more of the company's shares set out in Section 2.4.2 of the Stock Exchange Listing Rules, and for more than 25% of the shares to be admitted to listing to be held by the general public, cf. Section 2-1 of the Stock Exchange Regulations. The company must also enter into a listing agreement with Oslo Børs. Admission to listing is also conditional on the company completing its intention to become the owner of more than 90% of the share capital of Deep Sea Supply ASA prior to the first day of listing.
The Board authorised the President of Oslo Børs to fix the date of the first day of listing, which is to be no later than 2 February 2007.
About Deep Sea Supply
Deep Sea Supply is an offshore supply boat company aiming to deliver attractive returns to its shareholders and to give investors access to a listed and liquid offshore supply boat company. Its current fleet of seven vessels operates both in the North Sea and internationally. The company has 20 newbuilding contracts for AHTS and PSVs to be delivered in 2007-2009. Deep Sea Supply has chosen to relocate its ownership to Cyprus with Deep Sea Supply Plc being the new parent company.
Repant ASA to be listed on Oslo Børs
The Board of Oslo Børs resolved to admit shares in Repant ASA to listing on the SMB List of Oslo Børs.
Admission to listing is conditional on the company publishing a prospectus approved by Oslo Børs prior to the first day of listing and also publishing a statement on the company's compliance with the Norwegian Code of Practice for Corporate Governance.
The Board authorised the President of Oslo Børs to fix the date of the first day of listing, which is to be no later than 2 February 2007.
About Repant
Repant is growing player in the recycling industry. The company’s business concept is to develop and sell solutions for cost-efficient handling of returned containers. This involves design, production of competitive reverse-vending machines and establishing a competitive sales and service network. The goal is to be in time the preferred supplier of reverse-vending machines for beverage containers. The company is headquartered in Drammen, Norway and has 49 employees.
Repant was established in 1994 as a developer of Reverse Vending Machines (RVM’s) for return containers. In 2004 it signed a comprehensive co-operation agreement with the Japanese industrial group Teraoka Seiko Co. Ltd. (DIGI). DIGI is a global player within delivery of electronic equipment for the grocery retailing industry. The co-operation agreement between Repant and DIGI covers among others the sale and distribution of reverse-vending machines in Europe and Japan. In the beginning of 2006 this resulted in a break through for Repant when it received a major order from a leading German grocery chain for the delivery of Repant machines.
Crew Minerals ASA to be listed on Oslo Børs
The Board of Oslo Børs resolved to admit shares in Crew Minerals ASA to listing on the SMB List of Oslo Børs.
The Board authorised the President of Oslo Børs to fix the date of the first day of listing, which is to be no later than 2 February 2007.
About Crew Minerales
Crew Minerals ASA is a mineral exploration company primarily focusing on non-precious metals and mineral projects. The company is a spn-off from Crew Gold Corporation as a part of the strategy to separate pure gold operations from the development of a focused minerals company with the needed size, management focus and funding. The Company’s primary asset is the Mindoro Nickel Project and related Pamplona Sulphur Project in the Philippines. The Company also has Molybdenum exploration activities in Norway and a fee income from an Olivine mine on Greenland.
Violation charge for Global Geo Services ASA for breach of the duty to disclose information
The Board of Oslo Børs resolved to impose a violation charge on Global Geo Services ASA (GGS) of NOK 330,000, equivalent to three times the company’s annual listing fee, cf. Section 25-5 of the Stock Exchange Regulations, for breaches of Section 3.2.1 first and fourth paragraphs, Section 5.2 second paragraph and Section 5.4 first and third paragraphs, of the Rules for companies with stock exchange listed shares and primary capital certificates (‘Continuing Obligations’), cf. Sections 5-2 first paragraph, 6-3 first paragraph, and 6-5 second paragraph of the Stock Exchange Regulations.
This matter relates to differences between the company's provisional and final annual accounts for 2005 and the late reporting of inside information. The Stock Exchange Regulations stipulate that the board of a listed company must approve its proposal for the company's final annual accounts no later than 31 March. GCS did not announce its board's proposal for the company's 2005 annual accounts until 22 June 2006, i.e. almost 3 months after the deadline. In addition, there were differences, some of which were significant, between the provisional accounts for 2005 announced on 28 February and 9 May and the board's proposal for the final annual accounts announced on 21 June. Oslo Børs is of the view that certain of these differences were inside information, and should therefore have been reported before 22 June 2006.
