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Wilson ASA to be listed on Oslo Børs
The Board of Oslo Børs resolved to admit shares in Wilson ASA to listing on Oslo Børs. Admission to listing is conditional on the company producing a prospectus that satisfies the requirements of the Stock Exchange Regulations for a new listing. Admission to listing is also conditional on the company achieving a sufficiently wide distribution of its shares in terms of the number of shareholders holding at least one round lot and free float in the shares. It is also a condition for admission to listing that the composition of the company’s board of directors satisfies the requirements of Oslo Børs in respect of independence.
The Board authorised the President of Oslo Børs to decide whether the company should be listed on the SMB List or the Main List and to fix the date of the first day of listing, which is to be no later than 17 March 2005.
Petrojack ASA to be listed on Oslo Børs
The Board of Oslo Børs resolved to admit shares in Petrojack ASA 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 on the major part of its activities for at least three years.
Admission to listing is also conditional on the company’s forthcoming share issue creating a sufficiently wide distribution of its shares in terms of the number of shareholders holding at least one round lot to satisfy the requirements for the SMB List. It is also a condition for admission to listing that the company changes the composition of its board of directors prior to the first day of listing so that Berge Gerdt Larsen is no longer chairman and a new chairman is elected who is seen to be independent of Berge Gerdt Larsen/Larsen Oil & Gas AS. Moreover admission of Petrojack ASA to listing is conditional on the company’s board of directors continuing to be sufficiently independent of Berge Gerdt Larsen/Larsen Oil & Gas AS for as long as Larsen Oil & Gas AS continues to supply administration services to the company.
Prior to the first day of listing, the company must enter into a separate agreement with Oslo Børs in respect of its management agreements as required by Section 2-6 of the Stock Exchange Regulations.
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 17 March 2005.
Violation charge for MediCult A/S
The Board of Oslo Børs resolved to impose a violation charge on MediCult A/S of twice the company’s annual listing fee, i.e. NOK 220,000, for a breach of the duty to provide information pursuant to Section 5-2 of the Stock Exchange Regulations.
On Monday 22 November 2004, the Federal Drug Administration (”FDA”) in the USA sent its approval for the sales and marketing of In Vitro Maturation (”IVM”) in the USA to the company's FDA agent. The approval was then forwarded to the company in the evening of 23 November 2004. Information on the approval of IVM was first published through the Oslo Børs information system at 09.50 on 25 November 2004.
Among the matters considered by the Board was that the telefax with information about the approval was not read by MediCult until some hours after it was received, and that it took a long time for the company to produce its announcement to the stock exchange. In the case of the information received by telefax, the Board is of the opinion that it must be assumed that a listed company will have the necessary routines and procedures in place to ensure that both post and telefaxes are attended to as soon as possible upon receipt. It is also natural to expect suitable routines to be in place to attend to faxes received during the evening/night. Moreover, such routines are important to ensure that confidential information does not fall into the hands of unauthorised parties.
This decision may be appealed to the Oslo Børs Appeals Committee. Any appeal must be submitted within two weeks.
