Fearnley Fonds ASA - violation charge
The Board of Oslo Børs has resolved to impose a violation charge of NOK 750,000 on Fearnley Fonds ASA for breaching Section 13-3 of the Stock Exchange Regulations. This is because Fearnley in a period systematically registered buy orders in five relatively illiquid companies on behalf of a client, that did not reflect the actual market value. The section of the regulations in question requires that members of Oslo Børs should not participate in the publication of prices through the trading system which do not express the actual market value of the financial instruments in question.
This decision may be appealed to the Oslo Børs Appeals Committee. Any appeal must be submitted within two weeks.
A separate press release has been published with further details of this matter.
Gjensidige NOR ASA to be admitted to the Main List
The Board of Oslo Børs resolved at today´s meeting to admit shares in Gjensidige NOR ASA to listing on the Main List of Oslo Børs. This resolution is conditional on the implementation of the planned conversion of the issuer to a public limited company, and also requires that a prospectus for the new listing that satisfies the requirements of the Stock Exchange Regulations be prepared. The Board authorised the President of Oslo Børs to determine the date of the first day of listing.
Primary Capital Certificates issued by Gjensidige NOR Sparebank will be deleted from listing at such time as shares in Gjensidige NOR ASA are admitted to listing.
Information from Gjensidige NOR ASA
Gjensidige NOR ASA is to be formed by the conversion of Union Bank of Norway and Gjensidige NOR Spareforsikring into public limited companies under Gjensidige NOR ASA as a joint holding company. Union Bank of Norway´s primary capital certificates have been quoted on Oslo Børs since June 1991. Upon conversion, one Union Bank of Norway primary capital certificate will entitle its holder to one share in the new Gjensidige NOR ASA. Union Bank of Norway is Norway´s largest savings bank and Gjensidige NOR ASA will be the country´s second largest financial institution with assets under management totalling NOK 350 billion and more than one million customers. Gjensidige NOR ASA will have approximately 87 million shares outstanding upon conversion.
