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Fearnley Fonds ASA - appeal against the decision of the Board of 19 June 2002
The Board of Oslo Børs upheld its decision of 19 June 2002 to impose a violation charge of NOK 750,000 on Fearnley Fonds ASA for systematically registering buy orders in five relatively ill-liquid securities on behalf of a client that did not reflect the actual market value. The appeal has been referred to the Oslo Børs Appeals Committee for consideration. Further details of this matter can be found in a press release issued by Oslo Børs on 19 June 2002.
DSND Inc. to be admitted to the Main List
The Board of Oslo Børs resolved at today´s meeting to admit shares in DSND Inc. to listing on the Main List of Oslo Børs. This resolution is conditional on the company completing its restructuring as planned and on the formal appointment of the Board of Directors as currently intended. Moreover the company must achieve a satisfactory distribution of its shares with a sufficient number of shareholders. The company will also be required to produce a prospectus that satisfies the requirements of the Stock Exchange Regulations. The Board granted exemption from the requirement in the Stock Exchange Regulations that the company must have existed for at least three years and must have operated the major part of its activity for at least three years. Exemption was also granted from the requirement for listing on the Main List that the company must have reported a positive operating result for at least one of the last three years. DSND Inc. will be required to sign a new listing agreement in accordance with the Stock Exchange Regulations. The Board authorised the President of Oslo Børs to determine the date of the first day of listing.
Violation Charge for Ocean Rig ASA
The Board of Oslo Børs resolved at its meeting today to impose a violation charge on Ocean Rig ASA equivalent to one year´s annual listing fee for a breach of the duty of disclosure. This is equivalent to NOK 100,000. Ocean Rig breached its duty to disclose information to the market by failing to publish information in good time about new cost over-runs and further need for capital as well as a deferral of the delivery date of the deep-water rig Eirik Raude.
This decision may be appealed to the Oslo Børs Appeals Committee. Any appeal must be submitted within two weeks.
Jøtul ASA -application to delete shares from listing refused
The Board of Oslo Børs resolved to refuse an application from Jøtul ASA dated 3 July 2002 to have the company´s shares deleted from listing on Oslo Børs. The main reason for deciding to refuse the application was that a continuation of listing would be in the interests of the large number of minority shareholders in the company. In addition the Board took the view that the requirements laid down by Oslo Børs for listing continue to be satisfied.
This decision may be appealed to the Oslo Børs Appeals Committee. Any appeal must be submitted within two weeks.
