The Board of Oslo Børs has resolved to impose a violation charge on Petroleum Geo-Services (PGS) of NOK 430,000 (equivalent to one year´s listing fee) for a breach of the Stock Exchange Regulations on the publication of annual and interim reports. The interim report from PGS for the fourth quarter of 2001 was received and distributed by Oslo Børs on 11 March 2002, and was therefore 11 days later than the deadline of the end of February.
In reaching this decision the Board noted that interim reports represent one of the most important sources of information for the evaluation of a company´s shares. Prompt and regular communication of financial information is essential for an efficient and well-operating securities market. Reporting that meets these requirements contributes to a more efficient and correct pricing of securities.
This decision may be appealed to the Oslo Børs Appeals Committee. Any appeal must be submitted within two weeks.
