Hands ASA - Breach of the obligation to prepare a prospectus
The Board resolved to impose a violation charge on Hands ASA equivalent to three times the company's annual listing fee, i.e. NOK 330.000, for a breach of the obligation to prepare a prospectus as required when the company carried out a share issue in May.
In May 2003 Hands ASA carried out a share issue equivalent to approximately 20 per cent of its share capital, giving rise to an obligation to prepare a prospectus in accordance with the Stock Exchange Regulations. The newly issued shares cannot be listed until the prospectus has been published. Despite frequent conversations and repeated promises by the company, no prospectus has yet been published.
The Board of Oslo Børs takes a very serious view of a listed company breaching the obligation to prepare a prospectus over such a protracted period despite the clear demands from Oslo Børs that a prospectus is required. The company's behaviour suggests that the mandatory rules that apply in this respect and the demands made by Oslo Børs are not being taken seriously. If the company persists in this breach of its obligation to publish a prospectus, Oslo Børs will have to consider whether Hands ASA is fit to continue to be listed.
This decision may be appealed to the Oslo Børs Appeals Committee. Any appeal must be submitted within two weeks.
