On 6 February 2020, Oslo Børs resolved to impose a violation charge on Lavo.tv AS of NOK 50,000 for breaches of the duty for timely disclosure of annual report and half-yearly interim report.
The Oslo Stock Exchange has passed the following resolution: “For material breach of the duty to disclose annual report and half-yearly interim report pursuant to section 4.3 and section 4.4 of the Continuing obligations of companies admitted to trading on Merkur Market, a violation charge is imposed on Lavo.tv AS of NOK 50,000, cf. section 12.3 (2) and (3) of the Continuing obligations.”
A brief summary of the case
The Annual Report for 2018 was made public on 15 November 2019, i.e. five and a half months after the deadline on 31 May 2019. The half-yearly interim report for the second half of 2019 was made public on 23 December 2019, hence two months and 23 days after the deadline on 30 September 2019.
Both delays have been significant, they have been caused by the Company's own circumstances and are therefore considered to be material breaches of the Merkur Market rules. It is also noted that in June 2019, the Company was subjected to a violation charge related to breaches of the duty of timely disclosure of inside information in the end of 2018 and early in 2019. This has been an aggravating factor in this case.
Although the violations are considered serious, the Oslo Stock Exchange has, when measuring the violation charge, chosen to consider the difficult financial situation the Company has been in and the low market value of the Company. At the same time, it should be noted that both future violations and other matters of significance for the Company's suitability for admission to trading, may result in the Oslo Stock Exchange initiating a process leading to the delisting of the Company from Merkur Market.
