At its meeting on 12 December 2006, the Stock Exchange Appeals Committee considered appeals from:
- Aban Singapore Pte Ltd and Aban 7 Pte Ltd (‘Aban’)
- First Securities ASA and (‘First’)
- ICICI Bank UK Limited (‘ICICI’)
against the decision made by the Board of Oslo Børs on 25 October 2006 to impose a duty to make a mandatory offer for shares in Sinvest ASA on a group acting in concert comprising First, ICICI and Aban in respect of shares acquired as hedge shares for total return swap agreements between Aban and First and ICICI respectively, cf. Section 4-5, cf. Section 1-4 item 5 of the Securities Trading Act.
The Appeals Committee rejected the appeals and approved the following resolution:
‘The decision by the Board of Oslo Børs on 25 October 2006 to consolidate Aban, First and ICICI in relation to the rules on the duty to make a mandatory offer in respect of shares in Sinvest ASA is upheld.’
