On 23 September 2019, the Oslo Stock Exchange resolved to impose a violation charge on Siem Industries Inc. of NOK 159 810,- for breaches to the Oslo Stock Exchange Bond Rules’ provisions on public disclosure of interim and annual reports.
The Oslo Stock Exchange has passed the following resolution:
“A violation charge in an amount of NOK 159 810,- is hereby imposed on Siem Industries Inc. for repetitive and significant breaches of the Oslo Børs Bond Rules section 3.6.5 and 3.6.6, cf. section 8.4 of the Bond Rules, cf. section 12-9 of the Securities Trading Act.”
A brief summary of the case:
Siem Industries Inc. has made the half-yearly financial report and the audited annual report for 2018 public later than the deadlines stated in the Oslo Stock Exchange Bond Rules. The deadline to make the half-yearly financial report for 2019 public has expired without such publication by Siem Industries Inc. The Exchange consider the late and missing publications as significant deviations from the deadlines stipulated in the Bond Rules. The Company has also made previous half-yearly and annual reports public later than the deadlines stated in the Bond Rules. The Exchange may consider to delist bonds issued by Siem Industries Inc. in case of future similar violations of the financial reporting deadlines of the Bond Rules.
