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Meridian Petroleum plc, an oil and gas exploration and production company, has today been publicly censured and fined £75,000 for breaches of the AIM Rules between August 2004 and February 2007.
The censure under the AIM Rules 10, 11 and 31 relates to Meridian repeatedly failing to:
make full and accurate statements regarding the progress and status of its Calvin and Orion oil and gas assets;
Martin Graham, Head of AIM, said:
“AIM is a disclosure based market, so it is crucial that AIM companies accurately disclose price sensitive information to the market without delay and seek advice from their Nomads. Meridian committed significant breaches of the AIM disclosure rules over an extended period of time which is why we have taken this enforcement action today.”
In determining the appropriate sanction, the London Stock Exchange took into account the various factors set out in the censure, including the fact that the number, nature and duration of the breaches over a two and half year period demonstrate a disregard for the AIM Rules and amount to reckless conduct during the relevant period. In deciding the level of the fine, the Exchange also took into account, amongst other things, that Meridian is a small company with limited financial resources and the potential impact of the fine on the company and its shareholders.
Full details of the breach can be found in the Public Censure: http://www.londonstockexchange.com/en-gb/products/companyservices/ourmarkets/aim_new/For+AIM+Advisers/aimnotices
