SkandiaBanken AB admitted as a member of the Oslo Stock Exchange
The Stock Exchange Board agreed to admit SkandiaBanken, Norway Branch, as a member of the Oslo Stock Exchange pursuant to section 11-1 of the Stock Exchange Regulations, with the right to participate in official quotation and trading of equity instruments.
The President of the Oslo Stock Exchange is authorised to determine the date and practical arrangements for membership to come into effect.
It is a condition of membership that the member enters into the Standard Membership Agreement for members of the Oslo Stock Exchange and the Oslo Stock Exchange’s Standard Agreement for connection to the trading systems for equity instruments, bonds and interest rate derivative instruments, as well as applying for and being admitted to automatic order routing at the Oslo Stock Exchange before membership comes into effect.
Swan Reefer ASA to be removed from listing
The Stock Exchange Board resolved to remove shares in Swan Reefer ASA from listing on the Oslo Stock Exchange on the condition that a mandatory offer be made with a subsequent compulsory transfer of shares so that Swan Reefer Inc. becomes the owner of the entire share capital of Swan Reefer ASA. The President of the Oslo Stock Exchange is authorised to determine the last day of listing.
Swan Reefer Inc. to be admitted to the SMB List
The Stock Exchange Board resolved to admit shares in Swan Reefer Inc. to listing on the SMB list of the Oslo Stock Exchange. This decision is conditional on the company achieving a distribution of ownership of shares equivalent to a minimum of 100 shareholders with at least one round lot who are not associated with the company in the terms of section 2-3 of the Stock Exchange Regulations. It is also a condition for admission to listing that 25% of the company´s shares should be held by shareholders that are not associated with the company in the terms of section 2-3 of the Stock Exchange Regulations. The company was granted an exemption from the requirement set out in section 2 - 1, third paragraph, of the Stock Exchange Regulations requiring that a company must have been in existence for at least three years and have carried out the major part of its activities for at least three years. A further condition of admission to listing is that the company enters into a listing agreement for primary listing with the Oslo Stock Exchange, and that the Oslo Stock Exchange receives a satisfactory undertaking as required by section 2 of the “Standard listing agreement for the primary listing of a foreign company´s shares”. The President of the Oslo Stock Exchange was authorised to determine the first day of listing, but with the proviso that this must be no later than 25 April 2001.
The company was not granted an exemption from the requirements for the distribution of its shares and the number of holders of at least one round lot. This decision can be appealed in accordance with the rules set out in chapter 26 of the Stock Exchange Regulations. Any appeal must be submitted within two - 2 - weeks.
More on Swan Reefer Inc.
In connection with the financial restructuring which has taken place in Swan Reefer ASA, Siem Industries Inc. has on 2nd January 2001 established Swan Reefer Inc. in the Cayman Islands. Swan Reefer Inc. will, after completion of the voluntary offer for 100% of the shares in Swan Reefer ASA, be the main shareholder of the company. Swan Reefer Inc. will be a holding company with the sole purpose of owning Swan Reefer ASA. The reason for the foreign establishment with localisation in the Cayman Islands is that Swan Reefer Inc. in the future wishes to attract international investors as well as be able to have the flexibility to offer possible partners participation as owners in consolidation and alliance processes. Reefer transport and its value chain is today fully internationally based which requires that the capital is given international working conditions. In this connection, the localisation in the Cayman Islands gives especially stable conditions which are important for the company´s long term planning.
Namsos Trafikklag ASA - Breach of the duty of disclosure
The Stock Exchange Board resolved to impose a violation charge on Namsos Trafikklag ASA equivalent to two - 2 - times the company´s annual listing fee, cf. Section 6-3 of the Stock Exchange Act and section 25-5 of the Stock Exchange Regulations, for breach of sections 6-1, first paragraph, and 6-5, fourth paragraph, of the Stock Exchange Regulations.
This decision may be appealed to the Stock Exchange Appeals Committee. Any appeal must be submitted within two - 2 - weeks.
Synnøve Finden ASA - appeal rejected
The Stock Exchange Board upheld the decision of the Oslo Stock Exchange taken on 27 February 2001 whereby a request by Synnøve Finden ASA for exemption from the time limit for publication of interim reports was turned down. The appeal against the decision will now be submitted to the Stock Exchange Appeals Committee for consideration.
