Nordic Growth Market Comments On Finansinspektionen’s Decision

The Swedish Financial Supervisory Authority ("Finansinspektionen") has decided to withdraw Nordic Growth Market NGM Holding AB’s ("NGM Holding") subsidiary Nordic Growth Market NGM AB’s ("NGM") license to conduct exchange business. The business shall be closed-down within six months. Heléne Bergquist, Chairman of the Board in both companies, comments Finansinspektionen’s decision.

Finansinspektionen’s decision is most regrettable. The Board that was elected on 16 June 2008 has only had a very short time to try to straighten the previous problems in the company.
The Board has made a profound investigation of the insufficiencies and tried to show Finansinspektionen that these belong to the past. We had hoped to be able to convince Finansinspektionen that the “new” NGM should be allowed to continue its business after the vast measures that have been taken.
For companies listed at NGM and members trading at NGM Finansinspektionen’s decision has no impact short-term. NGM is, during the close-down period, still under the supervision of Finansinspektionen and intends to continue its business until the close-down is completed.
NGM’s Board has decided to investigate the prerequisites for appealing Finansinspektionen’s decision.
The Board of NGM Holding intends to summon en extraordinary general meeting shortly to e.g. handle issues regarding the Board’s continued mandate during the close-down period.
Erneholm & Haskel AB has been engaged to, parallel to other measures, investigate the prerequisites for selling the whole or parts of the business.