Otium’s bond to be delisted

Markets, Stock Markets — By on March 4, 2016 at 10:24 AM
Oslo Børs

Oslo Børs

Otium’s bond to be delisted

04/03/2016 – The bond issued by Otium AS is to be removed from listing on Nordic ABM due to repeated violations of the rules set by Oslo Børs regarding financial reporting.

Otium has violated the rules systematically and repeatedly. Otium has not met any financial reporting deadlines since its bond was admitted to listing on Nordic ABM in May 2013. Otium has previously received a letter from Oslo Børs which expressly criticised the company’s failure to comply with financial reporting deadlines. Oslo Børs at this time urged the company to review its routines to ensure it would not happen again. As equivalent violations are nonetheless continuing persistently and grossly, Oslo Børs considers this to be an aggravating circumstance.

On this basis Oslo Børs decided the following on 3 March 2016:

“The bond issued by Otium AS with ISIN NO0010665367 will be delisted from Nordic ABM with effect from 18 March 2016. The final day on which the bond will be listed is 17 March 2016. Oslo Børs considers the bond not suitable for listing as a consequence of repeated violations of the provisions in the ABM rules related to financial reporting.”

About the rules:
Issuers of bonds listed on Nordic ABM must produce annual reports and half-yearly or tertial reports in accordance with the requirements of the ABM Rules, and they must publish such reports by the stipulated deadlines. The overall purpose of these rules is to ensure investors and other market participants receive regular reports on the financial condition of issuer companies. This information is important to the assessments made by investors and other market participants and forms the basis of their investment decisions, which are also reflected in the market’s pricing of the instruments in question.

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