The Board of Oslo Børs reduces a violation charge

Stock Markets — By on December 19, 2016 at 11:31 AM

Oslo Børs19/12/2016 – The Board of Directors of Oslo Børs has resolved to impose a violation charge on REM Offshore ASA in an amount equal to twice the company’s annual listing fee for a breach of the requirement to treat shareholders on an equal basis. This resolution replaces the previous resolution imposing a violation charge of three times the company’s annual listing fee. 

At its meeting on 19 December, the Board of Directors of Oslo Børs passed the following resolution:
“The resolution passed by the Board of Directors of Oslo Børs imposing a violation charge on REM Offshore ASA in an amount equivalent to three times the company’s annual listing fee for a breach of the requirement to treat shareholders on an equal basis pursuant to the Continuing Obligations, Section 2.1, has been altered to the following:

For a breach of the requirement to treat shareholders on an equal basis pursuant to the Continuing Obligations, Section 2.1, a violation charge is imposed on REM Offshore ASA (now Solship Invest 1 AS) in an amount equivalent to twice the company’s annual listing fee, i.e. NOK 329,200, cf. the Stock Exchange Act, Section 31, and the Continuing Obligations, Section 15.4.”

A brief summary of the case:
On 16 November 2016 the Board of Directors of Oslo Børs resolved to impose a violation charge on REM Offshore ASA (the “Company” or “REM”) in an amount equivalent to three times the Company’s annual listing fee for a breach of the requirement to treat shareholders on an equal basis pursuant to Section 2.1 of the Continuing obligations of stock exchange listed companies. The violation charge was imposed in connection with the Company’s merger with Solship Invest 1 AS and a prior financial restructuring. As a consequence of Oslo Børs’ resolution, the Company’s main shareholder, Åge Remøy, entered through the company Forsa AS into an agreement with the Company to make A-shares available for sale to minority shareholders in REM (the “Offer”).

On 30 November, Oslo Børs received an appeal from the Company. In connection with addressing this appeal, Oslo Børs has decided to maintain its decision that a breach of the equal treatment rule pursuant to Section 2.1 of the Continuing Obligations had taken place and that the breach was of such a nature that it should be sanctioned by a violation charge. At the same time, the Board of Directors of Oslo Børs has decided to reduce the violation charge to twice the annual listing fee paid by the Company in view of the Company having, following the resolution passed by the Board of Directors of Oslo Børs on 16 November 2016, taken measures intended to reduce the differential treatment that took place.

As a consequence of the reduction in the violation charge, the case will now not be referred to the Stock Exchange Appeals Committee, but there will be a new deadline for the Company to appeal the resolution imposing a sanction in an amount equivalent to twice its annual listing fee.

Tags:

Leave a Reply

IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)

What is 14 + 11 ?
Please leave these two fields as-is:

Trackbacks

Leave a Trackback