Tallinn, Estonia, 2018-03-21 14:00 CET (GLOBE NEWSWIRE) --
On March 20, 2018, the Listing and Surveillance Committee of Nasdaq Tallinn decided to impose a fine in the amount of 2000 euros to Arco Vara AS for violation of Nasdaq Tallinn rules and regulations chapter Requirements for Issuers (hereinafter RI) clauses 1.2.1, 1.2.3, 7.6 and 2.4.1
Background:
According to RI clause 1.2.1 the Issuer is obliged to secure disclosure of information stated in RI in such a form and within such time limits as specified in RI.
According to RI clause 1.2.3 The information disclosed by an Issuer shall be accurate, exact and unambiguous, its content must not be misleading and it shall not exclude or omit anything that may influence the substance or meaning of the information presented.
According to RI clause 7.6 the Issuer is obliged to disclose information about the intended issue of debt securities. The disclosed information shall contain at least the following: the number, nominal value, maturity and interest rate of the debt securities to be issued; any guarantee or security given in respect of performing the obligations arising from the Issuer’s debt securities; the subscription conditions and issue price of the debt securities.
According to RI clause 2.4.1 information is deemed disclosed when it is made public as a notice through the Exchange Information System.
On January 8, 2018 Arco Vara AS disclosed information that Arco Vara had issued new bonds; the subscription period was 18.12.2017 – 05.01.2018. Arco Vara did not disclose the information about the planned issue and the conditions as set forth by the Requirements for Issuers.
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