News Article
New Marketplace For Obducat
As previously announced, in light of the Swedish Financial Supervisory Authority's decision to revoke Nordic Growth Market NGM's authorisation to conduct exchange operations, the Obducat board immediately initiated an evaluation of which marketplace Obducat's class B shares should be traded on going forward.
The board has now resolved to initiate the process of listing the company's class B shares on First North, the trading facility operated by NASDAQ OMX. The aim is to list the shares on First North's new special segment for companies with an expressed intention to be listed on the OMX Nordic Exchange Stockholm in the near future. In connection with the listing on First North, the board intends to initiate the process of having the class B shares admitted to trading on the OMX Nordic Exchange Stockholm within a twelve month period.
During the transitional period on First North, Obducat will continue to prepare its financial statements in accordance with IFRS and provide information to the market as if Obducat were still listed on a regulated market (including submitting quarterly interim reports). Obducat will thereby meet the requirements set out by the Swedish Financial Supervisory Authority for allowing the shares, during the transitional period on First North, which is a multilateral trading facility, to be treated equally with shares that are or are intended to be admitted to trading on a regulated market, for purposes of the Swedish Investment Funds Act. Moreover, the intention is to maintain the trading in Obducat shares on the regulated market NGM Equity, in parallel with the First North listing, for as long as the circumstances so permit, so as to minimise the period of time during which Obducat is not listed on a regulated market.
Obducat's class B convertibles are intended to continue to be listed on the same marketplace as the class B shares also in the future.
Obducats chairman, Henri Bergstrand, comments: "Obducat's aim, following the Swedish Financial Supervisory Authority's decision to revoke NGM's authorisation, is listing on the OMX Nordic Exchange Stockholm, Small Cap, via a transitional period of not more than twelve months on Firth North, and continued trading on NGM Equity for as long as possible and beneficial to our shareholders. This way we secure uninterrupted trading in the Obducat share and, to the extent possible, that the share in effect keeps its regulated market status also during the transitional period. We hereby minimise the adverse consequences for those shareholders that are dependent on the Obducat share being admitted to trading on a regulated market."
The board will follow the further developments of the NGM situation before addressing the question of whether to make a claim for damages against NGM as a consequence of the circumstances which led to the Swedish Financial Supervisory Authority's revocation of NGM's authorisation.
Should an opportunity arise to maintain permanent trading in Obducat's securities through NGM also in the future, in a way which is considered to be in the best interests of the company, the shareholders and the holders of convertibles, the board will consider also such opportunity and consider amending the resolution now adopted.
During the transitional period on First North, Obducat will continue to prepare its financial statements in accordance with IFRS and provide information to the market as if Obducat were still listed on a regulated market (including submitting quarterly interim reports). Obducat will thereby meet the requirements set out by the Swedish Financial Supervisory Authority for allowing the shares, during the transitional period on First North, which is a multilateral trading facility, to be treated equally with shares that are or are intended to be admitted to trading on a regulated market, for purposes of the Swedish Investment Funds Act. Moreover, the intention is to maintain the trading in Obducat shares on the regulated market NGM Equity, in parallel with the First North listing, for as long as the circumstances so permit, so as to minimise the period of time during which Obducat is not listed on a regulated market.
Obducat's class B convertibles are intended to continue to be listed on the same marketplace as the class B shares also in the future.
Obducats chairman, Henri Bergstrand, comments: "Obducat's aim, following the Swedish Financial Supervisory Authority's decision to revoke NGM's authorisation, is listing on the OMX Nordic Exchange Stockholm, Small Cap, via a transitional period of not more than twelve months on Firth North, and continued trading on NGM Equity for as long as possible and beneficial to our shareholders. This way we secure uninterrupted trading in the Obducat share and, to the extent possible, that the share in effect keeps its regulated market status also during the transitional period. We hereby minimise the adverse consequences for those shareholders that are dependent on the Obducat share being admitted to trading on a regulated market."
The board will follow the further developments of the NGM situation before addressing the question of whether to make a claim for damages against NGM as a consequence of the circumstances which led to the Swedish Financial Supervisory Authority's revocation of NGM's authorisation.
Should an opportunity arise to maintain permanent trading in Obducat's securities through NGM also in the future, in a way which is considered to be in the best interests of the company, the shareholders and the holders of convertibles, the board will consider also such opportunity and consider amending the resolution now adopted.
