TALLINN STOCK EXCHANGE

ANNOUNCEMENT

30.11.99

 

LISTING COMMITTEE'S DECISION ABOUT AS NORMA

 

TSE Listing Committee discussed on its 29.11.99 meeting the 

disclosure of information by AS Norma, and its compliance with the 

provisions of the TSE Rules and Regulations.

 

News published by information agency Reuters on 01.10.99 included a 

commentary by a person responsible for disclosure of information in 

AS Norma about the presumed schedule of conclusion of contract 

between AS Norma Grupp and Autoliv Inc. After such information was 

published by Reuters, the price of AS Norma shares increased by 

7.95%. However, according to the stock exchange announcement 

published on the same day after the end of the trading session, the 

executive management of Norma did not participate in the 

negotiations. 

 

Pursuant to article 1.6.1. of chapter "Requirements for issuers" of 

the TSE Rules and Regulations, the issuer must ensure that all 

information that can have an effect on price of listed securities 

and that has not been published, should not be made known to 

unauthorized persons before such information has been published 

through the Exchange information system. Pursuant to article 1.6.2. 

of chapter "Requirements for issuers" of the TSE Rules and 

Regulations, the issuer is prohibited from disclosing information 

that may have an effect on the price of listed securities in 

statements, comments, interviews, or by any other means until such 

information has been published through the Exchange information 

system. 

 

The aforementioned actions are not in line with the provisions of 

article 1.8. of chapter "Requirements for issuers" of the TSE Rules 

and Regulations ("Prohibition of manipulation with the market"), 

pursuant to which it is prohibited to disclose incorrect or 

misleading information regarding the issuer, its business activity, 

administration, competitive situation, future prospects or other 

circumstances connected directly or indirectly with the issuer, 

which may influence the price of its securities.

 

The TSE Listing Committee found that AS Norma has violated against 

the provisions of chapter "Requirements for Issuers" of the TSE 

Rules and Regulations on information disclosure. The TSE Listing 

Committee decided to fine AS Norma in the amount of EEK 25 000. 

 

 

TSE