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International Internet Magazine. Baltic States news & analytics Thursday, 09.07.2020, 17:02

Nasdaq Tallinn issues warnings to Ekspress Grupp, Silvano Fashion Group

BC, Tallinn, 29.11.2019.Print version
The listing and surveillance committee of the Nasdaq Tallinn stock exchange has issues warnings to listed Estonian media group Ekspress Grupp and lingerie seller Silvano Fashion Group for violation of stock exchange rules and regulations, writes LETA.

On October 7, 2019, AS Ekspress Grupp published information regarding private placement of notes, but didn’t disclose the information about the intended issue of notes beforehand, Nasdaq Tallinn said.

Namely, the issuer is obliged to secure disclosure of information stated in the requirements for issuer in such a form and within such time limits as specified in the requirements for issuer. Information is deemed disclosed when it is made public as a notice through the exchange information system.

The stock exchange also issued a warning to Silvano Fashion Group. According to the decision of an annual general meeting made on May 3, 2019, Triin Nellis was elected as a new member of the supervisory board of AS Silvano Fashion  Group, the disclosure of the background information about the new supervisory board member was delayed. That information was made public on May 10, 2019.

AS Silvano Fashion Group also submitted its first quarter interim report on May 26, 2019, without specifying changes in results with sufficient detail.

Namely, according to the requirements for issuers, the comments on the economic results made public as a exchange news by an issuer shall contain information needed for a complete and objective assessment of the operations and financial results for the accounting period, including information on extraordinary income and/or expenses.

In addition, the comments on the economic results made public as a exchange news by an issuer shall contain a description of any significant circumstances that have influenced the operations or financial results of the issuer during the accounting period.

The listing and surveillance committee of Nasdaq Tallinn also decided to impose a fine in the amount of 1,000 euros to UPP Olaines OU for the violation of the rules and regulations of Nasdaq Tallinn. The deadline for submitting an audited annual report of the year 2018 for regulated market issuers was April 30, 2019. UPP Olaines OU published its audited annual report on June 14, 2019. The interim financial report for the first quarter of 2019 was published on June 4, 2019, the deadline was May 31, 2019.

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