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ICEX fines Plastprent hf.   17.1.2003 16:05:20
Flokkur: Tilkynningar frá Kauphöllinni      Íslenska  English

On 18 June 2002, ICEX received from Plastprent hf. an attestation from the the Register of Enterprises, stating that the company’s share capital had been increased by a nominal value of ISK 29,593,679. Following this, a notification was published on 20 June 2002 in ICEX’s news system, to the effect that the company’s share capital had been increased in the ICEX trading system by the said amount, bringing the total after the increase to a nominal value of ISK 259,593,679. The Board was granted authorisation to increase share capital at a shareholders’ meeting of Plastprent hf. held on 29 December 2000, in connection with the purchase of an 85.43% share in AkoPlastos hf.

 

Following this ICEX sent a letter to Plastprent hf., drawing attention to the fact that, pursuant to the second paragraph of Article 13 of the Rules on listing of securities on the Iceland Stock Exchange, a company must, when an increase in share capital involves payment, apply to have the new share capital listed in accordance with the Rules and Appendices to Regulation No. 434/1999, as soon as trade in the shares can commence or within three months of the issuing of these shares. This implies that a prospectus must be submitted concerning the increase in share capital, in accordance with the provisions of Chapter VII of ICEX’s listing rules and Appendix I to Regulation No. 433/1999 on official listing of securities on a stock exchange, cf.Article 8 of the listing Rules. Chapter IV of the Regulation discusses exemptions from the publication of a prospectus, but in the instance in question none of the conditions which could result in the granting of an exemption exists.

 

Despite repeated instructions from ICEX, Plastprent has not published a prospectus on its increase in share capital. Plastprent has given ICEX an explanation for its reasons for not publishing a prospectus. ICEX has concluded that these grounds do not justify its failure to have as yet published a prospectus in connection with the increase in share capital in question. As a result, ICEX has decided to fine Plastprent in the amount of ISK 1,250,000 for violation of the provisions of Article 13 of the ICEX Rules on listing, cf. Point 5 of Article 37 of the ICEX Rules on listing and Point 5 of Article 5 of the Agreement on Listing of Securities of Plastprent on ICEX, dated 14 January 1998 (currently Point 5 of Article 6). This decision is published with reference to Point 3 of Article 37 of the Rules on listing and Point 3 of Article 5 of the Agreement on Listing.

 

 

 


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