Oceanteam Gets Oslo Stock Exchange Penalty and Delisting Warning
The Oslo Stock Exchange has imposed a violation charge on the offshore services provider, Oceanteam, of NOK 1.3 million for breach of the duty to disclose inside information to the market and other continuing obligations for stock exchange listed companies.
Namely, Oceanteam ASA did not publicly disclose inside information about the resignation by the company’s auditor in November 2017 sufficiently promptly. Stock exchange listed companies are subject to a duty of disclosure that requires them to publicly disclose without delay and on their own initiative inside information that concerns the company directly.
In addition, the company did not have an audit committee over a long period of time as required pursuant to the Stock Exchange Regulations. Oceanteam has also violated the rules by not publicly disclosing information about the suspension of the interim CFO in July 2017 immediately.
Furthermore, the company has violated the duty to provide requested information to the Oslo Stock Exchange within the deadlines set by the Exchange on several occasions.
After an overall assessment, the Oslo Stock Exchange has concluded not to delist Oceanteam’s financial instruments from trading. The Exchange has placed emphasis on the interests of the company’s shareholders and bondholders in a continued listing of the company.
The Exchange has however emphasized that if Oceanteam does not take sufficient measures to improve its routines, competence and disclosures to the market to avoid further breaches of the rules applicable to stock exchange listed companies, a new suitability assessment by the Exchange could lead to a delisting of the company’s financial instruments.