Enquiries to: Ola Aamodt Enger
Dir. line: +47 22 93 99 41
Our reference 10/9396
Filling code: 720
Reference is made to Finanstilsynet’s (The Financial Supervisory Authority of Norway) preliminary decision and notice of violation charge of 20. September 2010, cf the Norwegian Public Administration Act section 16.
As stated in the notice, the deadline for publication of the half-yearly financial report is as soon as possible after the end of the relevant period, but at the latest two months thereafter, cf the Norwegian Securities Trading Act (STA) section 5-6 first paragraph. Thus, the half-yearly report for 2010 should have been made public within 31 August 2010. Public disclosure must be undertaken in accordance with STA section 5-12.
Norse Energy Holdings Inc made its half-yearly financial report public 22. September 2010.
Finanstilsynet has not received comments from the company.
Finanstilsynet finds that Norse Energy Holdings Inc has violated STA 5-6 first paragraph. The violation must have been committed wilfully or through negligence in order for Finanstilsynet to impose a violation charge. Finanstilsynet emphasizes that high level of due care is required by listed companies concerning their obligations to the market. Finanstilsynet is of the opinion that Norse Energy Holdings Inc acted negligent by not preparing the half-yearly report for 2010 within the deadline.
For issuers of interest-bearing instruments, the violation charge is linked to the outstanding amount of the loan issue as of 1. January the year the financial report was to be publicly disclosed. The violation charge is normally between NOK 4,000 and 40,000 per loan issue.
Finanstilsynet emphasizes that when deciding the amount of the violation charge, Finanstilsynet particularly takes into consideration the scale and the effects of the violation, the degree of guilt found as well as repeated violations. In order for the violation charge to have the intended effect on the market practice, the violation charge is somewhat differentiated depending on the market value of the company.
With legal basis in STA section 17-4 second paragraph and section 5-6 first paragraph, Finanstilsynet has adopted the following individual decision:
Norse Energy Holdings Inc must pay a violation charge of NOK 14,000 - to the Norwegian Treasury.
Finanstilsynet emphasizes that any repeated violation of the deadline for financial reporting in the future, may result in a significantly higher violation charge.
Pursuant to the Norwegian Public Administration Act section 28, individual decisions may be appealed to the Ministry of Finance. The time limit for lodging an appeal shall be three weeks from the date on which notification of Finanstilsynet’s decision has reached the party concerned, cf. the Norwegian Public Administration Act section 29. The appeal must be sent directly to Finanstilsynet.
The payment instruction regarding the violation charge is the following:
P.O. Box 1187 Sentrum
Account number: 7694 05 09641
When carrying out the payment, please quote our reference number 10/9396.
On behalf of Finanstilsynet
Anne Merethe Bellamy
Deputy Director General
Head of section