Preliminary decision and notice of violation charge Norse Energy Holdings Inc
Publisert: 28. september 2010
Sist endret: 9. mai 2017
Enquiries to: Angela Nygaard
Dir. line: +47 22 93 97 15
Our reference: 10/9396
Filing code: 720
According to Finanstilsynet’s (The Financial Supervisory Authority of Norway) information,
Norse Energy Holdings Inc. (Norse) has as of today not published its half-yearly financial report for 2010.
Pursuant to the Norwegian Securities Trading Act (STA) section 5-6 first paragraph, the deadline for the 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, which means within 31 August 2010. Disclosure shall be made in accordance with the Norwegian Securities Trading Act (STA) section 5-12 first paragraph.
Finanstilsynet may impose a violation charge on issuers of transferable securities which are quoted and “whose financial reporting is not in conformity with law or regulation, where the violation was committed wilfully or through negligence”, cf. STA 17-4 second paragraph. Pursuant to the Norwegian Public Administration Act of 10 February 1967 section 16 first and second paragraph, the parties are entitled to a notice. Finanstilsynet hereby notifies Norse that Finanstilsynet considers imposing the following violation charge pursuant to STA 17-4 second paragraph:
Norse Energy Holdings Inc. has to pay a violation charge of NOK 14,000 for the breach of STA section 5-6 first paragraph.
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.
The company is given until 1. October 2010 to give comments.
Please note that Finanstilsynet normally will consider the suspension of listed financial instruments if periodic financial reports are not made public. Suspension will normally be enforced one month after the deadline for the half-yearly financial report.
For questions, please contact Angela Nygaard, Tel (+47) 22 93 97 15
E-Mail angela.nygaard@ finanstilsynet.no, or Ola Aamodt Enger, Tel (+47) 22 93 99 41
On behalf of Finanstilsynet
Anne Merethe Bellamy
Deputy Director General
Head of section