THE ROAD TO THE STOCK EXCHANGE AN OVERVIEW

Size: px
Start display at page:

Download "THE ROAD TO THE STOCK EXCHANGE AN OVERVIEW"

Transcription

1 THE ROAD TO THE STOCK EXCHANGE AN OVERVIEW ADVOKATFIRMAN LINDAHL, NOVEMBER 2013 There are several reasons for an Initial Public Offering (IPO) on a stock exchange. A listing will enable the company to raise new equity from the capital market, enable the company s own shares to be used as consideration in acquisitions, enable share related incentive programmes, improve recruitment possibilities and lead to the shares in the company becoming liquid and being able to be converted into cash, i.e. providing an exit opportunity for existing shareholders. An IPO implies a seal of approval by the company as the listing places high demands on the company s disclosure of information to the market with increased transparency as a result. This can also contribute to increased awareness of the company and its products or services. Regardless of the reason that companies choose to list their shares, the listing process is relatively long and resource intensive for the company. It is therefore important that the company begins to prepare its IPO in a timely manner. Here is a brief description of the various stages of an IPO. THE COMPANY CONSIDERS INTEREST AND POSSIBILITIES FOR AN IPO Market places In Sweden there are two regulated markets for equity trading; NASDAQ OMX Stockholm ( NASDAQ OMX ) and Nordic Growth Market NGM Equity ( NGM Equity ) as well as three trading platforms for equity trading; NASDAQ OMX First North ( First North ), NGM Nordic MTF ( Nordic MTF ) and AktieTorget. Furthermore, at First North, there is a particular segment; First North Premier. Companies that are traded within this segment follow stricter regulations as regards disclosure of information and accounting principles than those companies that are listed on First North. These requirements are broadly in line with the rules set out for NASDAQ OMX. A number of requirements are established before a company is considered to be acceptable for a listing. The requirements are aimed mainly at encouraging companies to be organised in a way that maintains the market s confidence in the companies and for the trading carried out on the marketplaces. The listing requirements are found mainly in respective marketplace s regulations. The requirements for a listing on any of the trading platforms are less extensive than with a listing on a regulated market. For Nordic entrepreneur companies planning a future stock exchange listing but that are not yet ready, NGM will, in the near future, be opening a new pre-market to the stock exchange, Nordic Pre Market. 1

2 Trading requirements For the admission to trading of a company s shares on a regulated market or a trading platform requires that there is a sufficient supply of and demand for the company s shares. The aim is to be able to achieve an effective pricing mechanism. At NASDAQ OMX the requirement is considered to be met if at least 500 shareholders hold shares valued at EUR 1,000, and if at least 25 per cent of the shares, which are admitted to trading are owned by the general public, i.e. the free float. However, from 1 January 2014, the requirement of at least 500 shareholders will be removed, while it will be made clear that there are exceptions to the free float requirement if there are conditions ensuring/indicating that an effective trade can be achieved within a limited future. At NGM Equity and Nordic MTF, the requirement is considered to be met if at least 10 per cent of the shares are publicly owned and the company has at least 300 shareholders who each hold shares worth a total of around SEK 5,000. If the free float should significantly deviate from this requirement during the time that the company is listed, the company will be asked to take measures to regain compliance with this requirement, e.g. by the company engaging a market maker. At First North it is enough if a sufficient number of shareholders hold shares to a value of EUR 500, and that at least ten per cent of the shares are in public ownership for the free float requirement to be considered to be met. At AktieTorget the requirement is considered to be met if the company has at least 200 shareholders with a holding of at least 0.1 price base amount each and that shares representing at least a tenth of the equity capital and a tenth of the votes attached to the shares are distributed to the public. The Public refers to any person who directly or indirectly owns less than ten per cent of the number of shares or controls less than ten per cent of the number of votes. At NASDAQ OMX, NGM Equity and Nordic MTF, the calculation of which shares are included in the public s holding, shall exclude shares held by related parties, and shares that shareholders via lock-up agreements have undertaken not to dispose of over an extended period. Reporting and operating history As a general rule, NASDAQ OMX requires that the company shall have published full financial statements for at least three years to approve a listing. A company, which has largely been engaged in its present activities for the past three years and can present the aforementioned documents for the period, normally satisfies this requirement. In order for an exemption to be made to the requirement for three years accounts, sufficient information must be made available in other ways. As may be the case when a subsidiary is spun off from a listed company, whereby the subsidiary can make use of information pertaining to the listed company. The accounts must also demonstrate a proven ability to generate profits, where applicable, at Group level, during at least the past financial year. Companies that do not meet the requirement may still be approved for listing, but in such cases stringent requirements are made on the quality and scope of the non-financial information in the prospectus, in order for the stock market and investors to be able to make an informed assessment of the company and its operations. Not least, it should be made clear when the company expects to make a profit and how the company intends to finance its operations until then. Both NGM Equity and Nordic MTF require that the company must demonstrate that it has an ability to earn profits. If the company has no earning capacity, it must instead demonstrate that it has sufficient financial resources to conduct the planned activities for the next twelve month period following the first day of trading. Neither First North nor AktieTorget impose any requirements on financial history or earnings capacity. 2

3 ADVISORS APPOINTED Already at an early stage, the company should appoint financial and legal advisors, who assist the company in the work involved in the listing process. The company often also appoints PR advisors. Companies wishing to be listed on First North must also appoint a so-called certified adviser approved by NASDAQ OMX. The certified adviser will guide the company through the IPO process but also assists the company after it has been listed. Companies listed on Nordic MTF must have a mentor who is approved by NGM. The mentor s role is to keep under review that the company meets the listing requirements and, if necessary, assist the company with questions regarding the application of the regulations. During the listing process, the following stakeholders may be involved: THE LISTING PROCESS INITIATED AT THE STOCK EXCHANGE A company which intends to apply for listing on NASDAQ OMX, NGM Equity or Nordic MTF may request that the stock exchange initiates a listing process. This typically means that the stock exchange arranges a meeting where the company is presented by its management and a listing process is discussed. In a listing on First North or AktieTorget the process is somewhat less formal, but contact should still be made with First North and AktieTorget respectively at an early stage in order to plan the listing. In a listing on NASDAQ OMX or NGM Equity the stock exchange appoints an exchange auditor. Throughout the listing process, ongoing discussions are conducted between the company and the exchange auditor. The exchange auditor s examination includes ensuring that (i) conditions exist for appropriate trading in the company s shares, (ii) the company complies with the listing requirements, (iii) the board and management are suitable for managing the company and fulfil its responsibilities towards the stock exchange and the stock market, and (iv) the information about the company provided in the prospectus is correct. The exchange auditor s inspection of whether it is appropriate to list and approve the company s 3

4 shares for trading on the stock exchange results in a report submitted to the stock exchange together with a recommendation concerning the stock exchange s listing decisions. It is then the NASDAQ OMX Listing Committee respectivley the NGM Equity Listing Committee, which based on the exchange auditor s inspection report, makes the final decision on whether to approve a company s listing. When a company wishes to be listed on First North, Nordic MTF or AktieTorget, the process is much simpler. The company wishing to become listed on First North must, however, enter into an agreement with a certified adviser, whose role it is to review and ensure that the company complies with the requirements laid down by First North both at the time of listing and on an ongoing basis. Companies wishing to become listed on Nordic MTF must enter into an agreement with a mentor, whose role it is to ensure that the company complies with Nordic MTF s regulations. OVERVIEW OF THE ORGANISATION On the NASDAQ OMX, NGM Equity and Nordic MTF it is required that both the company s board and management has the competence and experience needed to manage a listed company, and a detailed assessment is carried out to ensure this. The board and management must know the company and its business and be familiar with the way the company is organised, e.g. its internal reporting, the internal controls regarding financial reporting, investor relations and the process for publication of financial reports and other price sensitive information for the stock market. NAS- DAQ OMX normally considers that the board and management have sufficient knowledge of the company s organisation and business if they have been active in the company for at least three months and if they have participated in the preparation of at least one annual or interim report prior to listing. Companies, wishing to be listed on NASDAQ OMX, NGM Equity or Nordic MTF must also, well in advance of the listing, have established and maintained the adequate procedures and systems for the disclosure of information, including procedures for financial reporting. This to ensure compliance with the company s obligation to provide the market with accurate, relevant and clear information. This requirement includes that the company shall adopt an information policy. For companies on a regulated market, i.e. NASDAQ OMX or NGM Equity, there are also rules in the Swedish Code of Corporate Governance ( the Code ), which stipulate e.g. that the majority of the board members elected at the shareholders meeting shall be independent of the company and its management. No more than one board member elected at the shareholders meeting may be on the management team of the company or any of its subsidiaries. Furthermore, at least two of the directors who are independent in relation to the company and its management must also be independent in relation to major shareholders. In addition, companies covered by the Code must have a nomination committee, which proposes e.g. the election of members of the board and remuneration to the annual shareholders meeting. The Code also includes other provisions that regulate the board s organisation and working methods. The Code is based on the comply or explain principle. Companies at First North or AktieTorget are not subject to the above requirements of the company s board and management in terms of competence and experience. Respective regulations require, however, that the company is organised so that it has the capacity to handle the trading platform s rules concerning disclosure of information. This means that in practice, the companies, in any event, must establish similar reporting systems as those expressly required by companies listed on NASDAQ OMX, NGM Equity and Nordic MTF. In addition, companies listed on First North have the support of its Certified Adviser and companies listed on Nordic MTF of its mentor, to handle disclosure of information. 4

5 DUE DILIGENCE NASDAQ OMX and NGM Equity s regulations require that a company to be listed on the marketplace undergoes a legal examination, often called due diligence. The legal examination involves a review of the company and its representatives in order to ensure that the company reaches the stock exchange requirements for soundness. The examination also forms the basis for the exchange auditor s audit of the company and is also important for reducing exposure to the company s board, since the board is responsible for the accuracy of the content of the prospectus to be prepared in connection with the listing. The examination is carried out by a legal advisor and should cover the following areas (i) the description in the prospectus regarding the legal and taxation risks, (ii) the company s material agreements, (iii) the company s tax situation, (iv) relevant corporate matters and records for the listing, and (v) an assessment of the company s board members and executive managers honesty and integrity. For companies considering a listing on the First North Nordic MTF or AktieTorget, it is not mandatory to conduct a legal review, but given that the board is responsible for the content of a prospectus (or, where applicable, a company description and information memorandum) the board should consider such review The legal examination, which must be carried out for companies wishing to be listed on NASDAQ OMX or NGM Equity, results in a report / summary, which the legal advisor reports to the exchange auditor. The report / summary then forms the basis of the exchange auditor s recommendation concerning the stock exchange s listing decision. PROSPECTUS WORK The Financial Instruments Trading Act (1991:980) ( LHF ) and the EU Prospectus Regulation (809/2004/EG), requires a prospectus to be prepared when shares are to be admitted to trading on a regulated market, i.e. NASDAQ OMX or NGM Equity. Furthermore, LHF and the Prospectus Regulation require that a prospectus shall be prepared if shares are offered to the general public, e.g. a new issue in connection with a listing. In First North s, Nordic MTF s or AktieTorget s regulations there is no requirement for a prospectus to be prepared in connection with a listing, but if the company in connection with the listing, conducts a new issue, it is highly probable that a prospectus will still be required in accordance with LHF. If a prospectus is not required by law, a company description or an information memorandum shall be prepared, which are similar to a prospectus but substantively not as extensive. The prospectus work is usually extensive and commences in duly time before the company intends to have its shares admitted to trading. The preparation of a prospectus usually involves a number of different advisors, including financial and legal advisors, along with the company s auditors. When the prospectus is completed, it must be approved and registered by the Swedish Financial Supervisory Authority (Swe: Finansinspektionen). The purpose of the prospectus is that all information concerning the company and the transferable securities, which are necessary for an investor to make an informed assessment of the assets and liabilities, financial position, results and future prospects as well as of the transferable securities must be published. The prospectus must contain e.g. information about risk factors, a business description, organisational structure, intellectual property rights, the board, employees, major shareholders and the company s assets and liabilities, financial position and earnings. Particularly time consuming and planning intensive is the reporting in the prospectus on financial history, as well as the specific requirements applicable to certain types of companies (property companies, mineral companies, investment companies, research companies, start-up companies and shipping companies). 5

6 The requirements for the financial information in the prospectus Companies to be listed on a regulated market (such as NASDAQ OMX or NGM Equity) must prepare their consolidated accounts in accordance with IFRS/IAS. The same applies to companies listed on First North Premier. For companies on First North, Nordic MTF or AktieTorget, there is however, no requirement to apply IFRS/IAS. Such company may instead choose to use the national accounting standards. According to the Prospectus Regulation, the basic premise is that a company, which publishes a prospectus must disclose audited financial information for the past three financial years. If the company has been in business for less than three years, the financial history shall instead include the time that the company has been active. If the company has been in business for less than a year and there is thus no annual report, audited financial information for the period that the company has been active shall be submitted. With regard to companies, which issue prospectuses, this means that the audited annual reports / accounts must be reported, together with audit reports for three years or the period of time the company has been active. Audited financial history for the past two years shall be presented and prepared in a manner that is consistent with the nearest annual report to be published and with regard to accounting standards and policies as well as legislation applicable to annual financial statements. This rule may be important primarily if a company has changed its accounting standards during the past three years, or intends to replace the standard at the next annual report. In addition, there are special requirements for the reporting of financial history for companies with complex financial history (for example, if a company has made significant acquisitions or is a recently formed holding company) or for companies that conduct certain types of operations. The Prospectus Regulation imposes further requirements on pro forma financial information for cases where there has been a significant gross change in the company. Significant gross change means changes of more than 25 percent of one or more indicators of the size of the company s operations as a result of a particular transaction. Examples of such indicators are all assets, income and profit. The above implies that the extensive conversion of a company s financial information may be necessary prior to listing. CHANGE OF COMPANY CATEGORY AND CONNECTION TO EUROCLEAR Public company and freely transferable shares Only public limited companies can spread their shares through a public offer or have their shares traded. If the company is a private limited company, a general meeting must decide on changing the company s category to a public company, a decision that requires a 2/3 majority, before a listing can be implemented. A listing must cover all shares of a series. In addition, the articles of association must stipulate that the company s shares are freely transferable. It is not permissible to have pre-emption or other reservations on transfer restrictions with regard to the shares in the articles of association CSD registered company The shares must be handled electronically and finalisation of transactions must be possible in a manner acceptable to the stock exchange or marketplace. In practice, this means that the share register of the company is managed by Euroclear Sweden AB ( Euroclear ) and that the company s articles of association contain a provison that the company shall be a CSD company. The connection is initiated by Euroclear being contacted and informed that the company intends 6

7 to apply for affiliation of its shares to Euroclear and become a CSD company. The company must appoint a so-called account operator / issuing agent, i.e. a bank or a brokerage firm to handle the accounting of the company s shares. In good time prior to the application for membership any issued physical share certificates must be collected as well as data concerning the securities accout (Swe: VP-konto) or securities account in which the shareholder wishes to have its holdings posted. In order to be connected the company must have knowledge of securities accounts for shares corresponding to at least 90 per cent of the total shareholders and shares, and the total proportion of the votes. If the company does not meet the above limits an assessment is made in each individual case as to whether the company may or may not be connected to Euroclear. Subsequently, a so-called record date provision is entered in the company s articles of association, which takes place by the resolution of the General Meeting to amend the company s articles of association. The board may also decide on the date from which the record date provision is to apply. When the record date provision has been inserted in the articles of association, the new articles of association shall be registered with Companies Registration Office (Swe: Bolagsverket). Thereafter, the company submits a full application for affiliation to Euroclear. When Euroclear has received the accession documents, the company s shares are affiliated to Euroclear and all shares are registered by the account operator / issuing agent. WORK WITH ANALYSIS, PRICING / VALUATION AND MARKETING The characteristics of a successful IPO are that the shares are accurately priced. The following two valuation methods are used to determine the price: DCF (discounted cash flow valuation): The value of the company is estimated by discounting the company s future cash flows using the weighted average cost of capital (WACC). Relative Valuation: Comparing companies so-called multiples (EV / EBIT and P / E ratio) the value of the company is estimated in relation to comparable companies. To ensure that the company has an appropriate capital structure for the listing, the company s capital structure is reviewed together with the company s advisor at the beginning of the listing process. As part of the valuation process, the financial advisors analysts meet investors in order to assess the company s attractiveness as a listed company and for the expected market value of the company. Based on these analyses and the valuation, the price of the shares is established. Usually, it is determined as a price range offered to investors, then a so-called book-building process is carried out during the application period in which certain selected institutional investors through an auction may specify how many shares they are willing to purchase and at what price. The final price is then determined by the company with the financial advisors on the basis of the offers submitted by the institutional investors. During the application period, the company carries out roadshows and one-to-ones in which the company presents and markets itself to institutional investors and private individuals. APPLICATION FOR LISTING It is the company s board which decides whether an application for listing will be made. The application is then submitted to the relevant marketplace. 7

8 An application for listing must reach NASDAQ OMX at least five working days prior to the meeting of the listing committee. An application to NGM Equity and Nordic MTF must reach the stock exchange no later than three trading days preceding the date of the listing committee s handling of the matter. An application to First North must be submitted no later than eight days prior to the first day of trading. At NASDAQ OMX it is the listing committee that decides on listing. The listing committee normally meets once a month. At NGM Equity and Nordic MTF it is the listing committee that decides on listing. At First North and AktieTorget it is the marketplace that decides on listing. From the time a company has filed an application for admission to trading on a regulated market, i.e. NASDAQ OMX or NGM Equity, it is a requirement to continuously inform the stock exchange about its operations, provide the stock exchange with such information it needs to fulfil its obligations and publish such information on its operations and the securities that are of importance for the assessment of the price of the securities. PROSPECTUS FOR THE SWEDISH FINANCIAL SUPERVISORY AUTHORITY Upon admission to trading on a regulated market and when offering the general public to subscribe for shares, a prospectus must be drawn up and approved by the Swedish Financial Supervisory Authority. The Swedish Financial Supervisory Authority shall issue a decision on approval within ten working days after an application has been received. If the prospectus relates to an offering to the public and the company has not previously offered transferable securities to the public, the processing time is instead, 20 days. Contact should be established with the Swedish Financial Supervisory Authority before the prospectus is submitted for approval in order to ensure that the prospectus is registered at the intended time. The prospectus may also need to be translated into English if the offer is to be directed at investors outside Sweden. Once approved, the prospectus shall be published and is also normally printed for distribution to potential investors. APPLICATION PERIOD, PRICE AND ALLOCATION The application period during which investors can register their interest to acquire shares usually runs from two to three weeks. If the company carries out a raising of capital by issuing new shares in connection with the listing, i.e. issuing additional shares offered to the public, the company must also decide on such an issue. Decisions can be taken either at a general meeting of the company or, by the authorisation of the general meeting, by the company s board. The company may choose to set a fixed price for the shares offered, alternatively, a range within which the final price is established. If the shares are offered for a price range, the final price is normally determined through a book-building process, see above. Based on this process, the board may then determine the final price of the shares. During the application period, investors shall express an interest to acquire shares. The prospectus shall state the principles by which the shares shall be allocated among the investors who have indicated their interest to acquire shares. Once the application period has expired, the board, after discussion with the financial advisors, distributes shares in accordance with these principles of allocation. The allotment is intended to create a well-balanced allocation to ensure a strong aftermarket and a high quality shareholder base. 8

9 FIRST DAY OF TRADING The company s shares are traded subject to the free float requirements having been met. If a new issue of shares is made in connection with the IPO, these shares may normally not be transferred to the new shareholders as of the first day of trading. In order to have a trading in the shares on the first trading day, existing shareholders may lend shares before the first day of trading to be used for delivery to the new investors. An alternative is a form of conditional trading of the shares for the first days. This conditional trading means that major players in the market trade unofficially with each other based on the anticipated allocation in the offering. Advokatfirman Lindahl Lindahl is one of Sweden s largest law firms, with extensive international experience and a welldeveloped global network of leading law firms. In addition to having the broad capacity of a large firm, we have cutting-edge competence in a number of areas. Lindahl has approximately 400 employees, of which two thirds are lawyers working from our offices in Stockholm, Göteborg, Malmö, Uppsala, Örebro and Helsingborg. This document is provided by Lindahl and is aimed at companies and others who are interested in business law. Quote us, but please cite the source. The information published here is intended only as general information and does not replace the advice in individual cases. 9

The NASDAQ OMX Helsinki - IPO Overview

The NASDAQ OMX Helsinki - IPO Overview The NASDAQ OMX Helsinki - IPO Overview 1. Regulatory Background 1.1 Overview of Regulatory Background EC Regulations 809/2004 (on prospectuses) and 2273/2003 (on buy-back programmes) are directly applicable,

More information

Guide to listing on. Nasdaq First North

Guide to listing on. Nasdaq First North Guide to listing on Nasdaq First North First North is a Multilateral Trading Facility (MTF) and does not have the legal status of a regulated market. Regulated market is a term used in the Markets in the

More information

Complete terms and conditions for warrants 201[ ]/201[ ] in Avanza Bank Holding AB (publ)

Complete terms and conditions for warrants 201[ ]/201[ ] in Avanza Bank Holding AB (publ) Unofficial translation Complete terms and conditions for warrants 201[ ]/201[ ] in Avanza Bank Holding AB (publ) 1. DEFINITIONS The following terms referred to in these terms and conditions shall have

More information

Connection to AktieTorget guidelines for memorandum

Connection to AktieTorget guidelines for memorandum 1 Connection to AktieTorget guidelines for memorandum General When a company applies to be admitted to trading on AktieTorget (connection to AktieTorget), a connection memorandum or, if the connection

More information

Notice of the Annual General Meeting of Formpipe Software AB (publ)

Notice of the Annual General Meeting of Formpipe Software AB (publ) Notice of the Annual General Meeting of Formpipe Software AB (publ) The shareholders of Formpipe Software AB (publ), Swedish company reg. no. 556668-6605, (the Company ) are hereby invited to attend the

More information

United Kingdom: Main Market - IPO Overview

United Kingdom: Main Market - IPO Overview United Kingdom: Main Market - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the Main Market (premium and standard) of the London Stock Exchange

More information

United Kingdom: Alternative Investment Market ( AIM ) - IPO Overview

United Kingdom: Alternative Investment Market ( AIM ) - IPO Overview United Kingdom: Alternative Investment Market ( AIM ) - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the AIM are found in the rules of the

More information

GUIDE AND INSTRUCTIONS. Listed Companies. listedcompanies@fi.se 2013-10-16

GUIDE AND INSTRUCTIONS. Listed Companies. listedcompanies@fi.se 2013-10-16 GUIDE AND INSTRUCTIONS Listed Companies listedcompanies@fi.se 2013-10-16 October 16, 2013 Ref. 11-1971 TABLE OF CONTENTS Abbreviations and terms 4 Stock exchange information 7 Regulated market 7 Home Member

More information

The China Stock Exchange IPO Overview 1

The China Stock Exchange IPO Overview 1 The China Stock Exchange IPO Overview 1 1. Regulatory Background 1.1 Overview of Regulatory In China, there are two public stock exchange markets, i.e., Shanghai Stock Exchange (the SSE ) and Shenzhen

More information

GUIDE AND INSTRUCTIONS. Listed companies. MARKET MONITORING 1 February 2016

GUIDE AND INSTRUCTIONS. Listed companies. MARKET MONITORING 1 February 2016 GUIDE AND INSTRUCTIONS Listed companies MARKET MONITORING 1 February 2016 Dnr 16-2584 TABLE OF CONTENS About this guide 4 Abbreviations and terms 5 Introduction 7 Stock exchange information 8 Regulated

More information

Invitation to the Annual General Meeting of shareholders of Betsson AB (publ)

Invitation to the Annual General Meeting of shareholders of Betsson AB (publ) 9 APRIL 2013 PRESS RELEASE Invitation to the Annual General Meeting of shareholders of Betsson AB (publ) The shareholders of Betsson AB (publ) (the Company ), are hereby invited to the Annual General Meeting

More information

Notice of Annual General Meeting in Sectra AB (publ)

Notice of Annual General Meeting in Sectra AB (publ) 1(5) Press Release Linköping,, June 1, 2010 Notice of Annual General Meeting in The shareholders of are hereby invited to the Annual General Meeting (AGM) held on Wednesday, June 30, 2010 at 4.00 p.m.

More information

The board of directors proposal in accordance with above comprises the following proposals and information: Appendix A. Appendix B

The board of directors proposal in accordance with above comprises the following proposals and information: Appendix A. Appendix B N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail. The board of directors

More information

First North Bond Market Rulebook 3 July 2016

First North Bond Market Rulebook 3 July 2016 First North Bond Market Rulebook 3 July 2016 Table of Contents 1. Introduction... 4 2. Admission to trading and removal from trading of fixed income instruments on First North Bond Market... 6 2.1 General...

More information

ANNUAL GENERAL MEETING IN BE GROUP AB

ANNUAL GENERAL MEETING IN BE GROUP AB ANNUAL GENERAL MEETING IN BE GROUP AB Shareholders in BE Group AB (publ) are hereby invited to attend the Annual General Meeting to be held at 4.00 p.m. on Thursday 28 April 2011, in the premises of Nöjesteatern,

More information

Articles of Association adopted at the Annual General Meeting on February 18, 2014.

Articles of Association adopted at the Annual General Meeting on February 18, 2014. Articles of Association for SAS AB (Corp. Reg. No.556606-8499) Articles of Association adopted at the Annual General Meeting on February 18, 2014. Article 1 The name of the Company is SAS AB. The Company

More information

First North Bond Market Rulebook January 2014

First North Bond Market Rulebook January 2014 First North Bond Market Rulebook January 2014 Table of contents 1. Introduction... 4 2. Admission to trading and removal from trading of fixed income instruments on First North Bond Market... 5 2.1 General...

More information

Rules for the admission of shares to stock exchange listing (Listing Rules)

Rules for the admission of shares to stock exchange listing (Listing Rules) Rules for the admission of shares to stock exchange listing (Listing Rules) TABLE OF CONTENTS: 1. GENERAL... 3 2. CONDITIONS FOR ADMISSION TO LISTING... 3 2.1 GENERAL CONDITIONS... 3 2.1.1 Public interest,

More information

Initial Public Offering. Are you ready to float?

Initial Public Offering. Are you ready to float? Initial Public Offering Are you ready to float? What is an IPO? Are you considering listing your company on a stock exchange? In recent times, the phrases listing and floating have been replaced with an

More information

ARTICLES OF ASSOCIATION NEUROSEARCH A/S. (CVR-no. 12546106)

ARTICLES OF ASSOCIATION NEUROSEARCH A/S. (CVR-no. 12546106) Unauthorised translation ARTICLES OF ASSOCIATION OF NEUROSEARCH A/S (CVR-no. 12546106) Name, registered office and objects Article 1. The name of the company is NeuroSearch A/S. Article 2. The objects

More information

VC - Sample Term Sheet

VC - Sample Term Sheet VC - Sample Term Sheet Between [Investors] ("Investors") and [Founders] ("Founders") (The Investors and the Founders are jointly referred to as the Shareholders ) and [The Company] ("Company") (The Investors,

More information

JSE Limited ( JSE ) GUIDELINES TO LISTING ON THE JSE

JSE Limited ( JSE ) GUIDELINES TO LISTING ON THE JSE JSE Limited ( JSE ) GUIDELINES TO LISTING ON THE JSE If you have any queries relating to the listing process, you are invited to call the Director: Issuer Regulation Division on 27-11-520-7060 or facsimile

More information

Terms and conditions for warrants 2016/2019

Terms and conditions for warrants 2016/2019 The English text is an unofficial translation of the Swedish original. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail. Terms and conditions

More information

R A I S I N G F U N D S I N SWEDEN

R A I S I N G F U N D S I N SWEDEN R A I S I N G F U N D S I N SWEDEN Raising funds in Sweden Sweden can offer good opportunities and many ways to raise finance for businesses. The costs of establishing a Swedish limited company are low

More information

First North Nordic Rulebook

First North Nordic Rulebook First North Nordic Rulebook 1 January 2014 1. Introduction... 4 2. Admission and removal of financial instruments to trading on First North... 5 2.1 General... 5 2.2 Admission requirements... 5 2.2.1 Requirements

More information

Unauthorised translation ARTICLES OF ASSOCIATION NEUROSEARCH A/S. (CVR-no. 12546106)

Unauthorised translation ARTICLES OF ASSOCIATION NEUROSEARCH A/S. (CVR-no. 12546106) Unauthorised translation ARTICLES OF ASSOCIATION OF NEUROSEARCH A/S (CVR-no. 12546106) Name, registered office and objects Article 1. The name of the company is NeuroSearch A/S. Article 2. The objects

More information

Articles of Association of Bang & Olufsen a/s CVR no. 41 25 79 11

Articles of Association of Bang & Olufsen a/s CVR no. 41 25 79 11 Article 1. The Company s name is Bang & Olufsen a/s. Articles of Association of Bang & Olufsen a/s CVR no. 41 25 79 11 Article 2. The registered office of the Company is situated in the Municipality of

More information

TERMS AND CONDITIONS FOR CALL OPTIONS 2013/2016 REGARDING PURCHASE OF SHARES IN LAGERCRANTZ GROUP AB (publ.)

TERMS AND CONDITIONS FOR CALL OPTIONS 2013/2016 REGARDING PURCHASE OF SHARES IN LAGERCRANTZ GROUP AB (publ.) TERMS AND CONDITIONS FOR CALL OPTIONS 2013/2016 REGARDING PURCHASE OF SHARES IN LAGERCRANTZ GROUP AB (publ.) DEFINITIONS 1 All references to the following definitions in these terms and conditions shall

More information

NOTICE TO THE ANNUAL GENERAL MEETING OF HEXPOL AB (publ) A. RIGHT TO PARTICIPATE IN THE ANNUAL GENERAL MEETING

NOTICE TO THE ANNUAL GENERAL MEETING OF HEXPOL AB (publ) A. RIGHT TO PARTICIPATE IN THE ANNUAL GENERAL MEETING This is a non-official translation of the Swedish original wording. In case of discrepancies between the English translation and the Swedish original, the Swedish text shall prevail. NOTICE TO THE ANNUAL

More information

Advanced Securities Law

Advanced Securities Law READING MATERIAL Advanced Securities Law UNIT 2 Public Issues: Initial Public Offering- II ADVANCED SECURITIES LAW 2 In the previous Unit we began our study of initial public offers ( IPOs ). We looked

More information

ARTICLES OF ASSOCIATION NEUROSEARCH A/S. (CVR-no. 12546106)

ARTICLES OF ASSOCIATION NEUROSEARCH A/S. (CVR-no. 12546106) Unauthorised translation ARTICLES OF ASSOCIATION OF NEUROSEARCH A/S (CVR-no. 12546106) Name, registered office and objects Article 1. The name of the company is NeuroSearch A/S. Article 2. The objects

More information

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act 1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:

More information

SHARE REDEMPTION 2015

SHARE REDEMPTION 2015 SHARE REDEMPTION 2015 DEFINITIONS or the Company refers to Net Entertainment NE AB (publ) or the group in which Net Entertainment NE AB (publ) is the parent company. The Group refers to the group in which

More information

Articles of Association. for. Exiqon A/S (CVR no )

Articles of Association. for. Exiqon A/S (CVR no ) Articles of Association for Exiqon A/S (CVR no. 18 98 44 31) 1 NAME AND OBJECTS Article 1 The name of the Company is Exiqon A/S. Article 2 The objects of the Company are to carry out research, development,

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING

More information

Notice to Attend the Annual General Meeting of G5 Entertainment AB (publ.)

Notice to Attend the Annual General Meeting of G5 Entertainment AB (publ.) 2013-05-22 PRESS RELEASE N.B. The English text is an unofficial translation and in case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail. Notice

More information

Articles of Association. for. Exiqon A/S (CVR no )

Articles of Association. for. Exiqon A/S (CVR no ) Articles of Association for Exiqon A/S (CVR no. 18 98 44 31) 1 NAME AND OBJECTS Article 1 The name of the Company is Exiqon A/S. Article 2 The objects of the Company are to carry out research, development,

More information

COMPANY PRESENTATION OF THE TERMS FOR TRANSATLANTIC S DEBT CERTIFICATES 2013

COMPANY PRESENTATION OF THE TERMS FOR TRANSATLANTIC S DEBT CERTIFICATES 2013 COMPANY PRESENTATION OF THE TERMS FOR TRANSATLANTIC S DEBT CERTIFICATES 2013 This summary of the terms and conditions for Rederi AB Transatlantic s (publ) (the Issuer ) maximum SEK 140,000,000 senior unsecured

More information

Fabasoft AG INVITATION ANNUAL GENERAL MEETING. Agenda

Fabasoft AG INVITATION ANNUAL GENERAL MEETING. Agenda Fabasoft AG Honauerstraße 4 4020 Linz ISIN AT 0000785407 WKN 922 985 INVITATION to the ANNUAL GENERAL MEETING of Fabasoft AG, 4020 Linz, Austria to be held on Monday, 6 July 2015, 10 am (CEST) at the Courtyard

More information

Postal address Public Company (publ) Telephone Telefax. SANDVIK AB Investor Relations Reg.No 556000-3468

Postal address Public Company (publ) Telephone Telefax. SANDVIK AB Investor Relations Reg.No 556000-3468 Press Release Annual General Meeting of Sandvik Aktiebolag The shareholders in Sandvik Aktiebolag are convened to the Annual General Meeting to be held on Wednesday, 2 May 2012 at 5:00 p.m. at Göransson

More information

The Board of Directors proposal for division of shares (stock split) and change of the Articles of Association

The Board of Directors proposal for division of shares (stock split) and change of the Articles of Association The Board of Directors proposal for division of shares (stock split) and change of the Articles of Association With the purpose of facilitating trade of the company s listed shares on Nasdaq Stockholm,

More information

The Tokyo Stock Exchange - IPO Overview

The Tokyo Stock Exchange - IPO Overview The Tokyo Stock Exchange - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Background There are six exchanges in Japan; Tokyo, Osaka, Nagoya, Sapporo, Fukuoka, and JASDAQ. Among these,

More information

Invitation to the Annual General Meeting of shareholders of Betsson AB (publ)

Invitation to the Annual General Meeting of shareholders of Betsson AB (publ) APRIL 9 2015 Invitation to the Annual General Meeting of shareholders of Betsson AB (publ) The shareholders of Betsson AB (publ) (the Company ), are hereby invited to the Annual General Meeting of shareholders

More information

Articles of Association. for. Exiqon A/S (CVR no )

Articles of Association. for. Exiqon A/S (CVR no ) Articles of Association for Exiqon A/S (CVR no. 18 98 44 31) 1 NAME AND OBJECTS Article 1 The name of the Company is Exiqon A/S. Article 2 The objects of the Company are to carry out research, development,

More information

Corporate Governance Report for Sectra AB (publ) for the 2014/2015 fiscal year

Corporate Governance Report for Sectra AB (publ) for the 2014/2015 fiscal year Translation of original document in Swedish 1(8) Corporate Governance Report for Sectra AB (publ) for the 2014/2015 fiscal year Sectra is a public Swedish limited-liability company, listed on the Nasdaq

More information

Important Information about Initial Public Offerings

Important Information about Initial Public Offerings Robert W. Baird & Co. Incorporated Important Information about Initial Public Offerings Baird has prepared this document to help you understand the characteristics and risks associated with investing in

More information

The Listing Rules REITS REAL ESTATE INVESTMENT TRUSTS. Chris Luck, Nabarro LLP. Property Investment from a wider perspective.

The Listing Rules REITS REAL ESTATE INVESTMENT TRUSTS. Chris Luck, Nabarro LLP. Property Investment from a wider perspective. REITS REAL ESTATE INVESTMENT TRUSTS The Listing Rules Chris Luck, Nabarro LLP As at 1 April 2008, 18 companies have either converted to or have listed as UK-REITS. This article considers how to convert

More information

The Float Guide How to float a company on the Finland Securities Exchange

The Float Guide How to float a company on the Finland Securities Exchange The Float Guide How to float a company on the Finland Securities Exchange Contact: Tom Fagernäs Finland tom.fagernas@krogerus.com INTRODUCTION his guide gives an overview of what T is involved in listing

More information

The Australian Stock Exchange ("ASX") - IPO Overview

The Australian Stock Exchange (ASX) - IPO Overview The Australian Stock Exchange ("ASX") - IPO Overview 1. Regulatory Background 1.1 Overview of Regulatory The Corporations Act 2001 ("Act") regulates the requirements for listing on the ASX. The Act prohibits

More information

1. Opening of the meeting and election of chairman of the meeting

1. Opening of the meeting and election of chairman of the meeting THIS DOCUMENT IS AN UNOFFICIAL TRANSLATION OF THE SWEDISH VERSION. IN THE EVENT OF ANY DISCREPANCIES BETWEEN THE VERSIONS, THE SWEDISH VERSION SHALL PREVAIL. Minutes kept at the annual general meeting

More information

NASDAQ OMX HELSINKI LTD RULES OF THE EXCHANGE. 2 October 2013

NASDAQ OMX HELSINKI LTD RULES OF THE EXCHANGE. 2 October 2013 NASDAQ OMX HELSINKI LTD RULES OF THE EXCHANGE 2 October 2013 RULES OF THE EXCHANGE INTRODUCTION According to the Act on Trading in Financial Instruments (748/2012), the Exchange shall draw up and keep

More information

RusForest Strengthens Equity by SEK 450 million and Secures Russian Strategic Investor

RusForest Strengthens Equity by SEK 450 million and Secures Russian Strategic Investor PRESS RELEASE RusForest Strengthens Equity by SEK 450 million and Secures Russian Strategic Investor Intended offer to bondholders of debt restructuring, whereby the bond s nominal amount and accrued interest

More information

LISTING ON NASDAQ OMX BALTIC MARKET

LISTING ON NASDAQ OMX BALTIC MARKET LISTING ON NASDAQ OMX BALTIC MARKET 1 ROAD TO THE NASDAQ OMX BALTIC MARKET There are many ways to foster the growth and development of a company. One is to publicly list the company on the stock exchange.

More information

Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011

Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011 Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011 Millicom International Cellular S.A. ("Millicom") is a company incorporated and governed under the laws of the

More information

Corporate governance. 1. Implementation and reporting on corporate governance. 2. IDEX s business. 3. Equity and dividends

Corporate governance. 1. Implementation and reporting on corporate governance. 2. IDEX s business. 3. Equity and dividends Corporate governance Update resolved by the board of directors of IDEX ASA on 16 April 2015. This statement outlines the position of IDEX ASA ( IDEX or the Company ) in relation to the recommendations

More information

First North Bond Market Rulebook

First North Bond Market Rulebook First North Bond Market Rulebook 7. December 2012 Table of Contents 1. Introduction... 4 2. Admission and removal of fixed income instruments to trading on First North... 5 2.1 General... 5 2.2 Admission

More information

Takeover Rules for certain trading platforms. The Swedish Corporate Governance Board 2015-02-01

Takeover Rules for certain trading platforms. The Swedish Corporate Governance Board 2015-02-01 Takeover Rules for certain trading platforms The Swedish Corporate Governance Board 2015-02-01 Table of Contents INTRODUCTION I GENERAL PROVISIONS I.1 Scope of the rules I.2 The right for the Securities

More information

Corporate Governance Report for Sectra AB (publ) for the 2015/2016 fiscal year

Corporate Governance Report for Sectra AB (publ) for the 2015/2016 fiscal year 1 (10) Corporate Governance Report for Sectra AB (publ) for the 2015/2016 fiscal year Sectra is a public Swedish limited-liability company, listed on the Nasdaq Stockholm Exchange since 1999. Management

More information

When applicable, notice should be accompanied by full proof of authority such as the certificate of registration or its equivalent.

When applicable, notice should be accompanied by full proof of authority such as the certificate of registration or its equivalent. Shareholders of Byggmax Group AB (publ) are hereby notified of the Annual General Meeting (AGM) to be held on Friday, April 1, 2011, at 11:00 am at Scandic Infra City (in the meeting hall Alfa ) in Upplands

More information

Sweden Takeover Guide

Sweden Takeover Guide Sweden Takeover Guide Contacts Marcus Nivinger Advokatfirman Delphi marcus.nivinger@delphi.se Contents Page INTRODUCTION 1 THE REGULATION OF TAKEOVERS 1 A SURVEY OF THE REGULATION 1 THE BIDDING PROCESS

More information

Notice to attend the Annual General Meeting of Addtech AB (publ)

Notice to attend the Annual General Meeting of Addtech AB (publ) Press release Notice to attend the Annual General Meeting of Addtech AB (publ) The shareholders of Addtech AB (publ), organisation number 556302-9726, are hereby given notice to attend the Annual General

More information

Bursa Malaysia - IPO Overview

Bursa Malaysia - IPO Overview Bursa Malaysia - IPO Overview Main Market Listing on the Main Market of Bursa Malaysia ( Main Market ) is for established companies with a track record. 1. Regulatory Background 1.1 Overview of Regulatory

More information

Rules concerning takeover bids for shares in Swedish companies whose shares are traded on certain trading platforms

Rules concerning takeover bids for shares in Swedish companies whose shares are traded on certain trading platforms Rules concerning takeover bids for shares in Swedish companies whose shares are traded on certain trading platforms The Swedish Corporate Governance Board, 27 March 2012 Table of Contents Page INTRODUCTION

More information

Articles of Association

Articles of Association (Unauthorized English translation) (May 20, 2015) Articles of Association of Genmab A/S (CVR-nr. 21023884 Formerly A/S registration no.: 248.498) Page 2 of 46 Name, Registered Office, Objects and Group

More information

ITEM 4: BOARD OF DIRECTORS STATEMENT REGARDING SALARY AND OTHER REMUNERATION OF EXECUTIVE PERSONNEL

ITEM 4: BOARD OF DIRECTORS STATEMENT REGARDING SALARY AND OTHER REMUNERATION OF EXECUTIVE PERSONNEL ITEM 4: BOARD OF DIRECTORS STATEMENT REGARDING SALARY AND OTHER REMUNERATION OF EXECUTIVE PERSONNEL Statement regarding stipulation of salaries and other remuneration of executive personnel in Lerøy Seafood

More information

Articles of Association

Articles of Association (Unauthorized English translation) (August 19, 2015) Articles of Association of Genmab A/S (CVR-nr. 21023884 Formerly A/S registration no.: 248.498) Page 2 of 47 Name, Registered Office, Objects and Group

More information

The Float Guide How to float a company on the London Stock Exchange

The Float Guide How to float a company on the London Stock Exchange The Float Guide How to float a company on the London Stock Exchange Contact: Alan Kartashkin Moscow akartashkin@debevoise.com James C Scoville London jcscoville@debevoise.com INTRODUCTION This guide gives

More information

Obtaining a premium or standard listing on the London Stock Exchange

Obtaining a premium or standard listing on the London Stock Exchange Obtaining a premium or standard listing on the London Stock Exchange An overview 16 Old Bailey, London EC4M 7EG tel: +44 (0)20 7597 6000 fax: +44 (0)20 7597 6543 www.withersworldwide.com Contents 1. Introduction...1

More information

GUIDE TO LISTING ON NASDAQ OMX FIRST NORTH

GUIDE TO LISTING ON NASDAQ OMX FIRST NORTH GUIDE TO LISTING ON NASDAQ OMX FIRST NORTH FIRST NORTH* IS NASDAQ OMX S EUROPEAN GROWTH MARKET FOR COMPANIES LOOKING FOR A FIRST STEP INTO THE FINANCIAL MARKET FIRST NORTH OPERATES PARALLEL TO THE MAIN

More information

Articles of Association of Bang & Olufsen a/s CVR no. 41 25 79 11

Articles of Association of Bang & Olufsen a/s CVR no. 41 25 79 11 Articles of Association of Bang & Olufsen a/s CVR no. 41 25 79 11 Article 1. The Company s name is Bang & Olufsen a/s. Article 2. The registered office of the Company is situated in the Municipality of

More information

Appendix 1 to notice to convene the EGM proposed new Articles of Association (the complete proposals with track changes)

Appendix 1 to notice to convene the EGM proposed new Articles of Association (the complete proposals with track changes) Appendix 1 to notice to convene the EGM proposed new Articles of Association (the complete proposals with track changes) ARTICLES OF ASSOCIATION of TORM A/S CVR no. 22460218 Article 1 Article 1 1.1. 1.1

More information

INFORMATION REGARDING PROPOSED REDEMPTION OF SHARES IN BETSSON AB

INFORMATION REGARDING PROPOSED REDEMPTION OF SHARES IN BETSSON AB 2015 INFORMATION REGARDING PROPOSED REDEMPTION OF SHARES IN BETSSON AB Betsson AB s core business consists of investing and administering shareholding in companies, which through partners or by themselves,

More information

Uponor Group Communications and Disclosure Policy

Uponor Group Communications and Disclosure Policy 1 Contents Introduction... 3 The targets of Uponor s Investor Relations (IR) communications... 3 Responsibility for IR communications... 3 The reported segments... 3 Standard disclosure... 4 Information

More information

First North Bond Market Rulebook January 2014 3 July 2016

First North Bond Market Rulebook January 2014 3 July 2016 First North Bond Market Rulebook January 2014 3 July 2016 Table of contentscontents 1. Introduction... 7 2. Admission to trading and removal from trading of fixed income instruments on First North Bond

More information

How to set up a company in South Africa

How to set up a company in South Africa How to set up a company in South Africa Business entities and registration procedures The most common business entities in South Africa are: 1. Companies 2. Close corporations 3. Partnerships and sole

More information

Companies (Consolidated Accounts) 1999-28

Companies (Consolidated Accounts) 1999-28 Companies (Consolidated Accounts) 1999-28 COMPANIES (CONSOLIDATED ACCOUNTS) ACT by Act. 2014-19 as from 1.11.2014 Principal Act Act. No. 1999-28 Commencement 1.4.2000 Assent 28.10.1999 Amending enactments

More information

ENTERPRISE SECURITIES MARKET RULES FOR COMPANIES

ENTERPRISE SECURITIES MARKET RULES FOR COMPANIES ENTERPRISE SECURITIES MARKET RULES FOR COMPANIES Release 3 16 October 2015 Contents Introduction 3 Part 1 ESM Rules 4 Retention and role of an ESM Advisor 4 Applicants for ESM 4 Special conditions for

More information

Nasdaq First North Nordic Rulebook

Nasdaq First North Nordic Rulebook Nasdaq First North Nordic Rulebook 1 January 2016 1. Introduction... 4 2. Admission and removal of financial instruments to trading on Nasdaq First North... 5 2.1 General... 5 2.2 Admission requirements...

More information

IDENTIFY THE CHANCES SHAPE THE FUTURE

IDENTIFY THE CHANCES SHAPE THE FUTURE Status: june 2015 Complete text of Memorandum and Articles of Association of DMG MORI Aktiengesellschaft Bielefeld IDENTIFY THE CHANCES SHAPE THE FUTURE 1 (1) The Company exists under the name DMG MORI

More information

The Float Guide How to float a company on the Vienna Stock Exchange

The Float Guide How to float a company on the Vienna Stock Exchange The Float Guide How to float a company on the Vienna Stock Exchange Contact: Florian Khol Austria khol@bindergroesswang.at Yulia Kals Austria kals@bindergroesswang.at INTRODUCTION his guide gives an overview

More information

www.pwc.com/ua/capital-markets

www.pwc.com/ua/capital-markets www.pwc.com/ua/capital-markets Which market? An overview of London, New York and Hong Kong stock exchanges Capital Markets The process of selecting the most appropriate exchange for your business to list

More information

The Swedish Corporate Governance Model

The Swedish Corporate Governance Model 6.14 The Swedish Corporate Governance Model Per Lekvall, Swedish Corporate Governance Board Fundamentally, Swedish corporate governance resembles that of most of the industrialized world and is closely

More information

General Admission Criteria Ongoing Obligations

General Admission Criteria Ongoing Obligations Rules prime market T able of C ontents General 4 1. Scope of Application 4 2. Participation Bid and Decision on Participation 4 Participation Bid 4 Competence for Stating the Grounds for Acceptance or

More information

Capital Raising in Australia An Overview

Capital Raising in Australia An Overview Capital Raising in Australia An Overview 13 November 2015 Overview Whilst Australia represents only 2.26% of the world s population, Australia has sophisticated capital market and by world comparison is

More information

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT CORPORATE GOVERNANCE REPORT Byggmax Group AB (publ) is a Swedish public limited liability company listed on NASDAQ OMX Stockholm. Byggmax applies the Swedish Corporate Governance Code and hereby submits

More information

Swedish Code of Conduct for fund management companies

Swedish Code of Conduct for fund management companies Swedish Code of Conduct for fund management companies Adopted by the Board of Directors of the Swedish Investment Fund Association on 6th December 2004. The Code was most recently revised on 26 th March

More information

Chapter 7 GENERAL ACCOUNTANTS REPORTS AND PRO FORMA FINANCIAL INFORMATION. When required

Chapter 7 GENERAL ACCOUNTANTS REPORTS AND PRO FORMA FINANCIAL INFORMATION. When required Chapter 7 GENERAL ACCOUNTANTS REPORTS AND PRO FORMA FINANCIAL INFORMATION When required 7.01 This Chapter sets out the detailed requirements for accountants reports on the profits and losses, assets and

More information

Merger & Acquisition Rules

Merger & Acquisition Rules Merger & Acquisition Rules This is a translation of the Official Arabic version of Merger and Acquisition Rules. In case of any discrepancies, the Arabic version shall prevail. 1 Article (1) In the application

More information

Rules for the Construction and Maintenance of the OMX STOCKHOLM 30 INDEX

Rules for the Construction and Maintenance of the OMX STOCKHOLM 30 INDEX Rules for the Construction and Maintenance of the OMX STOCKHOLM 30 INDEX VERSION 1.5 / December 8, 2014 TABLE OF CONTENTS TABLE OF CONTENTS 1. Introduction 2. Index Share Eligibility & Selection rules

More information

Annual report for the financial year 2014-05-28-2014-12-31

Annual report for the financial year 2014-05-28-2014-12-31 1 PZU Finance AB (publ) Org nr Office translation Annual report for the financial year 2014-05-28-2014-12-31 The Board of Directors presents the following annual report Contents Page - Administration Report

More information

Rules. of Multilateral Trading Facility. First North

Rules. of Multilateral Trading Facility. First North Rules of Multilateral Trading Facility First North 1 TABLE OF CONTENTS I GENERAL PROVISIONS... 3 II ADMISSION TO TRADING... 5 III TERMINATION AND SUSPENSION OF TRADING BY INITIATIVE OF THE ISSUER... 13

More information

AIM Rules for Companies (effective 17 February 2010)

AIM Rules for Companies (effective 17 February 2010) AIM Rules for Companies Introduction 1 Part One AIM Rules 3 Retention and role of a nominated adviser 3 Applicants for AIM 3 Special conditions for certain applicants 4 Principles of disclosure 5 General

More information

Interim Report for the period 1 January 31 March 2015

Interim Report for the period 1 January 31 March 2015 Interim Report for the period 1 January 31 March 2015 ALL FIGURES IN THIS REPORT ARE EXPRESSED IN SEK, UNLESS STATED OTHERWISE. FIGURES IN PARENTHESES REFER TO THE CORRESPONDING FIGURES FOR THE PREVIOUS

More information

OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING. Agency for Housing Mortgage Lending OJSC INFORMATION POLICY GUIDELINES.

OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING. Agency for Housing Mortgage Lending OJSC INFORMATION POLICY GUIDELINES. OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING APPROVED: by decision of the Supervisory Council (minutes No 09 of 21 December 2007) Agency for Housing Mortgage Lending OJSC INFORMATION POLICY

More information

Information regarding share split and redemption of shares in AB Volvo 2007

Information regarding share split and redemption of shares in AB Volvo 2007 Information regarding share split and redemption of shares in AB Volvo 2007 The share split and redemption procedure in summary Table of contents 2 The share split and redemption procedure in summary 3

More information

TELEFÓNICA, S.A., as provided in article 82 of the Spanish Stock Market Act (Ley del Mercado de Valores) hereby informs of the following:

TELEFÓNICA, S.A., as provided in article 82 of the Spanish Stock Market Act (Ley del Mercado de Valores) hereby informs of the following: RAMIRO SÁNCHEZ DE LERÍN GARCÍA-OVIÉS General Secretary and Secretary to the Board of Directors TELEFÓNICA, S.A. TELEFÓNICA, S.A., as provided in article 82 of the Spanish Stock Market Act (Ley del Mercado

More information

THE GROUP S CODE OF CORPORATE GOVERNANCE

THE GROUP S CODE OF CORPORATE GOVERNANCE THE GROUP S CODE OF CORPORATE GOVERNANCE REVISED SEPTEMBER 2012 CONTENTS INTRODUCTION..... p. 4 A) RULES OF OPERATION OF UNIPOL GRUPPO FINANZIARIO S.p.A. s MANAGEMENT BODIES....... p. 6 A.1 BOARD OF DIRECTORS....

More information

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act)

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act) FINANSTILSYNET Norway Translation update January 2013 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend.

More information

FAQs on Securities and Exchange Board of India (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013

FAQs on Securities and Exchange Board of India (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013 FAQs on Securities and Exchange Board of India (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013 Q.1. What is an Institutional Trading Platform and is it different from

More information

Corporate Governance Principles

Corporate Governance Principles 2 Corporate Governance Principles Preamble Trust in the corporate policy of Bayerische Landesbank (BayernLB) is largely dependent on the degree to which there are responsible, transparent management and

More information