At its meeting on 30 January 2013, the Board of Directors of Oslo Børs resolved to impose a violation charge of NOK 420, 000 on Intex Resources ASA for breach of the duty to disclose information to the market.
On 30 January 2013 the Board of Oslo Børs made the following resolution: “For the breach of the duty to disclose inside information to the market under the Securities Trading Act § 5-2 (1), a violation charge of three times the annual listing fee, i.e. NOK 420, 000 is imposed on Intex Resources ASA, cf. The Securities Trading Act, Section 17-4, third paragraph and Section 15-1, cf. Securities Trading Regulation, Section 13-1. “
This decision may be appealed to the Stock Exchange Appeals Committee pursuant to the provisions of Chapter 8 of the Stock Exchange Regulations. Any appeal must be submitted within two weeks.
A brief summary of the case:
Intex Resources argued that they did not consider the information to be insider information before the agreement was signed. Oslo Børs is of the opinion that the negotiations on the agreement with MCC8 falls under the Securities Trading Act’s definition of inside information some time before the actual signing of the agreement 4 January 2012, and considers the timing of insider information to be no later than 23 December 2011.
The minutes of the Board’s consideration of this case will be made available on the Oslo Børs web site in due course under the heading ‘Regulations’, sub-heading ‘Decisions and Statements’.