Oslo Børs passed the following resolution on 23 March 2017: “Island Offshore Shipholding L.P. with a bond with ISIN NO0010673866 listed on Nordic ABM has violated the ABM rules section 3.4.6. (1) about public disclosure of interim reports. According to this provision half yearly reports shall be made public as soon as possible after the end of the relevant period, but at the latest two months thereafter. The company made its half yearly report public 27 days after the deadline. Oslo Børs has decided to sanction such violation by means of public criticism, cf. sanction 8.1 (1) of the ABM rules. If the Company has similar violations of the ABM rules in the future, Oslo Børs will consider to delist the bond.”
A brief summary of the case:
Island Offshore Shipholding L.P. («the Company») has one bond listed on Nordic ABM. Companies with bonds listed on the Nordic ABM are required to prepare and make publicly available an annual report and a half yearly or tertial report in accordance with the ABM rules.
The Company made their half yearly report for 2016 publicly available 27 days after the expiration of the deadline in the ABM rules. The Company has on two previous occasions been criticised by Oslo Børs due to late publication of annual and half-year reports.
In Oslo Børs’ opinion it is important that the financial situation of a company is made publicly available for investors and other market participants within the deadlines set out in the rules applicable on the market where the securities of the Company is listed.
After a thorough evaluation, Oslo Børs has found it necessary to sanction the breach of the ABM rules by means of public criticism. If the Company has similar violations of the ABM rules in the future, Oslo Børs will consider delisting the bond