19/02/2018 – The Oslo Stock Exchange has resolved to delist EMAS Offshore Limited. The Oslo Stock Exchange has passed the following resolution: “The Oslo Stock Exchange considers that EMAS Offshore Limited, issuer of shares with ISIN SG1AD2000008, is not suitable for listing on the Oslo Stock Exchange, and has resolved to delist the shares from trading, cf. section 15.1 of the Continuing Obligations and section 25 (1) the Stock Exchange Act. The last listing date for the Company’s shares will be 27 April 2018.”
The resolution 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:
The Oslo Stock Exchange is of the opinion that EMAS Offshore Limited is not in a position to comply with its financial reporting obligations and therefore not suitable for listing on the Oslo Stock Exchange. The Company has on several occasions not published its financial reports timely. The Company published the audited annual report for the financial year 2016 and the half-yearly report for the first six months of 2017 with significant delay pursuant to the deadlines set out in the Securities Trading Act. In addition, the Company has not published the audited annual report for 2017 within the stipulated deadline. The Company has a deviating accounting year which entails that the deadline for publication of the audited annual report for 2017 was 31 December 2017.
