OsloStockExchange_BW

Violation of the rules on notifiable trades – Chairman of the Board of Directors of Oslo Børs resigns

The Chairman of the Board of  Directors of Oslo Børs VPS Holding ASA and Oslo Børs ASA , Leif Askvig, resigned 27 January with immediate effect from his positions as Chairman in the said entities, due to violation of the rules on notifiable trades.

 

Sundt AS, where Leif Askvig is the CEO, exceeded in the late afternoon of 27 November 2013 the 20% limit for a notifiable change of shareholding in respect of EAM Solar ASA. Notification of the trade was however not sent to Oslo Børs until 11:56 a.m. on 28 November 2013. According to a press release 27 January 2014, Leif Askvig resigns on his own initiative.

“Confidence in, and compliance with, the rules and regulations is of crucial importance for the proper operation of the marketplace, therefore I have elected to withdraw from my position as chairman of the board in these companies with immediate effect”, says Leiv Askvig. He is also resigning from his position as a member of the board of Verdipapirsentralen ASA.

Leiv Askvig has been chairman of the boards of both Oslo Børs ASA and Oslo Børs VPS Holding ASA, and also a member of the board of Verdipapirsentralen ASA, since 2009.

The deputy chair, Benedicte Schilbred Fasmer, will take over as acting chair of the boards of both companies until the annual general meeting in May 2014.

 

The Author

Klaus Henrik Wiese-Hansen
Klaus Henrik Wiese-Hansen Klaus Henrik Wiese-Hansen is a partner at Steenstrup Stordrange’s office in Oslo, and is a member of the M&A and Corporate Practice as well as the Banking and Finance group. He has 14 years' experience in all aspects of financial markets legislation and asset management, including Private Equity, Investment Fund Management, Securities Legislation, Banking and Finance, Insurance, and M&A with respect to these areas. He has advised numerous Norwegian and foreign institutional clients in all aspects of their businesses relating to the aforementioned legal areas.

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