OMX Nordic Exchange has today decided to issue warnings to Bringwell AB and to PV Enterprise Sweden AB. Both companies are listed on the exchange’s alternative market First North and both companies have violated the First North rules. In regards to Bringwell, the CEO had disclosed price sensitive information in an interview before the information had been made public. PV Enterprise made one of their quarterly reports available on their web page before the report had been made public.
According to the rules applicable for First North companies all price sensitive information shall be disclosed immediately. The disclosure should be done by sending the information to such media that can effectively spread the information to the public. The information shall at the same time be sent to the company’s Certified Adviser and to the exchange. On September 6th, Dagens Industri published an interview with the CEO of Bringwell, telling that the company had acquired a Norwegian company the day before. The information about the deal was made public to the market through a press release on September 6th at 8.20 am. However, the information was revealed to the journalist the day before, on September 5th. By disclosing the information to the journalist before making it public by issuing a press release, Bringwell has violated the First North rules. The exchange has decided to issue a warning to Bringwell for its actions.
The First North rules also state that a quarterly report should be made public as soon as possible in the way that is described above. PV Enterprise’s quarterly report for the first quarter 2007 was available on the company’s web page on June 4th at about 2.40 pm, approximately 20 minutes before it was made public according to the rules. It is the company’s responsibility to make sure that no price sensitive information is disclosed beforehand. Since PV Enterprise did not succeed in this, the company has violated the First North rules. The exchange has decided to issue a warning to the company.