Decision by the Disciplinary Committee regarding LSTH Svenska Handelsfastigheter AB
Stockholm, January 21, 2022 — The Disciplinary Committee of Nasdaq Stockholm has found that LSTH Svenska Handelsfastigheter AB (the “Company”) has breached Nasdaq Stockholm’s Rule Book for Issuers of Fixed Income Instruments (the “Rulebook”) and therefore ordered the Company to pay a fine of SEK 1,500,000.
The Disciplinary Committee concludes that the Swedish Securities Council (ruling 2021:43) has found that the Company has violated item II.3 of the Takeover rules for certain trading platforms issued by the Swedish Corporate Governance Board, by not in its announcement of a takeover bid to the shareholders of Tre Kronor Property Investment AB having informed at what level of a possible competing bid that a certain shareholder in the target company would not be bound by an undertaking to accept the Company's bid.
Against this background, the Disciplinary Committee concludes that the Company has breached good practice in the stock market and consequently also the Rulebook. The Disciplinary Committee takes a serious view of the Company's violation and consequently orders the Company to pay a fine of SEK 1,500,000.
The Disciplinary Committee’s decision is available at:
https://www.nasdaq.com/solutions/decisions-sanctions-stockholm-2022
About the Disciplinary Committee
The role of Nasdaq Stockholm’s Disciplinary Committee is to consider suspicions regarding whether Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If the Exchange suspects that a member or company has acted in breach of the rules, the matter is referred to the Disciplinary Committee. Nasdaq Stockholm investigates the suspicions and pursues the matter and the Disciplinary Committee issues a ruling regarding possible sanctions. The sanctions possible for listed companies are a warning, a fine or delisting. The sanctions possible for Exchange Members are a warning, a fine or debarment. Fines paid are not included in the Exchange’s business but are attributed to a foundation supporting research in the securities market. The Disciplinary Committee's Chairman and Deputy Chairman must be lawyers with experience of serving as judges. At least two of the other members of the Committee must have in-depth insight into the workings of the securities market.
Members: Former Supreme Court Justice Marianne Lundius (Chairman), Supreme Court Justice Ann-Christine Lindeblad (Deputy Chairman), Supreme Court Justice Petter Asp, Company Director Anders Oscarsson, Company Director Jack Junel, Company Director Joakim Strid, Lawyer Wilhelm Lüning, Lawyer Patrik Marcelius, Lawyer Erik Sjöman, MBA Ragnar Boman, MBA Carl Johan Högbom, Authorized Public Accountant Magnus Svensson Henryson and Former Authorized Public Accountant Svante Forsberg.
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