ELMO Rent AS comments in relation to the decision of Listing and Surveillance Committee of Nasdaq Tallinn
ELMO Rent AS (hereinafter ELMO Rent) takes into account the opinions expressed in the decision published by the Listing and Surveillance Committee of Nasdaq Tallinn (hereinafter Committee) on 4 May 2022 regarding the submission of financial data and has taken the necessary steps to avoid further errors.
On 4 May 2022, the Committee published a decision on a contractual penalty of EUR 500 to ELMO Rent for violating the provisions of the First North regulations as set out in the decision. As articles have been published in the press since the publication of the Committee’s decision that ELMO Rent has manipulated with the information, as well as other misleading information for the investors, ELMO Rent considers it necessary to comment on the Committee's decision.
ELMO Rent explains that the errors, which were the basis for the Committee's decision, are related to the principles of disclosure of financial statements arising from the First North regulations and are partly related to technical errors. ELMO Rent has taken into account the statements of the Committee in the decision and improved the reporting accordingly.
"All corrections have been made to the data presented to the stock exchange. the corrections can be seen in the respective stock exchange announcements, and we can confirm that the general overview of ELMO Rent's operations and financial results has not changed for the investor," said Enn Laansoo Jr., Chairman of the Advisory Board of ELMO Rent. "Trading with shares at the First North list and the accompanying disclosure obligations have been a big challenge for us, primarily due to a lack of experience. We assure that the mistakes have not been intentional. We have attached great importance to transparency and openness, and we have received several relevant instructions on how to present comparative information correctly in the future."
To date, all employees responsible for ELMO Rent's communication with the stock exchange have passed a training on good practices for disclosing and formatting announcements on the stock exchange. Our financial management is now supplemented by a new member with previous listed company experience; and joining an accounting standard best suited for the complex needs of the ELMO Rent in making current financial analysis and communicating with the investors is under consideration.
Member of the Management Board