Börsiteade

Pealkiri

Decision of the court of arbitration of the Tallinn stock exchange

Teade

On 28 September 2017 The Court of Arbitration of the Tallinn Stock Exchange
made a decision whereby it did not satisfy the statement of claim of Nordecon
AS to annul the decision of the Nasdaq Tallinn Listing and Surveillance
Committee of 27 April 2017. The court of arbitration adjudicated on the
question whether Nordecon AS had violated their obligation to disclose
information and comment on published rumours in relation to civil case no.
2-14-60996 (See
https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=772945&mes
sageId=971022
and 
https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=784864&mes
sageId=986962). 

The court of arbitration agreed with Nordecon AS that the Rules and Regulations
of the Court of Arbitration do not require the publication of stock exchange
notices regarding all court cases associated with an issuer and decisions
thereof. The court of arbitration also agreed that the management board or
supervisory board of the issuer is competent to assess whether information
regarding a court case should be published as a stock exchange notice or not.
The court of arbitration did, however, denote that the civil case referred to
could have influenced the stock price of Nordecon AS and Nordecon AS should,
therefore, have published a stock exchange notice thereof. 

Nordecon AS published stock exchange notices on the abovementioned court case
on 24 January 2017 and 4 May 2017 (see
https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=754979&mes
sageId=946907
and
https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=772942&mes
sageId=971018).
The court of arbitration noted that on the date of publication of information
regarding the court case (i.e. 27 September 2016) no transactions with the
shares of Nordecon AS were made. It follows that the given court case did not
affect the stock price of Nordecon AS. 

In addition, the court of arbitration agreed with Nordecon AS that the decision
of the Nasdaq Tallinn Listing and Surveillance Committee of 27 April 2017
pursuant to which Nordecon AS was imposed both a warning and a contractual
penalty was not in compliance with the Rules and Regulations of Nasdaq Tallinn
and the decision to obligate Nordecon AS to publish a stock exchange notice on
the court case was ambiguous. At the same time the court of arbitration found
that the abovementioned incompliance and ambiguity were not significant enough
to form a basis for the partial or full annulment of the decision of the Nasdaq
Tallinn Listing and Surveillance Committee of 27 April 2017. 


Nordecon (www.nordecon.com) is a group of construction companies whose core
business is construction project management and general contracting in the
buildings and infrastructures segment. Geographically the Group operates in
Estonia, Ukraine, Finland and Sweden. The parent of the Group is Nordecon AS, a
company registered and located in Tallinn, Estonia. The consolidated revenue of
the Group in 2016 was 183 million euros. Currently Nordecon Group employs close
to 740 people. Since 18 May 2006 the company's shares have been quoted in the
main list of the NASDAQ Tallinn Stock Exchange. 


         Andri Hõbemägi
         Nordecon AS
         Head of Investor Relations
         Tel: +372 6272 022
         Email: [email protected]