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Pealkiri

Appeal to the Committee's decision on Nordecon AS

Teade

On 27 April 2017, the Nasdaq Tallinn Listing and Surveillance Committee made a
decision, according to which Nordecon AS had violated their obligation to
disclose information and comment published rumours in relation to civil case
2-14-60996. 

On 4 May 2017, Nordecon AS published a stock notice in relation to the decision
of the Nasdaq Tallinn Listing and Surveillance Committee of 27 April 2017
(https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=772942&me
ssageId=971018). 

On 30 June 2017, Nordecon AS appealed the decision of the Nasdaq Tallinn
Listing and Surveillance Committee of 27 April 2017 in the Court of Arbitration
of Exchange. Nordecon AS noted in the cover letter of the appeal that as
according to subsection 28 (1) of the Rules of the Court of Arbitration of
Exchange, the proceeding of the arbitration court is confidential, Nordecon AS
cannot publish a stock notice about the initiation of arbitration proceeding.
Nordecon AS also noted that if Nasdaq Tallinn considers it necessary to publish
a stock notice, Nordecon AS asks to be informed of this immediately. 

On 13 July 2017, the Court of Arbitration of Exchange accepted the appeal of
Nordecon AS of 30 June 2017. 

On 25 July 2017, Nasdaq Tallinn announced that “a mistake has occurred in
relation to the AS Nordecon arbitration case”. Nearly one month after the
submission of the appeal and two weeks after the appeal was accepted, Nasdaq
Tallinn took the position that Nordecon AS should publish a stock notice with
regard to the initiated arbitration proceeding. 

Based on the above, Nordecon AS informs that they have disputed the decision of
the Nasdaq Tallinn Listing and Surveillance Committee of 27 April 2017 which
imposed a “warning/contractual penalty in the amount of three thousand two
hundred (3,200) euros” on Nordecon AS for the alleged violation of the
obligation to disclose information and comment a published rumour. 

Nordecon AS is of the view that the issuer is obliged to publish information
that may affect the price of the issuer’s security. The disclosure of
information about court or arbitration court proceedings that do not affect the
price of securities might be misleading. Nordecon AS is convinced that civil
case 2-14-60996 and the corresponding decision and the decision of the Nasdaq
Tallinn Listing and Surveillance Committee of 27 April 2017 and its appeal do
not affect the price of the securities of Nordecon AS. 


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. In addition to the parent
company, there are more than 10 subsidiaries in the Group. The consolidated
revenue of the Group in 2016 was 183 million euros. Currently Nordecon Group
employs close to 720 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
         E-mail: [email protected]
         www.nordecon.com