TMG RESPONSE TO NASDAQ DISCIPLINARY PROCEEDINGS
London – 22 September 2017 - The Board of The Marketing Group PLC (“TMG” or the “Group”) notes the decision of the NASDAQ Stockholm's Disciplinary Committee to censure and fine TMG for historic breaches of the NASDAQ First North Rules. The current Board of TMG fully accepts the Disciplinary Board’s conclusions and that these rule breaches took place.
The rule breaches detailed in the NASDAQ Stockholm's Disciplinary Committee notice took place prior to the appointment of the current TMG Board of Directors and since their appointment systems, procedures and controls have been put in place to ensure, as far as possible, that no further rule breaches will occur.
Under a contract entered into between the Group and former Board members, Messers Harbour, Laing and Street, the Board is advised that the Group is fully indemnified against the cost of the fine imposed and will be taking all reasonable steps to ensure that the cost is recovered as soon as possible from these individuals.
TMG today is a very different group to the one when the rule breaches took place. Under the direction of the current Board a new strategy is being implemented and the bulk of the internal reorganisation has been completed to address underperforming areas of the Group and other issues. Now that this period of internal focus is complete the Board’s focus is on accelerating sustainable growth.
Adam Graham, CEO, TMG commented:
“We note the decision of the NASDAQ Stockholm's Disciplinary Committee and fully accept their conclusions. The Rule breaches took place prior to the appointment of the current Board and we are indemnified against the financial penalty imposed on the Group.
“We are confident that we have dealt with the legacy issues and that TMG is in a stronger position than it has ever been. Historic failings have been addressed and a cohesive global marketing group is being established that I believe will deliver strong long-term shareholder value. I look forward to the future with optimism and to making further announcements concerning our progress in due course.”
For more information, please contact
Adam Graham, CEO
Phone: 0207 1481606
Claes Delin / Mikael Widell
Phone: +46 703 11 9960
This information is information that The Marketing Group plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 8.10am CET on 22 September 2017.
The Marketing Group plc (“TMG”) in brief
TMG is building a global full-service marketing network that respects the individual cultures of each agency that joins. By providing a supportive platform for growth, and an agile management approach, TMG aims to provide a fresh alternative to the big holding companies: Independent Spirit - Global scale. Each company within the group provides specialist marketing services brought together, within complementary communities of practice, to form an international network that can address a global market. The central team supports its subsidiaries through a lean and nimble structure that can respond quickly to change and provide highly effective solutions for clients. The Marketing Group is listed on Nasdaq First North, Stockholm.
Mangold Fondkommission AB, +46 8-5030 15 50, is the company’s Certified Adviser and liquidity provider.