Alpha Blue Ocean Advisors Ltd. has violated notification requirement regarding net short positions in Induct shares
Reference is made to announcements on 2 November 2018 and 18 February 2019 regarding the legal dispute between Induct AS ("Induct") and European High Growth Opportunities Securitization Fund (the "Investor") regarding termination of a certain convertible loan facility.
The Financial Supervisory Authority of Norway (Finanstilsynet) has now concluded that Alpha Blue Ocean Advisors Ltd. (ABO), acting on behalf of the Investor, has infringed the notification requirement regarding net short positions in Induct in total 46 times over a period of 207 trading days, in addition to similar breaches relating to other companies listed at Oslo Stock Exchange. ABO is ordered to pay a violation penalty of NOK 4 million to the Norwegian Treasury. The decision can be appealed to the Ministry of Finance.
The Decision Letter can be found on this link:
The legal dispute between the Investor and Induct will be handled by Oslo Tingrett 19-21 June 2019.
For further information, please contact:
Alf Martin Johansen, Chief Executive Officer
+47 90 17 94 35
amj@inductsoftware.com
About Induct
Based on ten years of collaboration with more than 250 organizations, Induct offers collaborative communities, delivered as "Software as a Service," that enable organizations to digitalize and manage business processes. This also include create, manage, track and measure the innovation process from idea creation through to final implementation and impact reporting. Induct enables its customers to connect with each other in larger networks to share best practices, while deploying and monetizing initiatives - all within a secure, collaborative, and access-controlled cloud-based network.
Induct is listed on the Merkur Market list on the Oslo Stock Exchange with the ticker INDUCT-ME.
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