Serious criticism of Scandiaconsult AB for breach of listing agreement

Serious criticism of Scandiaconsult AB for breach of listing agreement Stockholmsbörsen is directing serious criticism against Scandiaconsult AB (SCC) for the company's breach of the listing agreement with the Exchange. The breach of agreement occurred when the Chairman of the Board of Scandiaconsult, in an interview with a daily newspaper, provided information of the type that could have an effect on the price of Scandiaconsult shares, without the prior public disclosure of the information in accordance with the listing agreement. Since Scandiaconsult has applied for the delisting of its shares, Stockholmsbörsen has decided to refrain from pursuing the matter in the Exchange's Disciplinary Committee. On Monday, January 20, 2003 an article was published in a daily newspaper stating that the Danish technical consulting company Ramböll was expected to submit a takeover bid for SCC. During an interview with the same newspaper the following day, SCC's Chairman confirmed that representatives of Ramböll had been in contact with him. He also stated that during the preceding weekend Ramböll's Board of Directors and shareholders had discussed the matter of submitting a takeover bid for SCC. Both the first article and the interview with SCC's Chairman resulted in substantial increases in the price of SCC shares. Stockholmsbörsen has written to SCC stating that the information provided by its Chairman on January 21 regarding Ramböll's forthcoming bid for SCC was of such a nature that it should have been disclosed publicly in accordance with the listing agreement. The Chairman's objection that the information was already public knowledge following the article of January 20 is regarded by the Exchange as lacking relevance, because it was not until the interview with the Chairman that information was received confirming the fact that takeover discussions were under way. Accordingly, Stockholmsbörsen is leveling serious criticism against Scandiaconsult AB for the company's breach of the listing agreement. Stockholmsbörsen has considered submitting the matter to the Exchange's Disciplinary Committee for a judgment. However, since the SCC shares will be delisted from the Exchange as of May 9, Stockholmsbörsen has decided that the serious criticism directed against SCC in the letter to the company is sufficient. For further information, please contact Anders Ackebo, Head of Listing & Surveillance, Stockholmsbörsen, tel +46 (0)8 405 70 10 Maria Andark, VP Corporate Communication, Stockholmsbörsen, tel +46 (0)70 597 52 76 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/05/07/20030507BIT00850/wkr0001.doc http://www.waymaker.net/bitonline/2003/05/07/20030507BIT00850/wkr0002.pdf