DNO International ASA - Press Release from the Oslo Stock Exchange
Appeals Committee
(Thomson Reuters ONE) - ("DNO" or "the Company")Reference is made to a press release issued by the Oslo StockExchange Appeals Committee ("OSEAC") on 17 September 2009, concerningDNO's appeal against the a decision by the board of Oslo StockExchange ("OSE") on 17 June 2009 to impose certain penalty paymentson DNO, due to an alleged breach of its obligations to releaseinformation to OSE and to release information to the market.The alleged breach of such obligations was according to OSE relatedto DNO's sale of 43,873,960 treasure shares on 10 October, 2008. TheOSEAC has concluded that DNO had not breached its obligation torelease information to the market in relation to the sales of theshares, but maintained the breach of obligation to releaseinformation to OSE.DNO note that the decision made by OSEAC supports the Company'sposition that it has complied with its obligation to releaseinformation to the market in relation to the share transaction.Prior to the sale of the treasury shares, DNO searched potentialbuyers both through direct and indirect contacts. The main rationalebehind of the sale of the shares was triggered by the turbulence inthe financial market at the time where traditional sources offinancing were not available. The Company's key focus was to sell theshares at the best possible price and the sale was completedsubstantially above the then current trading valueThe sale of the shares was as required under applicable regulationsreported immediately to the market on 10 October, 2008. The sharessold by DNO were held under a UK nominee account and the beneficiaryownership of the shares was at the time not known to the Company.In the beginning of April 2009 the Company received information aboutthe beneficiary owner of the shares sold by DNO on 10 October 2008which was then reported to the market in a Stock Exchange Noticereleased on 6 April 2009. In this Stock Exchange Notice it wasreported that Genel Enerji was the beneficial owner of the shares.The OSEAC decision on 17 September 2009 concludes that DNO did nothold in its position information considered as insider informationrelated to the sales of the shares until the Company receivedinformation about beneficiary owner of the shares in the beginning ofApril 2009. DNO have therefore fully complied with its obligation todisclose information to the market in relation to the above mentionedsales of shares, which has now also been supported by the OSEAC.Despite this conclusion reached by the OSEAC, the OSE has decided topublish the full minutes from the meeting on 17 June 2009.DNO strongly rejects that OSE has the right to do so as such minutescontains several allegations against DNO which DNO has rejected andwhich has also not been supported by the OSEAC. This may lead tospeculative and misleading conclusions, and make available to themarket information deemed not to be required to be disclosed andirrelevant for evaluating the Company's shares.DNO International ASA18 September 2009Contacts:Media:Helge Eide, MD DNO International ASA Telephone: +47 23 23 84 80Ketil Jørgensen, Crux Communication Telephone +47 930 36 866(Norway)Ben Willey, Buchanan Communications Telephone: +44 207 466(UK) 5000Investor Relations:Haakon Sandborg, CFO DNO International Telephone: +47 23 23 84 80ASAThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 18.09.2009 - 09:10 Uhr
Sprache: Deutsch
News-ID 5955
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Appeals Committee"
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