DNO International ASA - Notice from Kurdistan Regional Government
(KRG)
(Thomson Reuters ONE) - Reference is made to the attached notice received today from KRG andto the attached Press Release published by KRG on 19 September 2009.In these documents KRG refers to the recent publications made by OsloStock Exchange ("OSE") in connection with the sale of treasury sharesby DNO on 10 October 2008.DNO notes the reaction by KRG to the recent publications by OSE andthe media, and the perceived consequences thereof to KRG. DNO willdirect its full attention to the situation and the requirements ofKRG. DNO will explore all options available to protect the interestsof DNO shareholders.DNO strongly rejects that OSE had any rights to make public thecontent of the decision made by the Board of Directors of OSE anddecision made by Oslo Stock Exchange Appeal Committee (OSEAC). Bydoing so OSE has breached its confidentiality obligations andreleased misleading and incomplete information. This has caused themedia to publish speculative, misleading and incorrect informationcausing unjustifiable and incalculable harm to the reputation of DNOas well as the KRG and the Minister of Natural Resources.As reported on Friday 19 September 2009, the Oslo Stock ExchangeAppeal Committee (OSEAC) concluded that DNO did not hold insiderinformation related to the sales of the shares from the transactiondate in October 2008 and until the Company released the StockExchange Notice on 6 April 2009. However, OSE itself has nowpublished confidential information which is far beyond what OSErequired to be disclosed by DNO. It has been concluded by OSEAC thatthis was not required to be disclosed by DNO. OSE has however,intentionally decided to ignore applicable laws and regulations andDNO's warning of possible consequences by breach of confidentiality.DNO is highly critical of OSEs conduct in this process. DNO hasadvocated strongly that confidentiality obligations imposed by lawrestrict public access to information in this matter. Until recently,OSE also shared DNOs view on this issue, and had decided to black outsections of the decision of the OSE Board of Directors of 17 Junethis year. However and without forewarning DNO was on the evening of16 September, the day before the meeting of the OSEAC, informed byOSE that they had decided to grant full disclosure to all parts ofthe decision.The wrongful undertakings by OSE have now lead to seriousconsequences to DNO. DNO is now considering initiating legal actionsagainst OSE for damages as a result of willful breach ofconfidentiality. The claim for damages may be substantial.DNO International ASA21 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 5000(UK)Investor Relations:Haakon Sandborg, CFO DNO International Telephone: +47 23 23 84 80ASAhttp://hugin.info/36/R/1342694/321478.pdfhttp://hugin.info/36/R/1342694/321479.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 21.09.2009 - 21:29 Uhr
Sprache: Deutsch
News-ID 6037
Anzahl Zeichen: 0
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Town:
London
Kategorie:
Business News
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