During yesterday’s regular meeting, the CSE Council decided, inter alia, the following:
A. Issues originating from the Legislation about prerequisites for public invitation
In relation to the Law recently voted on the prerequisites for public invitation for investment in financial means and other related issues of 2002 [Law 149(I)/2002], the Council has reviewed the basic provisions of the Law which are thought to be especially important in relation to the procedure for listing securities of new companies to the Stock Exchange.
These issues mostly concern the responsibilities and authority of underwriters during the secure of new issues, the distribution of shares though the private placement method etc. Regarding these issues, it was decided to set a meeting during the upcoming days at a service level with the SEC so that the CSE Council can take a position on these issues during its next meeting, so as to set its final positions and its general policy on this issue.
B. Procedure for delisting listed company «Frindlays Investments Ltd»
It was decided, within the framework of the procedure for delisting the titles of company Frindlays Investments Ltd, following a related recommendation by the SEC, according to the procedure provided in Regulation 111 of the About Securities and the CSE Regulations, that the Council invite the company to an apology before it, during its upcoming regular meeting on Thursday, September 5 at 3:30 pm in order for the company to present any opinions or issues it wishes relating to its examined cases.
C. Rejection of the applications of companies for listing their titles on the CSE
The applications of companies Anaptixis Group Ltd, Dellico Corporation Ltd, Autoland Finance & Investment Ltd, C.N.H. Capital Markets Ltd were examined and rejected by the CSE Council.
D. Imposition of fines
The CSE Council, with the agreement of the SEC, has decided the imposition of the following fines, based on the authority given it by Article 59(4) of the About Securities and the CSE Laws:
1. To listed company Golden Sun Leisure Ltd, a fine of CYP 250 was imposed for violating Appendix F, Regulation 81(1), Part IV, Six-month Reports and Preliminary Results Statements for the Full Financial Year, Paragraph 27(3) which provides that the announcement of preliminary results takes place within the deadline of four months maximum from the expiration of the period concerning the results, or in a shorter period if determined by the Council. The issuer must publish the preliminary results statement in at least one newspaper of Cyprus-wide circulation or send it to its shareholders. At the same time, the issuer must send this statement to the Council and the SEC.
2. To listed companies Regallia Holdings & Investments Ltd, Ishis Investments Ltd and Aiantas Investments Ltd, a fine of CYP 150 was imposed to each company for violating Appendix B, Part II, Regulation 63, Investment Organizations –Prerequisites for Listing on the CSE, Ongoing Obligations, Paragraph 5(a)(iii) which provides that the Newsletter of an investment organization –besides the other elements provided so that the Council is satisfied that the lawful prerequisites are fulfilled for listing on the CSE–, a catalog of all investments with value of more than 5% on the total assets of an investment organizations and at least the ten largest investments, which contains the expense for the purchase of these investments is also included.
3. To listed company Exelixis Investments Ltd, a fine of CYP 750 was imposed for violating Appendix B, Part II, Regulation 63, Investment Organizations –Prerequisites for Listing on the CSE— Ongoing Obligations, Paragraph 5(a) and 6(a) which provide:
Paragraph 5(a)
In the Newsletter of an Investment Organization, besides the other elements provided to satisfy the Council that the lawful prerequisites for its introduction on the CSE are met, a catalog of all investments with value of more than 5% of the investment organization’s assets iand at least the ten largest investments is included and contains:
i. A summary description of the issuers’ activities, and the securities in which it invests.
ii. The proportion of the share capital or issuer’s shares possessed by the investment organization.
iii. The expense for the purchase of these investments.
iv. The valuation of investments by the administration and the net asset value of titles of the investment organization.
v. The receivable dividends from these investments during the year (reporting any unusual dividends).
vi. A report on the coverage of dividend by the profits or a report in each issuer’s net profit.
vii. Extraordinary results, due to extraordinary events.
viii. Net assets corresponding to the investment.
Paragraph 6(a)
In addition to the remaining obligations of listed issuers determined in Appendix F, the investment organization has the obligation to submit annual accounts and six-month reports and preliminary account statements for the full financial year, in which accounts for all elements supplied in the Newsletter and mentioned in the previous paragraph will be given.
4. To listed company Stario Investments Ltd, a fine of CYP 300 was imposed for violating Appendix B, Part II, Regulation 63, Investment Organizations –Prerequisites for Listing on the CSE— Ongoing Obligations, Paragraph 5(a)(iii), 5(c) and 6(a) which provide:
Paragraph 5(a)(iii)
In the Newsletter of an Investment Organization, besides the other elements provided to satisfy the Council that the lawful prerequisites for its introduction to the CSE are met, a catalog of all investments with value of more than 5% of the investment organization’s assets and at least the ten largest investments is included and contains the expense for the purchase of these investments.
Paragraph 5(c)
In the Newsletter of an Investment Organization, besides the other elements provided to satisfy the Council that the lawful prerequisites for its introduction to the CSE are met, it is noted that the term “investment” includes the available cash and/or deposits in credit, banking or other organizations in the Republic or overseas and where a referral to “dividends” in paragraph (a)(v) is made, for the case of cash or deposits of the investment organization, will be assumed to be a referral to interest.
Paragraph 6(a)
In addition to the remaining obligations of listed issuers determined in Appendix F, the investment organization has the obligation to submit annual accounts and six-month reports and preliminary account statements for the full financial year, in which accounts for all elements supplied in the Newsletter and mentioned in the previous paragraph 5 will be given.
A. Issues originating from the Legislation about prerequisites for public invitation
In relation to the Law recently voted on the prerequisites for public invitation for investment in financial means and other related issues of 2002 [Law 149(I)/2002], the Council has reviewed the basic provisions of the Law which are thought to be especially important in relation to the procedure for listing securities of new companies to the Stock Exchange.
These issues mostly concern the responsibilities and authority of underwriters during the secure of new issues, the distribution of shares though the private placement method etc. Regarding these issues, it was decided to set a meeting during the upcoming days at a service level with the SEC so that the CSE Council can take a position on these issues during its next meeting, so as to set its final positions and its general policy on this issue.
B. Procedure for delisting listed company «Frindlays Investments Ltd»
It was decided, within the framework of the procedure for delisting the titles of company Frindlays Investments Ltd, following a related recommendation by the SEC, according to the procedure provided in Regulation 111 of the About Securities and the CSE Regulations, that the Council invite the company to an apology before it, during its upcoming regular meeting on Thursday, September 5 at 3:30 pm in order for the company to present any opinions or issues it wishes relating to its examined cases.
C. Rejection of the applications of companies for listing their titles on the CSE
The applications of companies Anaptixis Group Ltd, Dellico Corporation Ltd, Autoland Finance & Investment Ltd, C.N.H. Capital Markets Ltd were examined and rejected by the CSE Council.
D. Imposition of fines
The CSE Council, with the agreement of the SEC, has decided the imposition of the following fines, based on the authority given it by Article 59(4) of the About Securities and the CSE Laws:
1. To listed company Golden Sun Leisure Ltd, a fine of CYP 250 was imposed for violating Appendix F, Regulation 81(1), Part IV, Six-month Reports and Preliminary Results Statements for the Full Financial Year, Paragraph 27(3) which provides that the announcement of preliminary results takes place within the deadline of four months maximum from the expiration of the period concerning the results, or in a shorter period if determined by the Council. The issuer must publish the preliminary results statement in at least one newspaper of Cyprus-wide circulation or send it to its shareholders. At the same time, the issuer must send this statement to the Council and the SEC.
2. To listed companies Regallia Holdings & Investments Ltd, Ishis Investments Ltd and Aiantas Investments Ltd, a fine of CYP 150 was imposed to each company for violating Appendix B, Part II, Regulation 63, Investment Organizations –Prerequisites for Listing on the CSE, Ongoing Obligations, Paragraph 5(a)(iii) which provides that the Newsletter of an investment organization –besides the other elements provided so that the Council is satisfied that the lawful prerequisites are fulfilled for listing on the CSE–, a catalog of all investments with value of more than 5% on the total assets of an investment organizations and at least the ten largest investments, which contains the expense for the purchase of these investments is also included.
3. To listed company Exelixis Investments Ltd, a fine of CYP 750 was imposed for violating Appendix B, Part II, Regulation 63, Investment Organizations –Prerequisites for Listing on the CSE— Ongoing Obligations, Paragraph 5(a) and 6(a) which provide:
Paragraph 5(a)
In the Newsletter of an Investment Organization, besides the other elements provided to satisfy the Council that the lawful prerequisites for its introduction on the CSE are met, a catalog of all investments with value of more than 5% of the investment organization’s assets iand at least the ten largest investments is included and contains:
i. A summary description of the issuers’ activities, and the securities in which it invests.
ii. The proportion of the share capital or issuer’s shares possessed by the investment organization.
iii. The expense for the purchase of these investments.
iv. The valuation of investments by the administration and the net asset value of titles of the investment organization.
v. The receivable dividends from these investments during the year (reporting any unusual dividends).
vi. A report on the coverage of dividend by the profits or a report in each issuer’s net profit.
vii. Extraordinary results, due to extraordinary events.
viii. Net assets corresponding to the investment.
Paragraph 6(a)
In addition to the remaining obligations of listed issuers determined in Appendix F, the investment organization has the obligation to submit annual accounts and six-month reports and preliminary account statements for the full financial year, in which accounts for all elements supplied in the Newsletter and mentioned in the previous paragraph will be given.
4. To listed company Stario Investments Ltd, a fine of CYP 300 was imposed for violating Appendix B, Part II, Regulation 63, Investment Organizations –Prerequisites for Listing on the CSE— Ongoing Obligations, Paragraph 5(a)(iii), 5(c) and 6(a) which provide:
Paragraph 5(a)(iii)
In the Newsletter of an Investment Organization, besides the other elements provided to satisfy the Council that the lawful prerequisites for its introduction to the CSE are met, a catalog of all investments with value of more than 5% of the investment organization’s assets and at least the ten largest investments is included and contains the expense for the purchase of these investments.
Paragraph 5(c)
In the Newsletter of an Investment Organization, besides the other elements provided to satisfy the Council that the lawful prerequisites for its introduction to the CSE are met, it is noted that the term “investment” includes the available cash and/or deposits in credit, banking or other organizations in the Republic or overseas and where a referral to “dividends” in paragraph (a)(v) is made, for the case of cash or deposits of the investment organization, will be assumed to be a referral to interest.
Paragraph 6(a)
In addition to the remaining obligations of listed issuers determined in Appendix F, the investment organization has the obligation to submit annual accounts and six-month reports and preliminary account statements for the full financial year, in which accounts for all elements supplied in the Newsletter and mentioned in the previous paragraph 5 will be given.
Friday, 30 August, 2002 - 16:27