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2017-04-04 13:45:52 CEST 2017-04-04 13:45:52 CEST REGULATED INFORMATION Eimskipafélag Íslands hf. - Other information disclosed according to the rules of the ExchangeEimskip disagrees with the interpretation of the Financial Supervisory AuthorityThe Financial Supervisory Authority (FSA) has announced the conclusion of its board of directors, that Eimskip violated Art. 122.1 of the Securities Act no. 108/2007 in relation to the publication of 2016 first quarter results, and has imposed a fine of ISK 50 million on the company. The FSA considers it a violation that Eimskip did not disclose earlier Eimskip’s improved results for the first quarter of 2016 or notified the FSA on delayed disclosure. Eimskip disagrees with FSA’s interpretation of the law and its conclusion, inter alia, based on the following:
If FSA’s interpretation of the law will prevail, it will effectively become impossible for listed companies to prepare financial reports in a reasonable manner, unless by adopting a new process where the FSA is notified about delay of public disclosure of information every single time, as soon as the company begins preparing the reports. On the other hand it is hard to find the purpose of such a procedure, let alone for investors that are expecting such periodic information disclosure from listed companies. Eimskip is of the opinion that all preparation and publishing of the 2016 first quarter results was done in accordance with applicable law and good corporate governance. Therefore the company has decided to refer this case to the Icelandic courts.
About Eimskip Eimskip is a leading transportation company in the North Atlantic with connections to international markets and is specialized in worldwide freight forwarding services, with the vision of providing excellence in transportation solutions and services. Eimskip was founded in 1914 and is a publicly traded company with its shares listed at Nasdaq Iceland. The company runs a network of 61 offices in 20 countries, operates 21 vessels and has around 1,700 employees. |
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