Monday January 13 2020
News Source: Global Exchanges
Focus: Listing Rules
Nasdaq Copenhagen Exchange has updated the rules for ‘issuer of shares’ which is effective from 15th February 2020.
Below are the major amendments made to the ‘Removal from Trading’ Section.
The Exchange may remove Shares from trading if the Issuer submits a request for removal from trading. The Exchange will accommodate such request if the following conditions are met:
- a) The resolution to remove Shares from trading must follow a valid resolution adopted by the general meeting of shareholders, passed by at least 90% of the votes cast as well as at least 90% of the Share Capital represented at the general meeting.
- b) Notice of the general meeting must be disclosed with an agenda setting out the proposed resolution to remove the Shares from trading. The main content of the proposed resolution must be stated in the notice and contain a description of the consequences that the removal of Shares from trading may have for the shareholders.
- c) The Issuer must ensure that the shareholders are offered the ability to dispose of their Shares in the Issuer for a period of at least four weeks after the Exchange has approved the Issuer’s request for removal from trading. The shareholders must be offered a reasonable level of compensation in return for the disposal of Shares. The terms for the disposal must be the same for all shareholders and stated in the notice of the general meeting.
Click on the above link for further information.