Nasdaq Tallinn
Announcement from the exchange

Nasdaq Tallinn Listing and Surveillance Committee´s decision on the termination of trading with the shares of ELMO Rent AS

Tallinn, Estonia, 2024-11-04 18:25 CET --  

The Listing and Surveillance Committee of Nasdaq Tallinn (Committee) decided, in the course of supervisory proceedings, on November 4th, 2024, to terminate trading with the shares (ELMO, ISIN code: EE3100075888) of ELMO Rent AS (Issuer) on the MTF (multilateral trading facility) First North, organized by Nasdaq Tallinn AS.

Trading with ELMO Rent AS shares will be terminated on November 6, 2024.

In case of questions, please contact Sven Papp (sven.papp@ellex.ee), the Chairman of the Committee.

The Committee took into account all relevant circumstances in making the decision, including the facts proven during the supervisory procedure and the Issuer's explanations:

1. Despite the Exchange's request, the Issuer has refused to disclose the restructuring advisor's report in its entirety. The Issuer has violated the obligation set out in First North Rules (FNR) clause 23.3 regarding the requirement to immediately disclose such information that is not considered inside information or which is not directly addressed in the FNR, but which is not publicly known and which, due to its impact on the Issuer's assets, liabilities, activities or reputation, may affect the price of the traded financial instrument or the Issuer's ability to fulfill the obligations arising from the Regulation related to the financial instrument;
2. The Issuer has violated FNR clause 26.2, as the Issuer has not disclosed the audited annual report for 2023 by the additional deadline set by the Exchange, i.e., 01.11.2024. The Issuer has also not paid the fee imposed for this violation, which became due on 02.11.2024;
3. The Issuer lacks a Certified Advisor, i.e., the Issuer does not fulfill the obligation set out in FNR clause 20.1;
4. By failing to pay the Exchange's annual management fee for 2024, the Issuer has violated the obligation set out in FNR Section 3.7 to pay the fees stipulated in the Exchange's price list;
5. The Committee considers that the Issuer is in violation of several different and significant obligations, and there are sufficient grounds for implementing legal remedies within the Exchange's competence. The factual violation of obligations has been proven by the circumstances identified during the supervisory procedure conducted by the Exchange, including explanations given by the Issuer. The Committee found that the violations are not excusable. The Committee noted that the Issuer's expressed position that there is no intention to make an exit opportunity in the form of a takeover bid was also taken into account;
6. The Committee found that under these circumstances and considering the number of violations, continuing trading does not ensure the protection of investors' interests;
7. The Issuer has been aware of the circumstance of discussing the termination of trading and has had the opportunity to express an opinion;
8. The Committee concluded that the Issuer's activities have been in conflict with the obligations set out in FNR Sections 3.7 and 23.3. The Issuer is also still in violation of the obligations set out in FNR Sections 26.2.1 and 26.2.2. The Committee, considering the provisions in FNR Sections 46.1 and 46.2, decided to terminate trading with the shares of ELMO Rent AS on First North.

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Nasdaq Baltic is a common name for exchanges, regulated markets, alternative markets First North operated by Nasdaq companies in the Baltic states, i.e. Nasdaq Tallinn AS, Nasdaq Riga AS and AB Nasdaq Vilnius.