Nasdaq Tallinn: Committee's decision on AS Silvano Fashion Group

Tallinn, Estonia, 2019-11-29 16:45 CET --


On November 29, 2019, the Listing and Surveillance Committee of Nasdaq Tallinn
decided 

1. to issue a warning to AS Silvano Fashion Group for violation of Nasdaq
Tallinn rules and regulations chapter Requirements for Issuers (hereinafter RI)
clauses 1.2.1, 3.2.2, 5.2.1.1, 5.2.1.2, and 2.4.1. 
2.to draws Issuer's attention to the need to follow the rules correctly,
including the need to explain more thoroughly the circumstances influencing the
financial results. 



Background:

According to RI clause 1.2.1 the Issuer is obliged to secure disclosure of
information stated in RI in such a form and within such time limits as
specified in RI. 

According to 3.2.2 If a new person is elected or appointed to the management
board or supervisory board of an Issuer, the Issuer is required to disclose a
short description of the previous three years' professional experience and
occupations in managements of the companies of the person as well as
information about the number of the Issuer's shares with voting rights held by
the person. 

Accroding to RI clause 5.2.1.1 the comments on the economic results made public
as a exchange news by an Issuer shall contain information needed for a complete
and objective assessment of the operations and financial results for the
accounting period, including information on extraordinary income and/or
expenses; 

According to RI clause 5.2.1.2 the comments on the economic results made public
as a exchange news by an Issuer shall contain a description of any significant
circumstances that have influenced the operations or financial results of the
Issuer during the accounting period. 

According to RI clause 2.4.1 information is deemed disclosed when it is made
public as a notice through the Exchange Information System 

According to the decision of AGM made on May 3, 2019 Triin Nellis was elected
as a new member of the Council of AS Silvano Fashion  Group, the disclosure of
the background information about the new Council member was delayed. That
information was made public on May 10, 2019. 

AS Silvano Fashion Group submitted its first quarter interim report on May 26,
2019, without specifying changes in results with sufficient detail. 



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