EMAS Offshore: Announcement Relating to the Decision Made by the Stock Exchange Appeals Committee
SINGAPORE, Sept. 24, 2018 /PRNewswire/ —
The Board of Directors (the "Board") of EMAS Offshore Limited (the "Company" and together with its subsidiaries, the "Group") refers to the announcements released by the Company on 15 February 2018, 19 February 2018, 16 August 2018 and 7 September 2018, as well as the announcement released by the Oslo Stock Exchange ("OSE") on 15 August 2018 ("OSE Announcement").
As stated in the OSE Announcement, the Financial Supervisory Authority of Norway ("FSA") had on 15 August 2018 resolved to impose the OSE to delist the shares of the Company pursuant to section 25(3) of the Norway Stock Exchange Act (the "Decision"). The OSE has in accordance with the imposition from FSA further announced that the shares of the Company will be delisted from trading on Oslo Bors and the last listing date for the Company's shares will be 28 September 2018. The Company had been informed by the FSA that the Company has three weeks from 15 August 2018 to appeal the Decision.
The Company wishes to announce that the deadline for the Company to appeal the Decision had been extended by the FSA to 14 September 2018. The Company had accordingly submitted its appeal against the Decision on 14 September 2018.
The Company has since been notified by the FSA as the subordinate appellate body that the appeal against the Decision has been referred to the Norwegian Ministry of Finance as the appellate body for its consideration. The FSA has also decided that the Decision shall not be implemented until the outcome of the appeal has been decided.
The Company will provide further updates when there are material developments.
Shareholders and potential investors should consult their financial, tax or other advisors when in doubt as to what action they should take.
This announcement is subject to disclosure in accordance with section 5-12 of the Norwegian Securities Trading Act.
By Order of the Board
Lee Kian Soo
Director
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SOURCE EMAS Offshore Limited
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