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Corporate Finance
LSE imposes public censure and fine for breaches of the AIM Rules
On 19 June 2008, the London Stock Exchange announced that it was imposing a public censure and fine of £75,000 on Meridian Petroleum plc for various breaches of the AIM Rules in the period from August 2004 to February 2007. Meridian, whose principal activity is oil and gas exploration and production, was publicly censured for breaches of the following AIM Rules:
- AIM Rule 10 – which provides that an AIM company must take reasonable care to ensure that information notified by it is not misleading, false or deceptive and does not omit anything likely to affect the import of such information,
- AIM Rule 11 – which provides that an AIM company must issue notification without delay of any new developments which are not public knowledge concerning a change in (amongst other things) its expectation of its performance which, if made public, would be likely to lead to a substantial movement in the price of its shares, and
- AIM Rule 31 – which provides (amongst other things) that an AIM company must seek advice from its nominated adviser regarding compliance with the AIM Rules whenever appropriate and take that advice into account.
The full text of the notice may be viewed here.
30 June 2008
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