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Corporate Finance
LSE imposes public censure for breaches of the AIM Rules
On 4 December 2008, the London Stock Exchange announced that it was imposing a public censure on Minmet plc for various breaches of the AIM Rules for Companies (AIM Rules) between October 2006 and January 2008.
Minmet, whose principal activity is oil and gas, mineral and mining exploration, was publicly censured for breaches relating to various transactions in respect of which the company (i) failed to release announcements without delay regarding a reverse takeover and certain substantial and/or related party transactions; (ii) failed to include material information in certain announcements when made; (iii) failed to comply with the requirements of the AIM Rules concerning reverse takeovers including (but not limited to) seeking shareholder consent; and (iv) failed to liaise with its Nomad.
Due to the financial condition of Minmet, the LSE decided not to impose a fine in this instance.
View the LSE AIM disciplinary notice (8 page pdf).
22 December 2008
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