The Board of Oslo Børs approves RAK Petroleum plc for listing on Oslo Børs
RAK Petroleum plc submitted an application for listing on 28 October 2014. At its meeting on 31 October 2014, the Board of Directors of Oslo Børs resolved to admit shares in RAK Petroleum plc to listing on Oslo Børs.
The Board agreed to exempt the company from the requirement that a listed company must have been in existence for at least three years, cf. Sections 2.3.1 and 2.3.2 of the Listing Rules. This exemption was granted because the company's business has been in existence for the required time, but has been operated through different legal entities.
The Board stipulated that prior to the first day of listing the company must:
- Satisfy the requirement for the market capitalization of the shares that are to be listed as set out in Section 2.2.1 of the Oslo Børs Listing Rules.
- Satisfy the requirement for the number of shareholders of the shares that are to be listed as set out in Section 2.4.2 of the Oslo Børs Listing Rules, and have at least 25% spread of share ownership of the shares that are to be listed among the general public, as specified in section 2.4.1 of the Oslo Børs Listing Rules.
- Implement the planned restructuring of the company.
If the requirement for the number of shareholders is not met, the company will be accepted for listing on Oslo Axess, subject to the company satisfying Section 2.4.2 of the Oslo Axess Listing Rules and the other requirements that apply.
The Board authorised the Chief Executive Officer of Oslo Børs to decide whether the company should be listed on Oslo Børs or Oslo Axess, and to fix the date of the first day of listing, which is to be no later than 19 December 2014.