The Listing Committee determined that NimsTec Limited failed to comply with the disclosure requirements of the Exchange's Listing Regulations when it applied to list the common shares of the company on the Exchange, and filed in support of that application an Offering Memorandum dated 31 March 1997. Specifically, the Committee determined that NimsTec Limited contravened Regulation 5.5 of Section IIIA of the Listing Regulations by submitting a Listing Document that failed to comply with the requirements of Listing Regulations 5.7 and 5.9 of Section IIIA.
Under Regulations 5.7 and 5.9 of Section IIIA, NimsTec Limited was obliged to include in the Offering Memorandum all information which was necessary to enable Qualified Investors (being single investors with an investment of not less than $100,000) to make an informed assessment of the activities, assets and liabilities, financial position, management and prospects of the company and of its profits and losses and of the rights attaching to its common shares.
NimsTec Limited was listed on The BSX on 24 April 1997 under the "Restricted Marketing" category which means that investment in the Company was restricted to $100,000 or above. Trading in the shares of the company had not yet commenced on The BSX.
Enquiries to W. William A. Woods at The BSX on Tel (1-441) 292-7212