The Danish Financial Supervisory Authority (the “Danish FSA”) today announced
that it intends to report DONG Energy A/S to the police, claiming that a fine
be imposed on the company for its failure to submit certain information to the
Danish FSA.
According to the Danish FSA, DONG Energy, being an issuer of bonds listed in
London and Luxembourg, was under an obligation to submit copies of certain
published company announcements and financial reports to the Danish FSA.
Being a state-owned public limited company and an issuer of listed bonds, DONG
Energy is subject to rules in Denmark, England, Luxembourg and the EU. DONG
Energy has complied with its obligations to inform the market and hence
investors by publishing mandatory and voluntary company announcements and
financial reports to the stock exchanges in Luxembourg and London and to the
Danish Commerce and Companies Agency. Furthermore, all announcements and
reports are available on DONG Energy's website.
Thus, DONG Energy has not withheld any information from the company's bond
investors or other stakeholders.
DONG Energy has been in dialogue with the Danish FSA concerning the
non-submission of information. As a consequence of this matter, the company has
immediately changed its procedures for publication to comply with the
requirements of the Danish FSA.
“DONG Energy makes great efforts to ensure a high level of information for all
our stakeholders, and, even before the Danish FSA contacted us, we have been in
regular contact with both Danish and foreign authorities to ensure that we
interpret the rules correctly, including the interrelation between the EU rules
and the national rules in Denmark, Luxembourg and England, and that we comply
with such rules. It is important for us to emphasise that all relevant
information has been disclosed to the market and the public in a timely manner.
We consider it a technical slip that a copy of this information has not been
submitted to the Danish FSA,” says Christian T. Skakkebæk, Senior Vice
President, Legal.
The matter in brief:
Dong Energy A/S has issued a number of bond series which are listed on the
London and Luxembourg stock exchanges. See www.dongenergy.com for additional
information about the bonds.
Pursuant to an EU directive, issuers of listed bonds are subject to rules on a
mandatory home country. Denmark is the mandatory home country of companies
domiciled in Denmark if they have issued bonds listed on a stock exchange in an
EU member state with a nominal value per bond of less than EUR 1,000. If
Denmark is the home country, the company is required to submit copies of
certain published information to the Danish FSA.
According to the interpretation of the Danish FSA, Denmark is the home country
of all bonds of an issuer, such as DONG Energy A/S, which has issued bonds both
with a nominal value of less than and above EUR 1,000 each. Accordingly, this
also applies to bond series with a denomination of EUR 1,000 and above.
The content of this announcement does not alter the previously announced
expectations for DONG Energy's financial result for 2009 or the announced
expected level of investments.
For further information, contact:
Media Relations
Louise Münter
+45 9955 9662
Investor Relations
Morten Hultberg Buchgreitz
+45 9955 9750
DONG Energy is one of the leading energy groups in Northern Europe. We are
headquartered in Denmark. Our business is based on procuring, producing,
distributing and trading in energy and related products in Northern Europe. We
have approximately 6,000 employees and generated more than DKK 60 billion (EUR
8.2 billion) in revenue in 2008. For further information, see
www.dongenergy.com.