Monday, 6th July 2015 17:52 CEST GXG Markets A/S - Closure of the Marketplace effective 18 August 2015
To: all Issuing Companies and market participants of the GXG Marketplace. GXG Markets A/S announces its decision to voluntarily relinquish its Danish Market Operator licenses. The Danish Supervisory Authority ("Finanstilsynet") has accepted the surrender of the licenses. As a result, GXG Markets' operation of the GXG Official List, Regulated Market and GXG Main Quote and GXG First Quote multi-lateral trading facilities will cease at 1700 CET on August 18, 2015.
GXG's operation within the Danish regulatory environment has been under consideration by GXG's Board for several months. After a series of discussions with the Danish Supervisory Authority in recent months, it has become clear that being regulated in Denmark is no longer a suitable forum for GXG to run an SME and micro cap marketplace. Therefore, for reasons of business efficacy GXG has taken the decision to withdraw its Danish license.
Further to our previous announcement of the June 29, 2015, the current suspension on new admissions shall remain in place. All securities admitted to trading within the GXG Marketplace, will be transferred to the "Observation list" from 7 July due to the planned Market closure. Securities on the Observation are not subject to any restrictions and trading in the Securities is able to continue as usual.
The Board of GXG Markets are in discussions with a number of organizations regarding the continued trading in Issuing Companies' securities. A timetable will be published no later than the July 13, 2015 on how this will be achieved following the conclusion of these time-sensitive meetings.
GXG reassures its Issuers that its Board and owner are concentrating all efforts on minimizing disruption to an Issuing Company and their investors. The UK and Danish offices remain open and continue to support all market participants.
Carl Johan Högbom
Chairman, GXG Markets