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Electronics Production | May 05, 2011

Incap receives public reprimand from Financial Supervisory Authority

The Financial Supervisory Authority has issued a public reprimand under Section 40 of the Act on the Financial Supervisory Authority (878/2008) to Incap Corporation.
The Financial Supervisory Authority has issued a public reprimand under Section 40 of the Act on the Financial Supervisory Authority (878/2008) to Incap Corporation due to the fact that the company has

1.failed to comply with Annex III Item 3.1 of the Commission Prospectus Regulation (EC) No 809/2004 through not providing a statement in its prospectus stipulated in Chapter 2 Section 3 of the Securities Market Act (495/1989) and published on 29 June 2011 that the company's working capital is not sufficient for its requirements at the time and through not providing a description on how it intends to provide the additional working capital needed, and

2. through not providing such statement as mentioned in section 1), at the same time failed to comply with Chapter 2 Section 3a Subsection 1 of the Securities Market Act as the prospectus has not contained material and sufficient information regarding the company's financial position whereby the investors were neither provided with such sufficient information as stipulated in the mentioned section in order to be able to make a founded assessment on the securities and their issuer.

The Board of the Financial Supervisory Authority has decided to issue a public reprimand in its meeting on 28 April 2011.

Incap Corporation has provided the Financial Supervisory Authority with requested answers. Incap has a different view on the foundations of the decision. However, Incap will not make use of its right of appeal but abides by the decision given by the Financial Supervisory Authority.

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