On 1 February 2008, the London Stock Exchange announced that it was imposing a public censure on SubSea Resources plc for various breaches of the AIM Rules in the period from September 2005 to October 2006. SubSea, whose principal activity is the recovery of cargoes from shipwrecks and the collation of data related to such cargoes, was publicly censured for breaches of the following AIM Rules:

  • AIM Rule 10 – which provides that an AIM company must take reasonable care to ensure that information notified by it is not misleading, false or deceptive and does not omit anything likely to affect the import of such information,
  • AIM Rule 11 – which provides that an AIM company must issue notification without delay of any new developments which are not public knowledge concerning a change in (amongst other things) its expectation of its performance which, if made public, would be likely to lead to a substantial movement in the price of its shares,
  • AIM Rules 13 and 16 – which relate to related party transactions and the requirement to aggregate transactions which have taken place over the preceding 12 months,
  • AIM Rule 17 – which provides that an AIM company must issue notification without delay of (amongst other things) any material change between its actual trading performance or financial condition and any profit forecast, estimate or projection included in its admission document or otherwise made public on its behalf, and
  • AIM Rule 31 – which provides (amongst other things) that an AIM company must seek advice from its nominated adviser regarding compliance with the AIM Rules whenever appropriate and take that advice into account.

The full text of the notice may be viewed here