Contrary to Media releases to the Public by the Oil Search Limited (OSL) on its limited share issue, the Security Commission of Papua New Guinea (the Commission) advises the general public and potential investors that the Commission has not approved the proposed share issue under section 18 of the Capital Market Act 2015. The Commission communicated to Oil Search Limited since 7th
April 2020 to comply with the provision of the law. However, Oil Search limited blatantly refused to comply with the directives and proceeded to open the issuance of its limited share issuance to the public on 20th April 2020. Oil Search Limited has also misled the public that the prospectus of the issuance was approved by the security Commission. The Commission issued Stop Orders against Oil Search Limited on 20th April 2020 under section 14 (1) of the Capital market Act 2015 not to further progress the issue until Oil search comply with the provision of the law.
Oil Search as a corporate citizen and a guest to this country is required to comply with the Laws of this country. However, it appears that Oils Search Limited does not respect the laws of this country and its immediate regulator. Oil Search Limited is in serious of breach of the laws governing issuance of shares to the public.
The Commission advises that the limited offer prospectus have misleading information and advice the public against any acceptance of the offer by Oil Search. The Commission will advise the public on the correctness of the prospectus once Oil Search Limited clears the misleading information as ordered by the Commission.
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Oil Search as a corporate citizen and a guest to this country is required to comply with the Laws of this country. However, it appears that Oils Search Limited does not respect the laws of this country and its immediate regulator. Oil Search Limited is in serious of breach of the laws governing issuance of shares to the public.
The Commission advises that the limited offer prospectus have misleading information and advice the public against any acceptance of the offer by Oil Search. The Commission will advise the public on the correctness of the prospectus once Oil Search Limited clears the misleading information as ordered by the Commission.
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