Press releases 2008

Subsea Resources PLC Publicly Censured

SubSea Resources Plc, an AIM company which specialises in the research, survey and salvage of high value non-ferrous metals and other valuable cargoes from deep-water ship-wrecks, has today been publicly censured for serious breaches of the AIM rules between September 2005 and October 2006.

The censure under the AIM rules relates to the company failing to take reasonable care when making its announcements, failing to notify the market of key developments and also not consulting with its Nomad in relation to one particular announcement.

Martin Graham, Head of AIM, said:

“The Exchange takes the regulation of AIM companies seriously. The rules on disclosure are clear: companies must disclose price sensitive and other required information to the market without delay, and they must make sure that the information disclosed is not misleading, false or deceptive. Where companies, like SubSea Resources, break these rules, we will take action. “

In light of the exceptional circumstances arising from SubSea’s current financial difficulties, and in order to facilitate SubSea’s attempts to obtain new financing as a matter of urgency, the Exchange has not, in this instance, sought the imposition of a fine. In other circumstances, a significant fine would have been sought by the Exchange in respect of these breaches.

Full details of the breaches can be found in the Public Censure on the London Stock Exchange website.

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For further information, please contact:
Patrick Humphris / Fiona Hurst + 44 (0) 20 7797 1222
newsroom@londonstockexchange.com