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Thu, 27 Aug 2009 Stock exchange considers delisting Pirate Bay buyer

Global Gaming Factory X lacks the ability to inform its stockholders

Mikael Ricknäs

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Global Gaming Factory X (GGF) is running the risk of being delisted from Swedish stock exchange AktieTorget. The exchange has called in its disciplinary committee to decide the fate of the company, it said on Thursday

AktieTorget halted trading in GGF's shares on Aug. 21 because it hadn't received sufficient information about the funding of the Pirate Bay acquisition, and that is still a problem, according to the stock exchange.

After a meeting with the company on Wednesday it has come to the conclusion that GGF lacks the ability to inform its stockholders in a correct, relevant and credible way, it said. A company that lacks that ability can't be allowed to be traded, it said.

AktieTorget's disciplinary committee will take a closer look at GGF, and give the stock exchange advice on whether the company should continue to be listed. Trading will not resume until the board has made a decision based on the advice from the disciplinary committee.

The process is expected to take a couple of weeks, but GGF can make it easier by replying to questions from the committee as fast as possible, according to Peter Gönczi, head of market surveillance at the stock exchange.

Global Gaming Factory X (GGF) announced plans to acquire The Pirate Bay for 60 million Swedish kronor (£2.4m) in June. GGF shareholders will decide at meeting later Thursday whether the deal should go through.

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