Trading in unlisted shares

Mangold offer trading in unlisted shares through our securities brokerage.

The easiest way to get access to the services offered within our securities brokerage, is to become a customer with Mangold.

Information regarding trading in unlisted shares

Unlisted shares are not traded on a trading venue, such as a regulated market or a multilateral trading facility (MTF).

Investments in unlisted shares may involve greater risks than investments in shares traded on a regulated market or an MTF. Please review the risks associated with trading in unlisted shares below, under “Risks associated with trading in unlisted shares”.

If you are interested in trading unlisted shares

Mangold customer

As a Mangold customer, you can trade unlisted shares through Mangold’s securities brokerage, Mangold is required to perform a target market assessment for all new customers, where we, based on your knowledge and experience, assess if you are included in Mangold’s identified target market for unlisted shares and if it is deemed appropriate for you as a customer to trade in these financial instruments.

Non-Mangold customer

If you are not already a Mangold customer, you can only inform us of your interest in buying or selling these securities via other financial institutions. Financial institutions and banks interested in buying or selling shares in the companies Mangold offer trading in, on behalf of their clients or for themselves, can do so by calling Market Making, tel. +46 8 503 015 85.

We kindly ask all non-Mangold customers, both private individuals and legal entities, to contact your bank or financial institution if you are interested in placing an order.

Unlisted shares Mangold offers brokering in

Mangold offers brokering in the following unlisted shares:



Rederi AB Gotland A

Rederi AB Gotland B

Lantmännen ek

Retail United International







Mangolds brokering in unlisted shares only include public corporations whose shares are unlisted and registered with Euroclear Sweden AB. Please note that waivers of preemptive rights are not allowed.

Risks associated with trading in unlisted shares

Lower information requirements

Companies whose shares are listed for trading on a regulated market or an MTF, are subject to several different requirements to provide information to the public. This includes provisions for issuers of shares to establish financial reports in accordance with applicable legislation and relevant accounting standards. Furthermore, listed companies are subject to provisions governing how, where and when financial reports are to be disclosed, as well as provisions regarding the contents of the reports, audit- and annual reports, There are also requirements regarding the formation of forecasts and forward-looking statements.

The purpose of the information requirements is to ensure reliable access to price-sensitive information for the entire market.

Unlisted companies are not faced with corresponding provisions and are therefore not required to provide the market with information to the same extent.

Maturity, governance and internal control

Prior to being listed on a regulated market or an MTF, companies go through a listing process, where the maturity of the company is evaluated. During the process, the company’s finances, information provision, internal processes, its board of directors and sometimes owners, are audited. In certain circumstances, there are also requirements on documented capability of earnings, requirements on equity and a certain level of dispersion of shares amongst owners.

Unlisted companies do not go through a corresponding evaluation process. Because unlisted companies are not subject to the same requirements for listing, they also run a higher risk of not displaying the same degree of maturity as listed companies.

Limited market liquidity and absence of market valuation

Unlisted shares are usually traded manually, either by individual investors finding buyers or sellers themselves, or by institutions who offer brokerage in these shares. This can often cause a lower liquidity for unlisted shares, which in turn can result in a substantial difference in bid-ask price (so-called “spread”). It is not uncommon for lack of liquidity to cause difficulties liquidating a position at a given time if needed.

The absence of a continuous market valuation can also result in difficulties for investors to followthe pricing of the trading in unlisted shares, in comparison to shares traded on a regulated market or an MTF.


Mangold does not carry out any legal or financial auditing of the companies we offer brokering in. Mangold takes no responsibility for ensuring that the unlisted companies we offer brokering in fulfill applicable information requirements, financial reporting, or any other acts by the companies.