With reference to the dates of publication of periodical reports in 2019, CIECH S.A. (“the Company”) notifies about the following closed periods in 2019:
According to Art. 19 section 11 of the MAR Regulation, persons discharging managerial responsibilities and persons closely associated with them may not contract any transactions on their account or on the account of a third party, directly or indirectly, regarding the Company’s shares or debt instruments, or derivative instruments or other related financial instruments, for a closed period of 30 calendar days prior to the publication of the interim report.
The Company may allow transactions to be made during a closed period in the exceptional circumstances, in accordance with Article 19 (12) of MAR and Articles 7-9 of Commission Delegated Regulation (EU) 2016/522 of 17 December 2015. However, in this case, before commencement of any transactions during the closed period, a justified written request must be submitted to the Company for permission to carry out an immediate transaction. The request should describe the planned transaction and explain what exceptional circumstances justify the issuing of the permit to carry out the transaction.
The Company also notes that the closed period in which the above-mentioned restrictions apply is also constituted by the period commencing on the date when a natural person comes to possession of confidential information regarding the Company and ending on the day such information is made public.
Following the best practices in capital markets and meeting the expectations of stakeholders, CIECH S.A. has implemented the principle of limiting communication with the capital market in periods prior to the publication of periodic results. In accordance with this principle, the Company will not conduct talks or organize meetings with analysts and investors two weeks before publication of quarterly results and a month before publication of semi-annual and annual results. During these periods, CIECH S.A.’s communication with the market is limited to the degree resulting from the provisions of law and to the answer to general and technical questions. In accordance with this principle, the Company expresses its hope that the implementation thereof will increase the transparency of operations and give investors a sense of equal access to information.
Below are the dates of periods in which CIECH S.A. applies the principle of restricting communication with the capital market and does not organize meetings with investors and analysts:
