- July 15 this year The Polish Financial Supervision Authority issued a decision imposing a fine of PLN 4,000,000 on Perła – Browary Lubelskie SA with its registered office in Lublin.
- The company is one of the largest regional beer producers in our country.
The penalty was imposed due to failure to notify Przedsiębiorstwo Przemysłu Spożywcze "PEPEES" SA with its registered office in Łomża and the Polish Financial Supervision Authority about:
- exceeding 5% of the total number of votes in PEPEES on July 29, 2016, together with an entity holding shares in its own name but for the benefit of the company,
- exceeding 10% of the total number of votes in PEPEES on November 9, 2016, together with an entity holding shares in its own name but for the benefit of the company
- increasing on October 9, 2017 the previously held share of over 10% in the total number of votes in PEPEES by over 2% together with an entity holding shares in its own name but for the benefit of the company,
- exceeding on October 16, 2017, 15% of the total number of votes in PEPEES together with an entity holding shares in its own name but for the benefit of the company,
- exceeding 20% of the total number of votes in PEPEES on November 30, 2017, together with an entity holding shares in its own name but for the benefit of the company,
- increasing on July 23, 2018, the previously held share of over 10% in the total number of votes in PEPEES by over 2% together with an entity holding shares in its own name but for the benefit of the company,
This constituted a violation of Art. 69 in connection with Art. 87 section 1 point 3 letter and the Act on Offering.
Perła – Browary Lubelskie fell under the control of the Polish Financial Supervision Authority
Changes in the share of Perła – Browary Lubelskie in the total number of votes in PEPEES occurred in connection with the ownership of shares of this company by a closed-end investment fund of non-public assets, in its own name, but for the benefit of the company.
– Therefore, PEPEES shares were held on behalf of the company by a third party, which the market participants did not know about, and therefore did not have current data on the company's shareholding structure and did not know about the company's potential for real influence on PEPEES. From July 2016 to July 2018, the company held, through third parties, from approximately 5% to over 24% of the total number of votes in PEPEES. During this period, the company was obliged to notify the market of exceeding significant thresholds, i.e. 5%, 10%, 15% and 20% of the total number of votes, and of changing the share it currently held over 10% of the total number of votes by at least 2%, which it did not do – explains the Commission.
The obligation to notify issuers and the Polish Financial Supervision Authority about changes in the share in the total number of votes is absolute and has been precisely formulated, and its implementation is provided for in Art. 69 of the Act on Public Offering provides for short deadlines.
The decision is not final. The Company may request the Commission to reconsider the case or file a complaint to the Provincial Administrative Court in Warsaw against this decision without first exercising the right to submit an application to the Commission.
Perła beer is one of the most recognizable products of the Lublin region. Browary Lubelskie is one of the largest regional beer producers in Poland and the undisputed leader of this industry in the Lublin region.
