Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (“MAR Regulation”) introduces the concept of the so-called closed periods.
Pursuant to Art. 19 paragraph 11 a person discharging managerial responsibilities in the Company (i.e. a person related to HORTICO SA, who is a member of the management or supervisory body, performs managerial functions without being a member of the above-mentioned bodies, but has permanent access to confidential information relating directly or indirectly to the Company and the right to undertake management decisions affecting the further development and economic prospects of the enterprise) may not make any transactions for its own account or for the account of a third party, directly or indirectly, regarding the Company’s shares for a closed period of 30 calendar days prior to the publication of the quarterly or annual report.
Pursuant to Art. 19 paragraph 12 of the MAR Regulation, in the circumstances specified in the regulations, the Company may allow the person discharging managerial responsibilities to make transactions on its account or on the account of a third party during the closed period.
At the same time, pursuant to the MAR Regulation, persons having access to confidential information, prior to its publication, are prohibited in particular from:
- use of confidential information,
- disclosure of confidential information to unauthorized persons and entities,
- giving recommendations or inducing to buy or sell financial instruments,
- making transactions in securities issued by the Company and related financial instruments, attempting to enter into such transactions, as well as modifying or canceling orders after acquiring inside information.
In accordance with Art. 7 of the MAR Regulation, confidential information is, inter alia, precisely defined information, which has not been made public, concerning, directly or indirectly, HORTICO or HORTICO financial instruments, and which, after such disclosure, could significantly affect the price of these financial instruments or the price of the derivative financial instruments related to them.
Closed periods related to the submission of periodic reports to HORTICO S.A. by the end of 2021 are as follows:
- 13.01.2021 – 12.02.2021 r.
- 14.04.2021 – 14.05.2021 r.
- 28.04.2021 – 28.05.2021 r.
- 14.07.2021 – 13.08.2021 r.
- 11.10.2021 – 10.11.2021 r.