Tallinn, Estonia, 2015-11-05 07:45 CET (GLOBE NEWSWIRE) --
The Estonian Financial Supervision Authority issued on the basis of Section 23740 of the Estonian Securities Market Act a fine to AS PRFoods, in the amount of EUR 10,665, for the violation of the requirement to make inside information public. The Financial Supervision Authority found that the stock market announcement made by AS PRFoods on 6 October 2014 through the information system of NASDAQ OMX Tallinn stock exchange, titled "Execution of the transaction of sale and transfer of the Baltic and Russian ice cream and frozen goods operations and notice on convening extraordinary General Meeting” (the “Announcement”) contained misleading information on the effects of the transaction described in the Announcement to the activities of AS PRFoods and that in the Announcement and during the period from the publication of the Announcement until 20 February 2015, AS PRFoods left inside information partially undisclosed. In the opinion of the Financial Supervision Authority, undisclosed information was foremost information regarding the potential obligations of the issuer to the subsidiaries that were to be sold, the potential obligations of such subsidiaries to the issuer and the conditions how the payment of (mutual) obligations would take place after the completion of the transaction.
AS PRFoods has been during the misdemeanour proceedings, and still is of the opinion that AS PRFoods disclosed in the Announcement, in a comprehensible manner, all information which is to be disclosed upon the sale of significant subsidiary in accordance with the rules and regulations of NASDAQ OMX Tallinn Stock Exchange and that inside information was disclosed in accordance with the requirements of applicable legal acts and promptly after the information known to AS PRFoods became precise enough to be regarded as inside information. Taking into account the arguments briefly described above, AS PRFoods finds that it has not committed the misdemeanour indicated in the resolution of the Financial Supervision Authority and AS PRFoods cannot agree with the resolution of the Financial Supervision Authority.
The manager of AS PRFoods will submit the question of whether to challenge the resolution of the Financial Supervision Authority in court for decision to the supervisory board of AS PRFoods.
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 6033 800
indrek.kasela@prfoods.ee
www.prfoods.ee