On 21 February, FINFSA fined Danko Koncar, obliged it bid for Afarak.
- FINFSA obliged Danko Koncar to launch takeover bid for Afarak Group Plc shares.
- FINFSA considered Koncar acted in concert with Hino Resources Co. Ltd, Finaline
Business Limited and his spouse Jelena Manojlovic, to exercise control in Afarak.
- Violated provision of the Securities Markets Act protecting minority shareholders.
- Voting rights of persons acting in concert have exceeded bid obligation threshold.
- Conduct was long-standing, systematic, investors unaware, voting rights 41.56%.
- Imposed running conditional fine to enforce the obligations stated in the decision.
- Imposed running conditional fine, decision not yet legally binding, right of appeal.
- Bid consideration at least the highest price paid by the party under the obligation
during six months preceding obligation, minimum share price for bid to be €2.50.
- Koncar must publish mandatory bid, within month of service of FIN-FSA decision.
- Not yet served with decision as required by law and the period is not yet running.
- On 22 February, Nasdaq issued notice, Afarak shares moved to observation segment.