Croatia – HANFA Failure to Report Takeover Bid

Croatia – HANFA Failure to Report Takeover Bid

On 15 April 2021, CRO HANFA made decisions on issuer enforcement action.

  • CRO HANFA decided on order re a takeover bid, measures re market manipulation.

Findings 1

  • Two individuals and PIK-ESOP failed to make a public announcement on a takeover bid when their combined shareholding exceeded 25% of the share capital of PIK d.d.
  • Should have happened on 13 February 2019, to protect PIK d.d.'s, minority shareholders.

Sentencing 1

  • Ordered to submit a request to approve the publication of the takeover bid for PIK d.d. and other relevant documents, within ninety days of receiving the relevant decision.

Findings 2

  • The individual investor encouraged trading in shares on the Zagreb Stock Exchange, by placing, changing, and canceling orders without intention of actually executing them.

Sentencing 2

  • CRO HANFA decided to impose supervisory measures against the relevant individual.