On 17 June 2019, FINFSA announced Danko Koncar penalty now totals €110mn.
- There have accumulated 11 additional installments from July 2018 and June 2019.
- On 1 March 2019, Helsinki Administrative Court dismissed the complaint by Koncar.
- Judgment not final as Koncar has appealed to the Supreme Administrative Court.
On 21 February 2018, FINFSA fined Danko Koncar, obliged to 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.
- Deadline for announcement of tender offer to Koncar will expire on 18 May 2018.
February 2018 Nasdaq Notice
- On 22 February 2018, Nasdaq issued notice, Afarak shares moved to observation segment.
Jul. 2018 FINFSA Fine
- On 10 July 2018, FINFSA imposed €40mn fine on Danko Koncar, for tender offer.
- With additional €10mn for each additional month for which obligation is not met.
- Koncar did not announce bid for Afarak, not give valid reason for non-compliance.
- Not yet final, as Koncar appealed the decision to the Helsinki administrative court.