On 18 July 2024, POL FSA imposed a PLN 4mn fine on Perla Browary Lubelskie for not reporting major shareholding.

Main Points

• Perla had increased its shareholding and vote rights in Przedsiebiorstwo Przemyslu Spozywczego SA (PEPEES), without notifying it or POL FSA, between 2016-2018.
• The changes in the company's share in the total number of votes in PEPEES occurred in connection with the holding of shares in company by a closed-end investment fund.
• PEPEES shares were held, on behalf of Perla, by a third party, of which the market was not aware, and therefore did not have current data Perla's shareholding structure.
• Thus, marker players did not know about Perla's potential real influence on PEPEES.
• The obligation to notify issuers and POL FSA of changes in the total number of shares and votes is provided under art 69 of the Public Offering Act which has short deadlines.

Effectiveness

• The decision is not final; Perla can apply to POL FSA for a reconsideration of the case.
• Or file a complaint with the Administrative Court in Warsaw against this decision without first exercising the right to apply to POL FSA.