On 13 August 2024, POL FSA announced that an application had been submitted for reconsideration of the substantial shareholding case against Perla – Browary Lubelskie SA the decision made on 15 July 2024.

• Penalties were imposed on Perla – Browary Lubelskie SA, based in Lublin.
• Fine of PLN 4mn has been imposed for violations of article 69 in conjunction with article 87(1)(3)(a) of Act on public offering; the decision of 15 July 2024 is not final.

Main Points of Case:

• Perla had increased its shareholding and voting rights in Przedsiebiorstwo Przemyslu Spozywczego SA (PEPEES), without notifying it or POL FSA, between 2016-2018.
• The changes in the company's shareholding in the total number of votes in PEPEES occurred in connection with shareholding 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 substantial shareholding and votes is provided under art 69 of the Public Offering Act which has short deadlines.