Alma – delicatessen

Delayed disclosure of inside information on filing a motion for initiating restructuring proceedings with regard to the Issuer as part of the Issuer’s restructuring under the Restructuring Law Act.

Report number: RB 21/2016   Report created: 2016-09-16  

Pursuant to Article 17 sections 1 and 4 of Regulation (EU) No. 596/2014 of the European Parliament  and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173 of 12.06.2014, hereinafter referred to as Regulation No.  596/2014), the Management Board of Alma Market S.A. (hereinafter referred to as the Company) publishes inside information whose disclosure was delayed under Article 17 section 4 of Regulation No. 596/2014.

Inside information:
"The Board of Alma Market SA announces that on 5 September 2016 made a decision to prepare an application for the opening of the restructuring proceedings, the meaning of the Act of 15 May 2015. Restructuring Law (the Law restructuring). This decision was dictated by the need to protect the rights and interests of the Company and its shareholders. The company decided need for significant restructuring measures, aimed at improving the financial situation of the Company and avoid bankruptcy of the Company."

The above inside information is a part of the process (within the meaning of Article 17 section 4 paragraph 2 of Regulation No. 596/2014) for initiating the Issuer’s restructuring based on the  Restructuring Law Act, comprising the following: a) making a decision to prepare a motion for initiating restructuring proceedings,
b) filing the motion for initiating restructuring proceedings with a court, c) the court’s decision to initiate restructuring proceedings. The delayed disclosure of information concerns stages a).

Pursuant to Article 17 section 4 paragraph 3 of Regulation No. 596/2014, the Issuer will today notify the Polish Financial Supervision Authority about the delayed disclosure of this inside information, and justify the delayed disclosure by citing Article 17 section 4 items a)–c) of Regulation No. 596/2014. In connection with protecting the Issuer’s legitimate interests, the main reason for the delayed disclosure of inside information was a direct and serious threat to the Company’s financial standing, where the bankruptcy laws do not apply, timely disclosure of confidential information would expose the interests of the shareholders and the Company.

The company decided in this regard on the basis of the analysis of the provisions of the restructuring on the commencement of the debtor under art. 247-256 and art. 291-312 Rights restructuring and evaluation of the financial situation of the Company.


Legal basis:
Article 17 sections 1 and 4 MAR – inside information