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Będzin Heat and Power Plant. KNF: supervisory activities did not reveal any irregularities in share trading

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Supervisory activities carried out by the Office of the Polish Financial Supervision Authority have not revealed any irregularities in the trading of shares of Elektrociepłowni Będzin SA listed on the Warsaw Stock Exchange, the KNF announced on Monday in a statement. It was noted, however, that the Office of the Polish Financial Supervision Authority is conducting explanatory activities regarding a potential violation of the ban on disclosing and using confidential information.

“Supervision activities carried out by the Office of the Polish Financial Supervision Authority (UKNF) did not reveal any irregularities in the trading of shares of Elektrociepłowni Będzin SA (BDZ or Company), listed on the Warsaw Stock Exchange,” the Office said in a communiqué.

Position of the Polish Financial Supervision Authority

As he added, “therefore, the Polish Financial Supervision Authority finds no grounds to suspend BDZ listings pursuant to Article 20(2) of the Act of July 29, 2005 on Trading in Financial Instruments”.

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As indicated, the analysis of orders and transactions concluded on the company’s shares from June 1 to June 22 this year. in terms of potential price manipulation, “has not confirmed the suspicion of market manipulation, as defined in Article 12 of the MAR Regulation and corresponding to the descriptions of practices contained in Annex I to the MAR Regulation and Annex II to Commission Delegated Regulation (EU) 2016/522 of 17.12. 2015”.

The communiqué stated that In this case, the Office of the Polish Financial Supervision Authority conducts explanatory activities regarding a potential violation of the ban on disclosing and using confidential information referred to in Art. 14 lit. ai lit. c MAR.

In June, the spokesman for the Office of the Polish Financial Supervision Authority, Jacek Barszczewski, announced that the KNF would check the behavior of the EC Będzin company. Prime Minister on the same day Mateusz Morawiecki informed on Twitter that “due to doubts about the shares of EC Będzin, I asked the chairman of the KNF Office to urgently prepare a report that will be the basis for further steps”.

Find more in: Stocks up 900 percent. Reaction of the KNF, the prime minister demands an “urgent” report

Dynamic increase in share prices

At the end of May this year Będzin shares cost slightly less than PLN 7. Within a month, they went up more than 800 percent.

In June, Elektrociepłownia Będzin announced that it had concluded a non-disclosure agreement (NDA) with Orlen Synthos Green Energy regarding talks regarding a possible investment involving the implementation of small modular reactors in BWRX-300 technology on land owned by subsidiaries. The company indicated that the conclusion of the agreement is the beginning of talks between the parties and the target structure of cooperation, the form and terms of the project are not agreed by the parties.

In turn, Orlen Synthos Green Energy stated in a statement that it does not plan to cooperate with EC Będzin regarding SMR, and the confidentiality agreement was signed at the request of EC Będzin in order to present the criteria for its location.

Main photo source: TVN facts



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