Legal basis:
Article 17.1 of MAR – inside information
The report:
The Management Board of PKO Bank Polski S.A. (”Bank”), acting pursuant to Art. 17 section 4 of the 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 ("MAR"), decided to delay the public disclosure of the following inside information.
- Content of the delayed inside information
The Management Board of the Bank hereby informs that on 11 July 2022 the Bank expressed the initial interest in the offer to buy from the State Treasury some shares of PKN ORLEN S.A.
- The reason for delay the public disclosure of the inside information.
In the Bank's opinion, the delay in the public disclosure of inside information met the conditions set out in the MAR and the guidelines of the European Securities and Markets Authority on the Market Abuse Regulation of 20 October 2016 issued pursuant to Article 17(11) of the MAR at the time of the decision to delay.
The Bank’s legitimate interests could be prejudiced by immediate disclosure of the information by the possibility of jeopardising the proper assessment of information by the public through possible premature indication of the specific direction of actions taken by the Bank, aim for the possible purchase from the State Treasury unmarked in size part of PKN ORLEN S.A. share capital. Immediate disclosure could also adversely impact on possible negotiation affecting the listed on WSE financial instruments of PKN ORLEN S.A.
Immediate disclosure of the information to the public could jeopardise the proper assessment of the information by the public by making a misleading impression as to the specific mode of operation of the Bank, as well as the terms of a possible transaction.
There were no conditions for considering that delaying the disclosure of inside information could mislead the public.
The Bank ensured proper protection of information, the disclosure of which to the public was subject to delay, in particular resulting from applicable law and internal procedures - by providing information barriers introduced internally and in relation to third parties. At the same time, access to the delayed information was granted by the Bank only to persons whose access to this information was necessary for the performance of professional duties.
The moment of delay in the publication of the inside information was 11 July 2022.