Closed Periods

Closed periods with respect to ENERGA SA shares

Pursuant to Article 159 of the Act on Trading in Financial Instruments, persons connected with ENERGA SA (“Comapany” or “Issuer”) and the ENERGA Capital Group (specified by Article 156 § 1 section 1 pt. 1 of the Act on Trading in Financial Instruments) are bound by the following “closed periods” for acquiring and disposing of shares of ENERGA SA in 2017 in connection with the preparation and publication of periodic reports:

  • 28 February – 30 March 2017 – closed period prior to the publication of 2016 annual report
  • 10 April – 10 May 2017 - closed period prior to the publication of Q1 2017 financial report
  • 10 July - 9 August  2017 – closed period prior to the publication of consolidated half-year report for the first half of 2017
  • 9 October – 8 November 2017 – closed period prior to the publication of Q3 2017 financial report

Definition of “close period”

Act on Trading in Financial Instruments introduced the definition of “closed periods”. Pursuant to Article 159  § 1 section 1 of the Act on Trading in Financial Instruments, persons who are privileged by information, called primary insiders (Article 156 § 1 section 1 pt. 1a):

“may not, during a closed period, acquire or dispose of, for their own account or for the account of a third party, any of the Issuer shares, derivative rights attached thereto or other financial instruments related to such shares, and may not take for their own account or for the account of a third party any other legal transactions which lead or might lead to the disposal of such financial instruments”.

According to Art. 19 § 11 of the Market Abuse Regulation in force from 3 July 2016. (Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014. on market abuse) closed periods have been standardized and last for 30 calendar days before the date of publication of each interim report.

Moreover, closed period shall mean the period between the time when a natural person referred to in Art. 156 § 1 pt. 1a obtains inside information concerning the Issuer or the Issuer’s shares, derivative rights attached thereto or other financial instruments related to such shares, which meet the conditions specified in Art. 156 section 4, and the time when such information is made public.