KINEPOLIS GROUP NV Regulatory release
November 24, 2015
Kinohold Bis SA, Mr Joost Bert, PGMS NV, Mr Philip Ghekiere, and Mr Eddy Duquenne have notified the Company (Kinepolis Group NV) of the decision reached by the FSMA Sanctions Committee in the procedure initiated by the FSMA Management Committee against them (already reported on by the Company in its 2014 Annual report) for alleged inside information regarding share purchases carried out for their own account on 22 November 2011 (and concerning Kinohold Bis SA also on 23, 24 and 25 November) and which were immediately made public as part of a 'managers transaction' announcement as referred to in article 25bis § 2 of the Belgian Act of 2 August 2002.
The Sanctions Committee decided that the aforementioned share purchases constitute an infringement on the part of the persons involved of the legislation on inside information but that in determining the sanction imposed, consideration needs to be given to "the circumstance that there is no proof of an intentional infringement" and "the good faith of the people involved", as well as the fact that "it concerns a one-time infringement on the part of persons with an irreproachable reputation", as a result of which a simple conviction of Messrs Joost Bert, Philip Ghekiere and Eddy Duquenne constitutes a serious and adequate sanction, without the imposition of a fine being necessary. The Sanctions Committee imposed an administrative fine of € 200,000 on Kinohold Bis SA and € 15,000 on PGMS NV.
The Board of Directors explicitly confirms its trust in its Chairman and its Managing Directors.
The Board of Directors takes note of the decision of the persons involved to appeal the decision of the FSMA Sanctions Committee with the Court of Appeal.
In view of the fact that an appeal will be registered by the persons involved against the decision of the FSMA Sanctions Committee, neither the Company nor the persons involved will make further comments on the decision.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinepolis Group via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinepolis Group via Globenewswire
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