Current report no. 81/2017 of 5 December 2017 – Suspending the implementation of strategy for the years 2017-2020

This current report was published via ESPI system on 5 December 2017, at 17:45

On 5 December 2017 the Extraordinary General Meeting of Qumak S.A. (hereinafter referred to as the “Company”) adopted a resolution on further operation of the Company. In justification of this resolution, the Management Board presented a Repair Plan (hereinafter referred to as the “Plan”), which was developed and adopted by the Management Board on 8 November 2017.

With regard to the above, the Management Board of the Company on this day, recognizing this resolution as validation of the assumptions announced in the Plan and giving them a priority in relation to the approved on 15 January 2017 “Strategy of Qumak S.A. for the years 2017-2020”, informs about suspending its implementation.

At present the Management Board’s opinion is that to the best interest of the Company and its shareholders, it is necessary above all to concentrate on continuing repair actions and gaining financing by the Company.

The Management Board will inform about further decisions regarding the implementation of the Strategy in the form described and communicated in the beginning of the year.

 

Legal grounds:

Article 17 section 1 MAR – confidential information.