May 17, 2019 / 6:09 AM / 3 months ago

ANNOUNCEMENT--Folli Follie says assets seizure by investors "merely provisional"

The company with the name “Folli-Follie Commercial Manufacturing and Technical Société Anonyme” and the distinctive title “FF Group” (hereinafter the “Company”), referring to its announcements dated 21.11.2018 and 22.1.2019, provides the following update to the market.

Following the issuance by the Judge of the Athens Court of First Instance (the “Court”) of a provisional order dated 15.11.2018, forbidding the legal and factual change (disposal) of our Company’s assets, the Court partially admitted the injunction measures application filed by 56 investors through its decision No. 2419/2019, ordering the provisional seizure (freeze) of our Company’s movable and real estate property up to the amount of 1.8 mil. EUR.

By virtue of said decision, the applicants imposed a provisional seizure upon certain of our Company’s bank accounts up to the amount of 1.8 mil. EUR. It should be noted that such seizure is merely provisional, meaning that the respective funds are not released, but shall remain blocked in favour of the applicants, provided their respective lawsuit (which has not been served to our Company yet) is admitted by an unappealable court decision. Therefore, any references in the press to “seizures imposed on Folli Follie’s treasury”, “payments to investors” etc. are not accurate.

Another injunction measures application filed by a group of 37 investors – requesting the provisional seizure of our Company’s assets up the amount of 1.3 mil. EUR – has been rejected by the Court through its decision No. 999/2019.

This announcement is released by Folli Follie Commercial Manufacturing and Technical Société Anonyme in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and Section 4.8 of the Rule Book of the Athens Exchange. It contains information that qualifies as inside information for the purposes of Article 7 of MAR. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, the person responsible for arranging the release of this announcement on behalf of the Company is Mantalena Kasidiaropoulou, Head Investor Relations.

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