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Provider: Reuters Investment Profile
Provider: Alta Invest
Provider: Sadif Analytics Prime
Provider: Alta Invest

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Securities Market Agency Initiates Infringement Procedure Against Zavarovalnica Triglav dd

Monday, 20 May 2013 02:52am EDT 

Zavarovalnica Triglav dd announced that on May 17, 2013, it received information from the Securities Market Agency that it had initiated an infringement procedure against the Company due to the suspected violation of Article 566 § 1, Item 4 of the Financial Instruments Act (ZTFI) and against Mr. Matjaz Rakovec due to the suspected violation of § 3, pertaining to 566 § 1, Item 4 of the Financial Instruments Market Act. According to the Securities Market Agency the initiated infringement procedure relates to an unlawful publication of the amount of dividend proposed by the Management Board to the General Meeting of Shareholders (published on April 11, 2013 on Ljubljana Stock Exchange). The Company will give its statement of facts and circumstances regarding the alleged violation. In this statement, the Company will deny the allegations of the Securities Market Agency, in line with its response from April 15, 2013, which was required by the Securities Market Agency (ATVP) on April 12, 2013 (Summary Response of Zavarovalnica Triglav dd was published on April 15, 2013 on SEOnet). The Company with regard to this matter obtained a legal expert opinion from prof. Miha Juhart, LLD, who believes that the concrete information on dividend payments does not constitute inside information, since the proposal by the Management Board on dividend payments did not materially diverge from the established dividend policy of the Company (around 1/3 of the Triglav Group’s net profit for the year). 

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