Announcement
Agios Stefanos, November 21st
, 2018
The company with the trade name “Folli-Follie Commercial Manufacturing and Technical Société Anonyme” and the distinctive title “FF Group” (hereinafter the “Company”), following its announcement dated 15 November 2018 and responding to a respective request by the Hellenic Capital Markets Commission, today provides the following additional information to the market regarding the application for the granting of interim protective measures under article 106a par. 6 of Law 3588/2007. This application was filed on 14th November 2018 with the Athens Single Member Court of First Instance by approximately 400 employees jointly with the Company.
As already announced by the Company on 15th November 2018, the request by the above applicants for the granting of a provisional order (until the formal hearing of the application) was heard on the same day before the Judge of the Athens Single Member Court of First Instance. The Court rejected the request for the granting of a provisional order and set the 22nd January 2019, as the hearing date for the application of protective measures (in accordance with the injunction measures’ process, as provided by the law).
The Company would like to clarify that through the above-mentioned decision, the Judge of the Athens Single Member Court of First Instance did not reject the application for the granting of interim protection of the Company from its creditors. Importantly, it was only the request for interim protection that was rejected. The Company points out that the reports which refer to a “rejection of Folli Follie’s application for the granting of interim protection from its creditors” or to a “rejection of Folli Follie’s application under the Article 106a of the Bankruptcy Code” are inaccurate.
In addition, the Company hereby confirms that on 15th November 2018, a request by 56 investors for the granting of a provisional order, was heard before the Athens Single Member Court of First Instance, in terms of a provisional-seizure application by the above investors against the Company, shareholders, executives and auditors thereof. The Court upheld the request for the granting of a provisional order and temporarily prohibited the modification in the factual and legal status of the defendants up to the amount of €2,300,000.00 until the formal hearing of the above application (which was set for 22/01/2019).
In parallel to the above developments, the negotiations between the Company and its creditors are ongoing, unhampered and intensive, aiming to achieve a viable agreement. The Company will revert with a further update for any new development regarding the above.
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 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.
Contacts
Investors Folli Follie Group ir@ffgroup.gr +30 210 6241 000 / +30 210 6241 100
Media International: Brunswick Group follifollie@brunswickgroup.com +44 207 404 5959 Azadeh Varzi / Fiona Micallef-Eynaud / Daniel Holgersson
The company with the trade name “Folli-Follie Commercial Manufacturing and Technical Société Anonyme” and the distinctive title “FF Group” (hereinafter the “Company”), following its announcement dated 15 November 2018 and responding to a respective request by the Hellenic Capital Markets Commission, today provides the following additional information to the market regarding the application for the granting of interim protective measures under article 106a par. 6 of Law 3588/2007. This application was filed on 14th November 2018 with the Athens Single Member Court of First Instance by approximately 400 employees jointly with the Company.
As already announced by the Company on 15th November 2018, the request by the above applicants for the granting of a provisional order (until the formal hearing of the application) was heard on the same day before the Judge of the Athens Single Member Court of First Instance. The Court rejected the request for the granting of a provisional order and set the 22nd January 2019, as the hearing date for the application of protective measures (in accordance with the injunction measures’ process, as provided by the law).
The Company would like to clarify that through the above-mentioned decision, the Judge of the Athens Single Member Court of First Instance did not reject the application for the granting of interim protection of the Company from its creditors. Importantly, it was only the request for interim protection that was rejected. The Company points out that the reports which refer to a “rejection of Folli Follie’s application for the granting of interim protection from its creditors” or to a “rejection of Folli Follie’s application under the Article 106a of the Bankruptcy Code” are inaccurate.
In addition, the Company hereby confirms that on 15th November 2018, a request by 56 investors for the granting of a provisional order, was heard before the Athens Single Member Court of First Instance, in terms of a provisional-seizure application by the above investors against the Company, shareholders, executives and auditors thereof. The Court upheld the request for the granting of a provisional order and temporarily prohibited the modification in the factual and legal status of the defendants up to the amount of €2,300,000.00 until the formal hearing of the above application (which was set for 22/01/2019).
In parallel to the above developments, the negotiations between the Company and its creditors are ongoing, unhampered and intensive, aiming to achieve a viable agreement. The Company will revert with a further update for any new development regarding the above.
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 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.
Contacts
Investors Folli Follie Group ir@ffgroup.gr +30 210 6241 000 / +30 210 6241 100
Media International: Brunswick Group follifollie@brunswickgroup.com +44 207 404 5959 Azadeh Varzi / Fiona Micallef-Eynaud / Daniel Holgersson