SEC: Fines to SAFS, ACS, EMP, STAR and LAS

The Board of Directors of the Cyprus Securities and Exchange Commission would like to inform the investing public that at a meeting held on October 21, 2013 it decided to impose the following administrative fines to issuers for violating Article 10 (1) of the Transparency Requirements Law 2007, as in force (the 'Law'), as they failed to release their half-yearly financial report for the first half of 2012 in accordance with Article 37 (1) of that Law within the prescribed time limit of the law, that is, until June 30, 2012:

a) SAFS Holdings Public Ltd - 1.600
b) Firstdelos Group Plc - 1.600
c) Empire Capital Investments Public Ltd - 2.400
d) Stario Portfolio Investments Public Company Ltd - 2.900
e) Laser Investment Group Plc - 4.400

To determine the administrative fine, the Commission took into account the following:
- The gravity given to ensure that the persons covered by the Law fully comply with its provisions.
- The seriousness given to the requirement for timely disclosure of the Financial Report, which promotes transparency and contributes to the smooth operation of the stock market. Timely disclosure of the interim financial report on the regulated market offers investors the opportunity to better assess the condition of the issuer having the proper information.
- For each issuer, taking into account the time of the delay, the fact that they published their Interim Financial Report for the period ended June 30, 2012.

Specifically it was taken into account:

- For SAFS Holdings Public Ltd, Firstdelos Group Plc, Empire Capital Investments Public Ltd and Laser Investment Group Plc, the fact that they have not committed a similar offense in the past.
- For Stario Portfolio Investments Public Company Ltd the fact that it had also disclosed with a delay its Interim Financial Report for the period ended June 30, 2011.