The Prospectus for HT Arrived Only This Morning, It Is Questionable Whether Hanfa Will Approve It

The Croatian Financial Services Supervisory Agency (Hanfa) has reported that the amended and supplemented Prospectus for the sale of HT shares was submitted to it only this morning, and that the Management Board of Hanfa is postponing the inclusion of this item on today’s regular session until further notice.

"If the expert services of Hanfa determine during the day that the data from today's amended and supplemented Prospectus is suitable for publication, the Management Board will hold an extraordinary session in the evening," Hanfa stated. "Given all previous deadlines, our joint agreements, and meetings held with representatives of HT and their advisors, we believe that the most responsible for such unprofessional and commercially incorrect behavior are the management of HT, led by President Ivica Mudrinić, and the representative of JP Morgan – the main coordinator and bookrunner Marko Delić," the statement emphasizes. Hanfa reminds that on August 16, it received a Request for approval to publish data during the inclusion of HT shares in the first listing of the Zagreb Stock Exchange, and that on August 22, at a meeting in Hanfa, attended by representatives of the Croatian Government, HT, the representative of the global coordinator JP Morgan, and legal advisors, all key dates in the process of the public offering of HT shares were agreed upon. 

Although Hanfa sent a Request for supplementation and amendment of data (Prospectus) to HT's legal advisor on August 31; although a series of meetings with representatives of HT have been held in the meantime; although the Government of the Republic of Croatia will determine the price range of the shares at today's session, Hanfa was only presented today, September 13, 2007, at 8 AM, with the so-called amended and supplemented Prospectus that still needs to be read and verified for the stated data. "As this is an exceptionally extensive material, and in order to fulfill the business goals of Hanfa, the Management Board of Hanfa is postponing the inclusion of the item regarding the approval of the HT Prospectus at today's regular session," the statement notes, adding that if the expert services of Hanfa determine during the day that the data from the amended Prospectus is suitable for publication, the Management Board could decide on it tonight at an extraordinary session.   "Due to all of the above, we regret that we will not be able to publish the Decision on the approval of the Prospectus immediately after the session of Hanfa and the session of the Government of the Republic of Croatia, at which the price range of the shares will be determined," the statement signed by the President of the Management Board of Hanfa, Ante Samodol, concludes. (H)