Hanfa Ordered Temporary Suspension of Trading in LRH Shares

The Croatian Financial Services Supervisory Agency (Hanfa) has made a decision at today’s extraordinary meeting to temporarily suspend trading in the shares of Liburnia Riviera Hotels (LRH) from Opatija and has instructed the Zagreb Stock Exchange to immediately suspend trading in LRH shares.

It will also request a statement from the HFP, the City of Opatija, and Liburnia Riviera Hotels regarding any privileged information that may have led to a significant increase in the price and trading volume of this share over the last two days. The measure of temporary suspension of trading in LRH shares lasts until May 7 (inclusive).

The reasoning for the decision states that Hanfa, in the context of monitoring the trading of LRH shares, which are listed on the regular market of the Zagreb Stock Exchange, determined on May 4 at 14:48 that there was an extraordinary price increase of 8.67 percent compared to the average price from the previous day (May 3). It was also determined that the average price from May 3 was 6.03 percent higher compared to the average price from April 29 of this year.

Furthermore, on the same day, an increase in the volume (quantity) of traded shares was also established; by 14:48 on May 4, 30.77 percent more LRH shares were traded compared to the previous day (May 3), when 8,450 percent more shares were traded compared to April 29, while on April 30, not a single share of that company was traded.

Given the aforementioned circumstances, Hanfa will request a statement from the HFP, the City of Opatija, and Liburnia Riviera Hotels regarding any privileged information that may have led to a significant increase in price and trading volume. The decision to temporarily suspend trading in LRH shares was made in accordance with the provisions of the Capital Market Act, considering that these are circumstances that could jeopardize the interests of investors and in order to ensure regular and proper trading on the regulated market, as stated in the decision published on Hanfa’s website. (H)