Legal Framework


Resolution no. 20598

Temporary prohibition of short selling in shares issued by ASTALDI spa (“ASTALDI”), pursuant to Article 23 of the Regulation (EU) of the European Parliament and of the Council no. 236 of 14 March 2012

CONSOB [NATIONAL COMMISSION FOR COMPANIES AND THE STOCK EXCHANGE]

HAVING REGARD TO Law no. 216 of June 7, 1974, as subsequently amended and integrated;

HAVING REGARD TO Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012;

HAVING REGARD TO Article 4-ter(2) of Legislative Decree no. 58 of February 24, 1998, according to which Consob is appointed with the task to implement the measures and exercise the functions and powers provided by Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012 with reference to shares, among others;

HAVING REGARD TO Article 12 of Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012, imposing restrictions on uncovered short sales in shares;

HAVING REGARD TO Article 23 of the above-mentioned Regulation (EU) no. 236/2012, which defines the power to temporarily restrict short selling of financial instruments in the case of a significant fall in price or significant increase in yield for corporate bonds;

TAKING INTO ACCOUNT THAT the relevant threshold in the case of the ASTALDI shares is equal to 10%;

TAKING INTO ACCOUNT THAT on 28 September 2018 the price of ASTALDI share decreased by -29,82% compared to the closing price of the previous trading day, in view of a press release according to which the company informed the market about the fact that it assessed and resolved to file with the Court of Rome the application for the composition with creditors “with reservation”, pursuant to Italian Insolvency Law and that the application is preparatory to the filing of a proposal of composition with creditors on a “going concern basis” pursuant to such a Law;

TAKING INTO ACCOUNT THAT the fall of the price of ASTALDI share during 1 October 2018 compared to the closing price on the previous trading day was equal to -28,69%;

TAKING INTO ACCOUNT THAT in particular the latest price variation occurred at 10:05am and that since then the share was suspended until the end of the trading day;

CONSIDERING THAT downward speculation phenomena cannot be excluded;

RESOLVES AS FOLLOWS:

1. The prohibition of short selling in ASTALDI shares (ISIN code: IT0003261069) on the MTA, a regulated market organised and managed by Borsa Italiana S.p.A., under Article 23 of the above-mentioned Regulation, for the entire trading day of October 2, 2018.

2. It is clarified that, pursuant to Article 23(3), the above-mentioned prohibition does not apply to the activity of market making, as defined by Article 2(1)(k) of the aforementioned Regulation.

This resolution shall be transmitted to ESMA pursuant to Article 23 of the Regulation EU no. 236 2012 and shall be published on the Consob website after the positive conclusion of the procedure provided for in the above-mentioned Article. This resolution shall take effect as soon as it is published on the Consob website. This resolution shall be transmitted to Borsa Italiana and shall be published on the Consob Bulletin.

1 October 2018

THE DEPUTY CHAIRMAN
Anna Genovese