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Resolution no. 20599

Extension of 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;

HAVING REGARD TO Consob Resolution no. 20598 of 1 October 2018 whereby Consob introduced the prohibition of short selling in ASTALDI shares on the Italian trading venues until the end of the trading day of 2 October 2018, pursuant to article 23 of the above-mentioned Regulation no. 236/2012;

TAKING INTO ACCOUNT THAT the relevant threshold for the extension of the restrictive measures adopted with the above-mentioned Resolution no. 20598 is equal to -5%;

TAKING INTO ACCOUNT THAT the negative price fluctuation of ASTALDI share compared to the closing price on the previous trading day was greater than -5%;

CONSIDERING THAT the information background does not completely validate the above-mentioned price fluctuation and, therefore, downward speculation phenomena shall not be excluded;

RESOLVES AS FOLLOWS:

1. The effects of Consob Resolution no. 20598 of 1 October 2018 are extended until the end of the trading day of 4 October 2018, under Article 23(2) of the above-mentioned Regulation.

This resolution is published on the Consob website. This resolution shall be transmitted to Borsa Italiana and shall be published on the Consob Bulletin.

2 October 2018

THE DEPUTY CHAIRMAN
Anna Genovese