Announcement.

MODECOM SA (7/2019) Imposition of a fine on the Issuer by the ASO Organizer

The Management Board of MODECOM S.A. with its registered office in Stara Iwiczna (hereinafter: the Company, the Issuer) informs that on June 24, 2019 the Company received a message about the imposition on June 21, 2019 by the Management Board of the Warsaw Stock Exchange (hereinafter: the WSE Management Board) by way of Resolution No. 574/2019 (hereinafter: the Resolution) a regulatory penalty in the amount of PLN 10,000 in connection with § 6 para. 11 of Annex No. 3 to the Regulations of the Alternative Trading System in the context of the Company's failure to comply with the requirements as to the mode and conditions of publication of the annual report for 2018, applicable in the alternative trading system on the NewConnect market.
The resolution indicated that the Issuer's failure to comply with the requirements for and conditions of publishing the annual report for 2018 constituted a serious violation of the rules applicable in the alternative trading system on the NewConnect market, while preventing investors from accessing relevant information in a timely manner the economic and financial situation of the Company.
The Management Board notes that on May 31, 2019, in accordance with the publication schedule of periodic reports, an annual report for the financial year 2018 was published, which, due to the unfinished work carried out by the audit company, did not include an audit report on the annual financial statements (report current EIB No. 5/2019). On May 31, 2019, the Company announced the above incidental violation of the Good Practices of Companies Listed on NewConnect on EIB Current Report No. 6/2019. In addition, it should be noted that the Issuer is in the process of restoring the form of a document to the Company's shares, as reported in current reports, and from March 14, 2019 in accordance with Resolution No. 165/2019 of the WSE Management Board of March 13, 2019, trading in the Company's shares is suspended.
In view of the above, the Company's Management Board intends to appeal against the decision, submitting an application for a retrial.
Legal basis: §3 para. 1 item 13 of Annex 3 to the Alternative Trading System Rules "Current and Periodic Information Provided in the Alternative Trading System on the NewConnect Market".

Source: company website, investor relations, current and periodic reports.

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Company information
Company name:Modecom SA
ISIN:PLMDCOM00017
NIP:113-21-15-893
Adress: ul. Słoneczna 116a 05-500 Stara Iwiczna
Phone:+48 22 5974848
website:www.modecom.pl

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