Regular obligations for reporting


CONTINUING OBLIGATIONS OF THE ISSUER
 

   
The monitoring of the fulfilment of the continuing obligations is of utmost importance for the maintenance of an orderly securities market and ensuring simultaneous access to information by all its participants. The issuer of listed securities must submit to MSE any information required. The issuer publishes all price sensitive information through SEI- NET, an internet application for reporting of the listed companies. MSE makes available to the public all announcements published via SEI- NET.

A listed company is obliged, without delay, to submit the following price-sensitive information:
 

a) any decision to change the business activity of the listed company or the holding and all changes in the Statute of the company
b) affiliation, merge, split or takeover of the company,
c) new investments in fixed assets or in securities that exceeds 10% of the company’s capital and joint ventures,
d) signing or termination of any important contract or changes in the business/investment plan.
e)   new discovery and significant changes in the key market position of the issuer resulted from any extraordinary circumstances,
f) termination of the core business that implies changes in the general business orientation of the issuer,
g) significant changes in issuer's governance and management bodies,


The listed company is obliged to submit without delay the following information relating to its capital:

 

a) any increase or decrease in its basic capital,
b) any change in the capital structure,
c) any change in the rights attached to any type of listed securities,
d) decisions for buy-back, according to the Company Law
e) the whole procedure for sale of treasury shares according to the Company Law
f) Purchase or disposal of shares issued by the company concluded by individual Management Board members and Supervisory Board members, or members of the Board of Directors in the event of: 
    a) concluded purchase or sale of shares in the amount of, or exceeding EUR 10,000;
    b) cumulative value of sell trades (or buy trades) in shares in the last 30 calendar days reaching or exceeding EUR 10,000;
    c) individual persons concluding a trade, where acquired or disposed shares reach 0,5 % of the total shares issued by the company.


The issuer is obliged to submit without delay the following information regarding the changes in its financial position: 

   a)  significant decrease in earnings, large losses or large increase in earnings, in two successive periods.
   b)  information on profit i.e. reporting that forecasted profit dynamics does not correspond to the current activities,
   c)  buying or selling of property that exceeds 10% of the company’s capital
   d)  any new loans approved to the company.  

   If the company’s management have any information of changes that have occurred in the financial conditions or in the business efficiency or in the business expectations and if such information can lead to significant changes in the price movements of the listed security, the company must immediately inform the MSE for all the relevant data of the respective change.

Shareholders Meeting

The issuer is obliged to publish the public announcement for a Shareholder’s Assembly at least 21 days before the actual day at least in one daily newspaper in Macedonia.   If the issuer has published a public announcement for a Shareholder’s Assembly in a daily newspaper, and does not publish the same via SEI-NET, the Stock Exchange itself can publish the already published announcement.   The issuer is obliged to submit the content of the following decisions, if they were adopted by the Shareholder’s Assembly:

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Decision for adopting the financial statements
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Decision for distributing the profit.
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Decision for distribution the dividend and approving the dividend calendar
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Decision for changes in the rights of the issued securities
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Decision for the changes in the management boards
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Decision for changes in the status of the company

The listed company is obliged to submit, besides the date of the holding of the Shareholders Assembly, the proposal of the amount of dividend per share (if there is such a proposal), in denars and in a percentage of the nominal value per share. If the company’s Assembly have reached a decision for distribution of dividend, the company is obliged to submit to MSE its dividend calendar, the next day after the session of the Assembly. The dividend calendar should contain:

    a)  a record date, which should be at least 14 days after the day of the Shareholder’s Assembly on which the decision for paying of dividend has been reached,
   b)  the last trading day cum-dividend,
   c)  the first trading day ex-dividend,
   d)  Date of payment of the dividend.
   e)  The form of payment of the dividend

 

Shares in public hands
For the purpose of the continuous calculation of the free float ratio, an issuer is obliged to inform MSE in writing without delay if the proportion of listed ordinary shares in the hands of the public fell below the minimum 200 shareholders for the shares listed on the Super listings, 100 shareholders for the shares listed on the Exchange Listings and 50 bondholders for the listed bonds.

Disclosure of major participation
The issuer must notify MSE for any change in ownership by which certain shareholders gained or disbursed 5% of total number of voting shares. The notice must include the names of new shareholders, number of shares and the new percentage of voting rights.   The issuer must notify MSE if any of the shareholders that owned more than 5% of the voting shares has decreased its ownership in the company’s capital.

Financial reports


The listed companies on the MSE are obliged to publish the full consolidated audited financial statements (Auditor opinion, Balance sheet, Profit and loss account, the Cash flow statement, Changes in the capital equity and Notes to the financial statements) and the Annual report within 7 days after the Shareholder’s Assembly has adopted the financial statements and reports.  
 
The issuer is obliged to submit the quarterly cumulative, unconsolidated and un-audited Profit and loss accounts within 45 days after the respective period, as well as the annual un-audited, cumulative, consolidated and unconsolidated, Profit and loss account within 60 days after the end of the financial year. The issuer shall submit, along with the Semi-Annual and the Annual Profit and loss account, the un-audited Balance Sheet for the reporting period and all other financial reports that the issuer publishes in to the Registry of joint stock companies with special reporting obligations administered by the Security and Exchange Commission.

For the companies that are listed on Super listing and the Exchange listing are obliged to special disclosure responsibilities. If the companies do not fulfil their disclosure responsibilities MSE will temporary stop the trading with the shares of the company until the information is not published. 

The full text of MSE Listing Rules can be downloded here...

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Daily Report 8/22/2017

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The Twitter page of the Macedonian Stock Exchange Inc. (MSE) only promotes the content published on www.mse.org.mk, www.mse.com.mk и www.mse.mk (Official web page data) and is in no way MSE’s official channel of communication with the public or MSE’s official information system for informing the public of issuers and type of Securities traded on MSE; price, volume and value of the Securities traded in the market; any data related to the trading activities on the MSE and any other information relevant to the operations of the MSE.

MSE doesn’t manage the technical infrastructure for distribution of the Official web page data to MSE’s Twitter page and therefore MSE shall not be liable or responsible for any inaccuracy and incompleteness of the Official web page data published on MSE’s Twitter page. The complete Official web page data can be found only on www.mse.org.mk, www.mse.com.mk and www.mse.mk.

MSE shall not be liable or responsible for the content published and opinions expressed by users on its Twitter page. The users themselves take full responsibility for what they publish.

MSE reserves the right to delete comments and posts, as well as to block the users who have published such comments and post on MSE’s Twitter page, if MSE under its sole discretion finds such comments and post to be:
• unlawful, offensive, poorly educated, manipulative and misleading, use words, symbols or anything that incites or represent messages of violence, discrimination, profanity, or contain threats or intimidation of any kind
• violating copyright, trademark or other rights of third parties
• publishing private information of any person in violation of the law on personal data protection
• containing spam and advertising