COVID-19: Deadline Extensions for General Meetings and Issuers’ Reporting

UniCredit Bulbank AD
Changes related to the COVID-19 state of emergency in Bulgaria have been made in certain deadlines for 2020 according to the Public Offering of Securities Act.
Fri, 27/03/2020

The Act on the Measures and Actions during the State of Emergency Declared by a Resolution of the National Assembly on 13 March 2020 has been promulgated on 24 March 2020. This Act introduced, among others, the following changes for 2020 in the Public Offering of Securities Act in force as of 13 March 2020:

  • The ordinary general meeting of any public company can be held until 30 September 2020 instead of within the first half of the year.

  • The 2019 annual financial statements can be disclosed by issuers by 31 July 2020 and not within the standard deadlines of 90 days or 120 days after the end of the financial year for individual and consolidated statement, respectively.

  • Issuers can disclose publicly their 6-month individual and consolidated financial statements not later than 30 September 2020 instead of within 30 days or 60 days from the end of the relevant 6-month period, respectively.

  • Deadline for public disclosure of issuers’ financial condition on an individual and consolidated basis is also extended until 30 September 2020 versus the standard deadline of 30 days or 60 days from the end of the relevant quarter, respectively.

  • Bond issuers can submit to bonholders’ trustee their reports on compliance with the terms and conditions of the bond issue until 30 September 2020 and not within 30 days or 60 days after the relevant quarter end for statements on individual and consolidated basis, respectively.

Impact on investors: Investors shall be aware of the extended deadlines for general meetings and financial reporting by issuers.