UCB CZ would like to advise its clients of today’s announcement published by the Czech Republic Prague Stock Exchange (PSE) that reads as follow:
Given the extraordinary measures of the Government and the declaration of a state of emergency, it is not possible at present to hold general meetings of business corporations, at which shareholders or their representatives, representatives of the issuer and officials will personally meet. Although this measure is temporary, it can be expected that it will be extended beyond the current government-set horizon of 1 April and confirmed by a decision of the Chamber of Deputies.
Under the current legal framework, a general meeting can be held via remote access only if the current Articles of Association allows it.
Both the Prague Stock Exchange (PSE) and the Central Securities Depository (CSD) requested the Government to resolve this important topic. According to today's information, the Ministry of Justice is preparing a legal solution that would allow the remote participation of shareholders and other stakeholders at the General Meeting without modification of the Articles of Association.
Impact on investors: T Under the current circumstances physical representation at General Shareholders Meetings would not be possible until further notice.