Raiko shares have been suspended from trading

The shares of the manufacturer of rainwater systems Raiko Transilvania (RKOT) have been suspended from trading for non-compliance with periodic reporting obligations, according to the information available on the website of the Bucharest Stock Exchange (BVB).

According to the Stock Exchange Code and ASF Regulation no. 8/2018, listed companies must submit the annual report to the BVB within four months at the latest from the end of the reporting period. For the half-yearly report, the period is three months.

Last year, Raiko did not publish the annual and semi-annual report.

Only at the end of October, the company led by the Pole Tomasz Kurcin published the preliminary financial results for 2022, the delay being caused, according to the report, by an accident suffered by Kurcin, followed by several spinal operations.

Last year, the Financial Supervisory Authority twice sanctioned Raiko Transilvania for non-compliance with reporting obligations, with a total amount of 52,400 lei. In the period July - August 2022, following a lot of transactions, Kurcin's holding in Raiko decreased from 18.21% to 4.6%, below the thresholds of 15%, 10% and 5%, which must be reported according to The law regarding issuers of financial instruments and market operations, within a few days after the operations have been carried out. Or, Kurcin reported, in December 2022, that he still directly owns only 350 shares of the company.

"Through the sale of the shares, Tomasz Kurcin obtained revenues of 0.693 million lei, of which 0.691 million lei were given in the form of a four-year interest-free loan to the company Raiko Transilvania, to help the affected cash-flow from the loss of customers from Russia and Ukraine but also from the problems in the supply chain", the company's December 2022 report from the BVB showed.

Administrator Raiko motivated the lack of previous information by the fact that "he did not understand the reporting obligations". But, ASF rejected Kurcin's reason because, between August 2021 and February 2022, the investor Marius Alexe reported the decrease below the thresholds of 33%, 25% and 20% ownership in Raiko, the reports being signed by the administrator himself.

Last year, ASF fined Kurcin the amount of 13,800 lei for not reporting the decrease in holdings in the company below the thresholds indicated by the legislation in force. Currently, the largest shareholder of Raiko Transilvania is TAX & Capital Advisors, a company controlled by Kurcin and which owns 35% of Raiko. Before the suspension of shares from trading, the stock market valuation of the manufacturer of rainwater systems amounted to approximately 1.6 million lei.