The Management Board of Grupa LOTOS finds the conclusions contained in UniCredit’s recommendation of November 21st 2008 to be entirely without foundation.
Particularly the suggestions that Grupa LOTOS may be facing bankruptcy lack any basis in reality.
In the Management Board’s opinion, the recommendation referred to above represents an unprecedented attempt to discredit Grupa LOTOS in the eyes of investors, clients and financing institutions.
The Management Board wishes to make it clear that the Company’s financial standing is sound and that neither its short- or long-term liquidity is at risk.
Grupa LOTOS is meeting its liabilities as they fall due, and no threat can be identified to its doing so in the foreseeable future.
The Company’s business outlook has remained unchanged and there is no risk of its deterioration.
The key investment projects are being carried out without disruption, in line with the plans, schedules and financial models.
The Management Board calls on the investors to refrain from taking any rash decisions in reliance on the irresponsible recommendation issued by UniCredit’s analysts.
The Management Board will take legal action with a view to protecting the Company’s interests. First of all, it will notify the matter to the state authorities responsible for supervision over the Polish financial sector.
Legal basis for the publication of this Report: Art. 56.1.1 of the Public Offering Act – inside information.