COUNTRY

-in construction-

Breach of obligation to notify follows:

• the prohibition of acquiring of any other shares of the company concerned till the shareholder sends the required notification to the Stredisko cenných papíru.
• The prohibition to perform the rights connected with the stack of shares until a report is made and the following year as well, in case the shareholders meeting does not decide otherwise *).

1. sentenced to a fine for a securities markets offence
2. liable to compensate the damage (loss) he has caused

1°) The invalidation of the voting rights associated with the shares exceeding the fraction in question, for two years following the date on which said declaration is eventually made.

2°) The chairman or a shareholder of the company or the Commission des Opérations de Bourse (C.O.B.) can bring an action before a court (Tribunal de Commerce) to claim the suspension of every or part of the voting rights of the natural person or legal entity which failed to make the legal declaration when required.

In this case the voting rights under suspension may not be limited to those associated with shares exceeding the legal fractions.

3°) The chairman, members of the board and directors of a company which failed to make the declaration when required may be requested to pay a fine of FRF 120.000.

• The prohibition to perform the rights connected with the stack of shares until a report is made *).

1. If an investor fails to provide the joint-stock company with the report within the time limits - prohibition to make use of voting rights which such holdings would have otherwise entitle the person to, over and above the voting rights permitted by the provisions of the relevant articles;
2. If a participant in the securities market requiring a special permit license has started operations in the securities market without it - a fine in the amount of 200 minimal monthly wages, suspending participation in securities market until a special permit license has been received and, if possible, reversion to the "status quo" as prevailed before the person in question concluded the securities transactions;
3. If an investor does not notify the Commission about acquiring securities in the amount and due time described above, or submits incorrect information: upon a legal entity - a fine in the amount of 200 minimal monthly wages, a natural person - a fine in accordance with the Latvian Code of Administrative Violations; if the above mentioned provisions are violated repeatedly - prohibition to perform transactions with securities in public circulation for up to 3 years or other sanctions anticipated in legislative acts.

-natural person: imprisonment  up to 2 years or fine up to NLG 25.000,-;

- legal person: fine up to NLG 100.000,--.

     2.   The civil court with jurisdiction may
           take certain measures.

Breach of obligation to notify, or a delay of seven days or more, may be considered a very serious or serious infringement (§§ 99.p and 100.j of the Securities Market Act).

One or several of the following sanctions may be imposed when a very serious infringement has been committed (§ 102 of the Securities Market Act):

• Suspension or reduction of the securities markets transactions which the infringer may carry out for a period not exceeding five years.
• Suspension of the membership of the relevant stock exchange for a period not exceeding five years.
• Revocation of the administrative authorisation in those cases where the infringer is a Securities Company or Agency, a Portfolio Management Company or a Managing Entity of the Public Debt Market.
• Economic fine.

The commission of a serious infringement may be sanctioned with one or several of the following sanctions (§ 103 of the Securities Market Act):

• Admonishment published on the Official Gazette of the Spanish State.
• Economic fine.
• Suspension or reduction of the securities markets transactions which the infringer may carry out for a period not exceeding one year.
• Suspension of the membership of the relevant stock exchange for a period not exceeding one year.

• up to two years’ imprisonment
• up to statutory maximum as a fine (Sch 24 of CA 1985) - (£5,000)
• restrictions in dealing with the shares in question including:

-share transfers void;
-no voting rights;
-no dividends paid;

• order of court to sell shares