(Finance) – CONSOB has applied against Cinzia Aquilani a administrative fine of 15,000 euros for violations of the Regulation relating to market abuse on share trading transactions Portobello between January and December 2022.
Aquilani, as spouse of a councillor of Portobello (the former CFO Mirco Di Giuseppe), qualified as “closely related person” pursuant to the MAR Regulation and, as such, should have reported the purchase and sale transactions of Portobello shares to CONSOB and to the company itself, for the purposes of subsequent communication to the market, within three working days of completing the purchase transaction.
The omission of information concerned various operations of buying and selling (11 purchase transactions and 33 sale transactions), concerning a considerable quantity of shares (7,800) and a countervalue not containedequal to a total of approximately 215,000 euros; more specifically, the average value of the sales transactions was approximately 4,939 euros, while the average value of the purchase transactions was equal to 4,730 euros.
“Such operations could (and should) have represented a non-irrelevant signaling element for the market, these are transactions carried out by the spouse of a director of the issuer, so that the purpose of the internal dealing regulation is frustrated”, reads the CONSOB provision.
Portobello, a company listed on the Euronext Growth Milan market which operates as a barter in the publishing and advertising sector and owner of the retail chain of the same name and the ePRICE portal, published on 1 October a internal dealing to summarize all Cinzia Aquilani’s operations.