Hanfa’s clarification regarding Qelo and Koykan bond offer
By monitoring media reports, the Croatian Financial Services Supervisory Agency (Hanfa) has learned about the statements of the companies enasolAuto d.o.o. and PlanetsGroup d.o.o. regarding the issuance of bonds under the names Qelo and Koykan (Qelo - Qelo bonds | Qelo and Koykan Bonds - Koykan).
We have noticed that some media content about these bonds is formulated very affirmatively, using expressions that can create the impression of guaranteed profitability and safety of investments. Moreover, in some media articles these bonds are placed in the same context as government bonds and other financial instruments that are the subject of a public offering and listed on regulated markets, which may lead to the wrong conclusion that they are equally regulated instruments. Hanfa warns that such presentation is incorrect and may mislead potential investors.
We are calling upon the media to maintain an objective and balanced approach when reporting on such topics, avoiding wording that may erroneously suggest the level of safety or regulatory supervision of these investments.
Although Hanfa is not authorised to provide investment advice, we are hereby informing the public that the regulatory framework with respect to drawing up and publishing a prospectus or information document when securities are offered to the public or admitted to trading on a regulated market provides for certain exceptions to the obligation to publish a prospectus.
According to publicly available information, in the case of Qelo and Koykan bonds, this is an offer of securities with a total value of up to EUR 3,000,000. In such cases, pursuant to Article 409 of the Capital Market Act, offerors are not obliged to draw up a prospectus or information document.
However, we would like to point out that enasolAuto d.o.o. and PlanetsGroup d.o.o. did not provide Hanfa with a notice on the use of this exception, which they were obliged to do. Hanfa will therefore take appropriate supervisory actions.
As the supervisory authority of the non-bank financial sector, Hanfa advises all potential investors in the securities of the companies in question to carefully consider all publicly available information on the offerors, their financial position and operations before making an investment decision. Investors should base their decision on complete and verified information and not exclusively on public statements made by the offerors themselves.
