The Management Board of LC Corp S.A. (hereinafter the "Company" or the "Issuer") informs that, guided by the need to refresh the Company's image, as well as by numerous press releases identifying the Company as an entity belonging to the group of a former majority shareholder of the Company (being it until 2017), influencing the perception of the Company and the listing of its financial instruments, and due to the existence on the market of another, significant entity belonging to a former majority shareholder of the Company with the same company name as the Company (which may additionally mislead), a resolution of the Management Board was adopted today, i.e. on 19 November 2018, aimed at taking actions to change the Company's business name. The above proposal for change, which requires an amendment to the Company's Articles of Association in order to be effective, will be presented by the Management Board at the next General Meeting of Shareholders.
The justification for the change of the Company's name is to protect the image and interest of the Issuer by clearly separating the corporate identity of the Issuer from its former majority shareholder. Information that the Company is part of the capital group of a former majority shareholder is reproduced in both press and Internet publications in an inaccurate and misleading manner. Despite numerous actions taken by the Company to correct this information also by way of a current announcement (current report No. 98/2017 of 28/07/2017), the above actions do not have the desired effects, hence it became necessary to undertake actions aimed at changing the business name of the Issuer.
Moreover, the change of the Company's company is also aimed at refreshing its image, however, in accordance with the planned strategy of the Company, the change of name will not affect the activity of the Issuer, which plans to continue the activity carried out by the Company so far.
In the opinion of the Issuer's Management Board, the above information constitutes confidential information within the meaning of Article 17(1) of the Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse.