ENDESA makes announcement.MADRID, Spain--(BUSINESS WIRE)--December 19, 1996--ENDESA (NYSE NYSE See: New York Stock Exchange : ELE ELE equine leukoencephalomalacia. ), a major electric utility company in Spain, has learned, unexpectedly, that the CNMV CNMV Comisión Nacional del Mercado de Valores CNMV Colegiul National Mihai Viteazul (Romania) (Spain's securities commission) has filed proceedings against the company, its President and its Chief Financial Officer, for alleged failure to disclose information in respect of its public tender offers for FECSA and SEVILLANA. The release by the CNMV of such news to the press, when neither the company nor its officers have yet received any official notification, places ENDESA in a defenseless position for lack of reliable evidence of the reasons allegedly supporting the initiation of such proceedings. Under the circumstances, ENDESA wishes to bring to the knowledge of public opinion, its stockholders and investors at large, the following facts: 1. The Company, its President and its Chief Financial Officer have scrupulously complied with the duty to disclose relevant facts, having notified the CNMV of the intention to launch the public tenders as soon as their feasibility was established, even prior to being authorized by the Ministerial Cabinet. As it will be evidenced in due course, ENDESA did not conceal any specific public tender plan for FECSA and SEVILLANA. Concretism con·cret·ism n. The practice of representing abstract concepts or qualities in concrete form, as in concrete poetry. con·cret  ist n. and adoption of such decision had not taken place, nor were they legally possible for ENDESA, given its condition of state-owned company, when it was called upon to give information on those transactions to the CNMV. 2. The filed proceedings are referred to a different interpretation on the scope of the disclosure obligation, as seen by the CNMV and ENDESA. It must therefore be emphasized that at no time have there been any irregularities, whether accounting, financial or any other kind, nor has any privileged information emanated from the Company whose use may have benefited third parties. Neither ENDESA nor its main stockholder had any part in the media reports of the week prior to the public disclosure of the offers. 3. ENDESA trusts that public opinion and markets will be aware that the filing of proceedings bears no presumption of guilt, rather it is an administrative action to probe the existence of possible responsibilities or otherwise, not prejudging any infringement on the part of ENDESA or its officers. 4. Furthermore, ENDESA is confident that the proceedings will be concluded with a total exoneration The removal of a burden, charge, responsibility, duty, or blame imposed by law. The right of a party who is secondarily liable for a debt, such as a surety, to be reimbursed by the party with primary liability for payment of an obligation that should have been paid by the first party. from any responsibility for the Company and its officers, regretting that the publicity given to this issue may seriously blemish blem·ish n. A small circumscribed alteration of the skin considered to be unesthetic but insignificant. blemish the prestige of one of Spain's leading companies, publicly traded in international exchanges, and having always excelled in the rigorous compliance with all applicable regulations. CONTACT: Fernando Lario, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Investor Relations Investor relations The process by which the corporation communicates with its investors. , 212/750-7200 http://www.endesa.es |
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