Souriadakis Tsibris has assisted Mytilineos S.A. with its successful application for permission to use Flash Notes to publish its preliminary financial results, making it the first Greek issuer to do so.
According to Souriadakis Tsibris, "this practice consists of the early publication of key elements of the financial statements before the due date for the publication of the formal yearly or six-months financial report." According to the firm, "today, investors in Greece do not have any indication on the financial performance of an issuer for the previous year or six-month period, until the publication of the full financial report required under the Transparency Directive, usually several months after the lapse of the respective period. The newly launched practice enables investors to get a clear picture of the financial performance of that issuer weeks or even months before such formal reports are revealed, thus promoting market transparency and integrity."
To obtain permission for the new practice, Mytilineos, supported by Souriadakis Tsibris, went through a consultation process with the Hellenic Capital Market Commission and obtained its permission to proceed.