AFM has initiated an investigation into irregularities in trading of Azerion shares

Today, Azerion has announced an investigation by the Autoriteit Financiële Markten (AFM), which according to AFM-information known to the Company, appears to be related to compliance with article 15 of the Market Abuse Regulation and seems to be focused on the shareholders of Principion Holding B.V., including Azerion co-CEOs Atilla Aytekin and Umut Akpinar. Principion is Azerion’s largest shareholder.

Based on the information available and the information provided by co-CEO Atilla Aytekin, he decided, in close consultation with the Supervisory Board, that the interests of the Company and its stakeholders are best served by him temporarily stepping aside at this moment in time from his duties and responsibilities as co-CEO of the Company.

The operational leadership of the Company remains with Azerion’s Executive Committee and broader leadership team, with Umut Akpinar as CEO and Ben Davey as CFO. This is a continuation of the current day-to-day practice for organic and inorganic activities. The team remains focused on fulfilling Azerion’s strategy and dedicated execution of the business plan.

The AFM approached Azerion on Tuesday 7 March 2023 to obtain information. The Company is fully available to answer any questions of the AFM.

The Supervisory Board has installed a Special Committee to steer the process and to be kept fully informed.

The Company is limited in its possibilities to provide further information pending the investigation, and will share information if and when appropriate.