Kulczyk Investments reported that “the deal was met with great interest of Polish and foreign institutional investors who filed the demand for the number exceeding the number of shares offered.”
The expected gross proceeds from the transaction on behalf of Mansa Investments amount to 189 million zł.
At a price of 27 zł for paper discount in the transaction amounted to over 15 percent. compared to Wednesday’s closing price of Polenergia and almost 18 per cent. in relation to the price of closing on Tuesday, before the start of bookbuildingu.
On Thursday falls on a course Polenergia Warsaw Stock Exchange by more than 12 percent. to 28 zł.
After the sale of 15.4 percent. shares of Kulczyk Investments will remain the majority shareholder Polenergia indirectly.
“We have taken the decision to sell part of the shares Polenergia to increase free float and unlock the growth potential of the company, to the benefit of all its shareholders. The transaction was successful, and the offer was met with great interest the new group of shareholders. As Kulczyk Investments we believe in the continued development and strategy for the company and we remain the majority shareholder Polenergia, which is a strategic asset for our Group “- quoted in the release said Sebastian Kulczyk, President of Kulczyk Investments.
The improvement in liquidity also indicates Polenergia president Zbigniew Prokopowicz.
“So far we had actually only long-term shareholders, the real free float was approx. 3 per cent. With this free float can not be freed growth potential of the company that results from the dynamic growth performance, regulatory stabilization and development potential projects in Development “- he told PAP Prokopovich.
He maintained that the company does not plan to go out to the market with the issuance of new shares, does not provide a bond issue.
“planned bond issue, if we were to build this year 150 MW farms, and build the 100 MW, so we do not need additional funds. The rest of the farm ready for construction of waiting for the auction, “- he said.
In his opinion, you can not attach any importance to conducted the first trial auction organized by the wind industry.
“There was no qualifications, and according to the law need have a valid building permit to proceed to an auction. Such projects for the first auction can be approx. 1.2 thousand, while the test auction volunteered more than 3 thousand. MW “- said the president Polenergia.
He maintained this year’s earnings forecasts, assuming an adjusted EBITDA of 204 million zł and adjusted net profit of 72.4 million zł.
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