Termika PGNiG, PGE and Energa made conditional, non-binding offer for the acquisition of stake in the increased share capital of the Polish Mining Group for a total of up to 1.5 billion zł – have informed the company in Tuesday’s announcements.
Among the offers is made by Energa amounts to EUR 600 million zł, submitted by PGE in the amount of 500 million zł, and PGNiG Termika is ready to invest up to 400 million zł.
PGG company is currently dependent Węglokoks, which is designed to operate on the basis of selected mining assets that it will acquire from Coal Company.
Company reported that conditional offer has been prepared on the basis of preliminary information about the activities of KW and PGG contained in the materials they provided and include boundary conditions and suspending.
These conditions are m.in .: acquisition by PGG new external investors enabling to recapitalize PGG at least 1.5 billion zł; carry out and be based on the current data acceptable to new investors, the results of due diligence (including technical, environmental, legal, financial, tax) confirming that the transaction will achieve by PGG sustained profitability and liquidity; to agree with investors financing structure PGG, which will eliminate the risk of the investment for the unlawful public aid; implementation of restructuring measures that guarantee profitability PGG and generate positive cash flows for equity for all units within the PGG, including making arrangements with the social and debt restructuring KW.
PGE and Energa also expect that the business plan PGG will be prepared based on feasible assumptions do not provide for the need for further recapitalization of the company for at least the year 2026.
Energa among the conditions mentioned also that the funds coming from the company would be transferred to PGG in certain detailed schedule installments, tailored to the current, the legitimate needs of PGG and transfer of each tranche would be conditioned by the implementation of specific objectives of the business plan.
PGE said in a statement that the final decision of the company, with the involvement of the investment will take place after analysis of the results of due diligence, and after determining the final shape of the other arrangements.
“If approved, PGE will clarify the scope of the quota involvement in the investment and dookreśli any final conditions for participation. PGE has reserved the option to indicate subsidiary, which finally will share in the increased capital of PGG” – written in the message PGE.
Polish Group Mining has purchased the following organizational units KW: Branch Coal Mine Chwałowice in Rybnik, KWK Jankowice in Rybnik, KWK Marcel in Radlin, KWK Rydułtowy-Anna in Rydułtowy, KWK Bielszowice in Ruda Slaska, KWK Bolesław Bold in Laziska Gorne, KWK Halemba-Wirek in Ruda Slaska, KWK Piast in Bieruń, KWK Room in Ruda Slaska, KWK Sosnica Gliwice, KWK Ziemowit in Lędziny, Branch Power plant, a branch of Department of Mining Works Investment Branch Department Information Technology and Telecommunications, Department of plant Repair and Production and the “headquarters”.
The Ministry of Energy reported earlier that the PGG is to be built in May. (PAP)
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