During the presentation of the results of PGNiG for the first quarter of 2016. Wozniak stressed that his company is confident that the investment will pay off miners. He added, however, that we should not expect that it will happen “after the first half.”
Vice President of PGNiG Boguslaw Marzec said that 500 million zł, which PGNiG declared as a capital contribution in the Polish mining group, will not be paid immediately, but in three installments. In the first, in which PGNiG Termika took 15.7 percent. PGG shares for 361.1 mln zł, the second – 16.6 percent. for 83.3 million zł, which is expected to November 3, 2016 year, and a third (17.1 per cent. share of the 55.6 million zł) for February 1, 2017 year.
March assured that the company has 100 percent. control financial flows in the PGG. “This is an agreement investor that after the capital increase, investors will put up the requirements of the company (PGG) for the restructuring plan. The business plan and the agreement investor is written that if a company PGG will not perform the plan as planned, it would be working more radical restructuring measures in order to meet the requirements of the business, “- said March.
Wozniak added that all of the three investors (PGNiG Termika, PGE and Energa) recapitalize PGG at the same pace.
PGNiG discussing the results for the first quarter of this year. Wozniak said he presents them with great satisfaction, because all the main indicators are above consensus.
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