State Treasury Decreased Its Share in the Company
Wednesday, 2009-12-09
Lubelski Węgiel BOGDANKA S.A. has received a notification from the State Treasury concerning sale transaction in the Company’s shares by the State Treasury which took place on 8 December 2009. The State Treasury’s transaction involved 1,689,939 shares of LW Bogdanka S.A., comprising 4.97% of all Company’s shares.
The State Treasury concluded the transaction at the price of PLN 69 per one share in LW Bogdanka S.A. The transaction value amounted to PLN 116 million.
Before the above mentioned transaction, as of 8 December 2009, the State Treasury held 22,279,870 shares in LW Bogdanka S.A., representing 65.50% of the Company’s share capital and conferring the right to 22,279,870 votes at the General Shareholders Meeting, which represented 65.50% of the total number of votes.
Following the conclusion and settlement of the transaction, as of 9 December 2009, the State Treasury holds 20,589,931 shares in LW Bogdanka S.A., representing 60.53% of the Company’s share capital and conferring the right to the same percentage of votes at the General Shareholders Meeting.
The sale of the Company’s shares by the State Treasury on general terms means for the Company the start of the procedures of issue to and gratuitous acquisition of shares by the eligible employees of the Company pursuant to the provisions of the Act on Commercialisation and Privatisation of 30 August 1996.
The lot of employee shares issued by the Company shall consist of 3,243,000 series B shares in total nominal value of PLN 16,215,000.
After the procedure of issuing series B shares is completed, the State Treasury shall be the owner of 51% of shares in Lubelski Węgiel Bogdanka S.A.
“The sale of almost 5 per cent of shares of LW Bogdanka S.A. is an autonomous decision of our main shareholder - the State Treasury. We understand it as the fulfilment of previous plans and announcements concerning the Company. That transaction is the gateway to launching the procedures connected with gratuitous acquisition of shares by the eligible employees of Bogdanka. The Company’s staff shall positively interpret this event,” says Mirosław Taras, the President of the Management Board of LW Bogdanka S.A.
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The State Treasury concluded the transaction at the price of PLN 69 per one share in LW Bogdanka S.A. The transaction value amounted to PLN 116 million.
Before the above mentioned transaction, as of 8 December 2009, the State Treasury held 22,279,870 shares in LW Bogdanka S.A., representing 65.50% of the Company’s share capital and conferring the right to 22,279,870 votes at the General Shareholders Meeting, which represented 65.50% of the total number of votes.
Following the conclusion and settlement of the transaction, as of 9 December 2009, the State Treasury holds 20,589,931 shares in LW Bogdanka S.A., representing 60.53% of the Company’s share capital and conferring the right to the same percentage of votes at the General Shareholders Meeting.
The sale of the Company’s shares by the State Treasury on general terms means for the Company the start of the procedures of issue to and gratuitous acquisition of shares by the eligible employees of the Company pursuant to the provisions of the Act on Commercialisation and Privatisation of 30 August 1996.
The lot of employee shares issued by the Company shall consist of 3,243,000 series B shares in total nominal value of PLN 16,215,000.
After the procedure of issuing series B shares is completed, the State Treasury shall be the owner of 51% of shares in Lubelski Węgiel Bogdanka S.A.
“The sale of almost 5 per cent of shares of LW Bogdanka S.A. is an autonomous decision of our main shareholder - the State Treasury. We understand it as the fulfilment of previous plans and announcements concerning the Company. That transaction is the gateway to launching the procedures connected with gratuitous acquisition of shares by the eligible employees of Bogdanka. The Company’s staff shall positively interpret this event,” says Mirosław Taras, the President of the Management Board of LW Bogdanka S.A.
