17 May 2010 --- PAP, GPWInfostrefa --- Bogdanka does not plan for stock issue
“Lubelski Węgiel Bogdanka does not plan for share issue this year nor next year”, announced Mirosław Taras, President of the company.
“We are not working on share issue. Due to shifts in investments, we are not completely sure about meeting the scheduled CAPEX, and also the economic standing of Bogdanka has improved”, said Taras.
“At the moment, there are absolutely no works going on in connection with issues in 2010 and 2011”, he added.
He announced that the company is considering financing investments with debt instruments, bank loans, and lease. Bogdanka assumes that this year’s investments will reach 934 million zlotys. The company had previously revealed that it may be 150-180 million zlotys short.
“We were afraid that with the CAPEX set and difficult market conditions, we would need money and therefore we forecast taking out a bank loan. However, we have abandoned the loan idea, or at least it does not have the same extent as before”, said Taras.
He repeated that Bogdanka will apply for state aid for initial investments. 400 million zlotys is available between the coal companies. “We aspire the get as high a share in that amount as possible”, he said.
The project involving construction of a Mechanical Coal Processing Plant is delayed due to appeal procedure. Taras has announced that the National Appeal Chamber had completed the proceedings and selected Mostostal Warszawa as the contractor for that project. “Budimex appealed to the court, but we think the petition will be rejected and within a week or two we should sign the contract”, stated the President. (PAP)
pel/ gsu/ ana/
17-05-2010 PAP, GPWInfostrefa
“We are not working on share issue. Due to shifts in investments, we are not completely sure about meeting the scheduled CAPEX, and also the economic standing of Bogdanka has improved”, said Taras.
“At the moment, there are absolutely no works going on in connection with issues in 2010 and 2011”, he added.
He announced that the company is considering financing investments with debt instruments, bank loans, and lease. Bogdanka assumes that this year’s investments will reach 934 million zlotys. The company had previously revealed that it may be 150-180 million zlotys short.
“We were afraid that with the CAPEX set and difficult market conditions, we would need money and therefore we forecast taking out a bank loan. However, we have abandoned the loan idea, or at least it does not have the same extent as before”, said Taras.
He repeated that Bogdanka will apply for state aid for initial investments. 400 million zlotys is available between the coal companies. “We aspire the get as high a share in that amount as possible”, he said.
The project involving construction of a Mechanical Coal Processing Plant is delayed due to appeal procedure. Taras has announced that the National Appeal Chamber had completed the proceedings and selected Mostostal Warszawa as the contractor for that project. “Budimex appealed to the court, but we think the petition will be rejected and within a week or two we should sign the contract”, stated the President. (PAP)
pel/ gsu/ ana/
17-05-2010 PAP, GPWInfostrefa