The final price of the offer shares offered to institutional and individual investors in the public offering of Tauron has been determined at PLN 5.13 (after share consolidation at the ratio of 1:9), i.e. PLN 0.57 before share consolidation.
The final number of the offer shares to be offered in the public offering after share consolidation amounts to 821,033,422 shares which is 51.6% of all shares. Therefore, the value of the offer amounts to over PLN 4.2 billion which makes it one of the two largest offers by a utilities company in Europe this year.
Over 230,000 individual investors placed purchase orders for the shares of Tauron Polska Energia. The shares will be allotted through the WSE in accordance with the Maximum Allotment principle. Individual investors who placed purchase orders for a number of shares lower or equal to the Maximum Allotment will be allotted in line with the purchase orders.
Pursuant to the decision of the Selling Shareholder, i.e. the State Treasury, the final number of shares offered to individual and institutional investors is 205,258,355 (after consolidation) which constitutes 25% of the final number of the offered shares. In accordance with the Prospectus this number has been increased. Originally, 20% were planned to be offered to individual investors. The remaining shares, i.e. 615,775,067 (after consolidation) are intended for Polish and foreign institutional investors.
Approximately 2/3 of the shares for institutional investors will be allotted to Polish investors, mainly to pension funds. The remaining 1/3 of the shares will be allotted to foreign investors from, among others, Great Britain, continental Europe and the United States. The fact that there will be investors from the Central and Eastern Europe, including Bulgaria, Romania, Hungary, the Czech Republic and Slovakia confirms that the position of Warsaw as the financial centre of this part of Europe is strengthening.
The Selling Shareholder intends to allot no more than 5% of the Company’s shares to a single institutional investor.
”Tauron’s public offering is another, after PZU, successful example of the “Small Investors” idea which made over 230,000 individual investors become co-owners of the largest electricity distributor in Poland. Also, great interest of institutional investors in the privatisation of Tauron confirms that they believe the foundations of our economy are strong”, said Aleksander Grad, the Minister of the State Treasury. “We are glad that soon so many new investors will become Tauron shareholders. Our intention is that investors should have their representation in the Supervisory Board of Tauron and jointly decide, together with the State Treasury, about the main lines of development of the Company” he added.
Tauron’s public offering has been carried out in accordance with the global standards for transactions of such size and importance. The offer was intended for retail and institutional investors in Poland. Also, foreign investors were able to invest in the Company’s shares. To make the offering interesting for the largest possible group of investors, the Management Board of the Company held a series of meetings with retail investors who may guarantee development of a stable shareholding structure with a long-term investment horizon. Such strategy will support the implementation of the Company’s strategy, and in particular its ambitious investment programme.
”Recently we have met over 100 investors throughout the Word, including Warsaw, London, New York, Boston, Genève, Frankfurt and Vienna. Good outlook for Poland and for the Polish power sector as well as Tauron’s business strategy are reflected in the demand we recorded among those investors”, said Dariusz Lubera, President of the Management Board at Tauron Polska Energia. “Soon our company will be listed and I hope that we will join the WIG20 index quickly. This is a new chapter in the history of our company, and a very important one. We are counting on the support of our investors and their active participation in the life of the company. I expect good cooperation that should be profitable both for Tauron and the shareholders” he added.
Payments from institutional investors will be accepted until 24 June. In line with the timetable presented in Tauron’s prospectus, the share consolidation should be completed by 25 June 2010. The offer shares will be allotted through the WSE on 28 June. Retail investors will be allotted consolidated shares that will be listed on 30 June. The surplus (the difference between the maximum price and the sales price, i.e. PLN 1.13 after consolidation) will be refunded to the accounts of retail investors that were used to place purchase orders. The surplus will be refunded on the date of allotment to retail investors, i.e. 28 June.
