The Management Board of TAURON convened the Extraordinary General Meeting on 9 November, during which, among others, increasing of the share capital by PLN 400 million is planned. It will take place through the issue of 80 million of non-voting shares with the nominal value of PLN 5 per share.
The acquisition of financing through increasing of share capital will not have an adverse impact on the net debt-to-EBITDA ratio which reached the safe level of 1.93 x at the end of the first half of 2015.
- Increasing of share capital will facilitate the implementation of the ambitious investment programme by TAURON Group. This project will contribute to maintaining of the company reliability and strengthening of its image as a credible partner for financial institutions. It is also worth noticing that such a support of the dominating shareholder may have a positive impact on decisions concerning the Group, made, inter alia, by banks– informs Jerzy Kurella, President of the Management Board of TAURON Polska Energia.
In case if positive decisions of the General Meeting are obtained, the share capital of TAURON will increase to PLN 9.16 billion. The contribution on account of increasing of the share capital will be made in-kind by the State Treasury in the form of shares released for public trading on the Warsaw Stock Exchange.
The values of new series will be registered non-voting shares (i.e. with the excluded voting right), privileged in the scope of the dividend, which will amount to 200 per cent of the dividend attributable to any other non-privileged share. This privilege will expire if the sum of the dividend paid for such shares covers the difference between the current price of shares and their nominal value.
Holders of non-voting shares have the right to participate in profit distribution but they have no voting right, therefore the position of individual shareholders during voting on resolutions at the General Meeting will not change. The proposal of the company is a new quality on the Polish capital market.