At the request of shareholders of TAURON Polska Energia a break until 23 November was announced in the company's Extraordinary General Meeting of Shareholders convened on 9 November.
The shareholders justified the break in the Extraordinary General Meeting of Shareholders with the necessity of in depth analysis of the issue of capital increase, which is the main item on the agenda of the meeting.
The Management Board of TAURON convened an Extraordinary General Meeting on 9 November. The plan of the meeting includes i.a. the consideration of a resolution on the increase of share capital by PLN 400 million. It is to take place through the issue of 80 million non-voting shares with a nominal value of PLN 5 (five) each. The new series will consist of non-voting registered shares, carrying privileged dividend rights, which will amount to 200% of the dividend attributable to any other non-privileged share. The privilege will expire when the total sum of the paid dividends will cover the difference between the current price of the shares and their nominal value. Holders of the non-voting shares have the right to participate in profit sharing, but they do not have voting rights and therefore the position of the individual shareholders during the voting on resolutions at the General Meeting will not change. This proposal represents a new quality on the Polish capital market.
- I believe that the shareholders will support the issue, because it is beneficial for the company and for the shareholders. This issue is very important for TAURON, which needs to modernize and increase its efficiency. It should also be emphasized, that the issue is beneficial for both the Group as well as the shareholders, also including minority shareholders. On the one hand, the company will obtain valuable liquid assets, in the form of the shares of PKO BP, on the other hand the number of votes of the shareholders will not change, since the issued shares will be deprived of voting rights - says Jerzy Kurella, Chairman of the Management Board of TAURON Polska Energia.
In the case of a positive decision of the General Meeting of Shareholders, TAURON's share capital will increase to PLN 9.16 billion. The State Treasury will make an in-kind contribution towards the company's share capital increase in the form of PKO BP shares which are publicly traded on the Warsaw Stock Exchange.