TDJ has launched a tender offer for Grenevia shares
TDJ has launched a tender offer for Grenevia shares

TDJ Equity I sp. z o.o., a TDJ Group company that owns 50.59 percent of Grenevia's shares, has called for the sale of all remaining Grenevia shares at a price of PLN 2.12 per share. Subscriptions for the sale of shares will last from January 20 to February 28 this year.

Under the tender offer launched today, TDJ Equity I sp. z o.o. (“TDJ”) intends to acquire shares in Grenevia S.A. from investors, thereby increasing its shareholding to 100 percent. In the event that the tender offer reaches a threshold of at least 95 percent of the total number of votes at the general meeting, TDJ will consider the possibility of conducting a squeeze-out of shares belonging to other shareholders, and then delisting the company's shares.

The tender offer share price of PLN 2.12 offered by TDJ includes a premium of 19.1% over the closing price on the day before the announcement of the tender offer, and 8.16% over the volume-weighted average share price for the last three months preceding the announcement of the tender offer. The offered price complies with the law and corresponds to the volume-weighted average market price for the last six months preceding the notice of intent to tender.

Grenevia is undergoing significant transformation, tied to the progressive closure of mines and the reduction of coal extraction. This process is challenging, lengthy, and fraught with risks. Concurrently, the demanding market environment in the company’s areas of operation, combined with capital-intensive investments required to maintain competitiveness, burdens Grenevia’s results and generates increased capital needs. TDJ, as the majority shareholder, supports the company during this difficult process. At the same time, we recognize that some shareholders may not view Grenevia as an attractive investment in the coming years. Considering these market conditions and the low liquidity of the shares, we want to provide investors with the opportunity to sell their shares.

Jacek Leonkiewicz, Chairman of the Board of TDJ

Subscriptions for the sale of shares will be accepted at all brokerage offices operating in Poland that are authorized to receive and forward buy or sell orders for financial instruments. Subscriptions will be open from January 20 to February 28 of this year.

An investor holding Grenevia shares can respond to the tender offer through the brokerage office managing their securities account where the Grenevia shares are held. Investors whose shares are deposited in a custodial account or entities authorized to manage third-party securities portfolios may submit a subscription in response to the tender offer through a brokerage office with which they have an agreement for accepting and forwarding orders.

Investors intending to submit a subscription for the sale of shares in the tender offer should contact their brokerage office to confirm the location, hours, and methods for accepting subscriptions. Subscriptions can generally be made via telephone instructions, through the Internet, or in another manner, in accordance with the internal regulations of the brokerage office. Detailed information on how to subscribe to the tender offer can be obtained by contacting the respective brokerage office.

A subscription for the sale of shares may only be submitted by the shareholder, their legal representative, or a duly authorized proxy.

Santander Bank Polska – Santander Brokerage Office acts as the sole intermediary and financial advisor for the tender offer.

Information about the tender offer is available on the information website: https://lp.tdj.pl/wezwanie.

X