Warsaw Stock Exchange acquires POLPX shares

Warsaw Stock Exchange acquires POLPX shares

24/02/2012

  • POLPX shares worth almost PLN 180 million have been registered on WSE’s account today;
  • The Warsaw Stock Exchange has signed agreements to acquire more blocks of shares in order to reach a target investment of more than 90% in POLPX;
  • The WSE diversifies its income, uses synergies, and develops the Polish commodity market.

The Warsaw Stock Exchange has today acquired shares of the Polish Power Exchange (POLPX or TGE S.A.) under a sale agreement concluded with the shareholders of POLPX on 8 November 2011. The shareholders of POLPX: the State Treasury, PGE Polska Grupa Energetyczna S.A., PGE Elektrownia Opole S.A., PGE Górnictwo i Energetyka Konwencjonalna S.A., Elektrim S.A., Elektrim-VOLT S.A., Zespół Elektrowni Pątnów–Adamów–Konin S.A., ENERGA S.A., E.ON Energy Trading S.E., sold 1,164,750 POLPX shares with a nominal value of PLN 10 each on 24 February 2012. The value of the transaction was PLN 179.371.500.

The acquired shares constitute assets of significant value and exceed 10% of the WSE’s equity. The acquisition was financed with cash raised in the issue of WSE’s series A and series B bonds introduced to trading on Catalyst.

The WSE holds shares which represent 82.66% of the share capital of POLPX and confer 82.66% of the total vote at the General Meeting of POLPX.

In addition, the WSE has signed agreements to acquire another 7.68% of POLPX shares. The rights attached to the shares to be acquired under these agreements will soon be transferred to the WSE.

WSE CEO Ludwik Sobolewski said about the acquisition: “It was a complex deal subject to almost all conditions, restrictions and formalities possible in an acquisition. We are closing yet another stage of integrating the national trading and clearing infrastructure on the capital and commodity markets. We are opening a new chapter by taking the commodity exchange market to a development level known on full-fledged markets, similar to the current maturity of the Polish financial instruments market.”