TDJ Equity II – a subsidiary of TDJ – announced a call for the sale of 30,157,629 PGO shares, representing approximately 31.32% of the total number of votes and shares in the share capital, PLN 1.25 per action, the summoner said. TDJ’s intention is to withdraw PGO from the Warsaw Stock Exchange (WSE).
“As a result of analyzes of the structure of our current investment portfolio, we decided to announce a tender offer for the sale of PGO shares. We do not see any further benefits from this company remaining on the WSE. high costs and limitations related to its presence on the regulated market. From this perspective, we believe that the proposed solution and the offered price are favorable for PGO shareholders “- commented Jacek Leonkiewicz, TDJ managing partner, quoted in the release.
The subscription will be open from December 29, 2020 to January 27, 2021. The expected date of the transaction on the WSE is February 1, 2021, and the expected date of transaction settlement is February 2, 2021.
The intermediary in the tender offer is the mBank brokerage house.
Following the tender offer, TDJ intends to achieve 98.32% of the total number of shares and votes at the general meeting and withdraw the company from the WSE. TDJ currently holds 67% of votes at the PGO general meeting. Together with the parent company – Tomasz Domogała – TDJ owns 68.68% in PGO.
If, after carrying out the tender offer, the summoner achieves, directly or indirectly, 95% of the total number of votes in the company, it intends to conduct a compulsory buyout of the company’s shares held by the remaining minority shareholders of the company.
“TDJ is the main shareholder of two other companies listed on the Warsaw Stock Exchange – Famur S.A. and Zamet S.A. For the avoidance of doubt, TDJ informs that it is not currently considering a tender offer for the remaining companies from TDJ’s portfolio”.
The PGO Group is the largest industrial group in Poland specializing in the production of castings and forgings. It has production divisions: Pioma-Odlewnia with locations in Piotrków Trybunalski and Stalowa Wola, Odlewnia Żeliwa Śrem and Kuźnia Glinik in Gorlice. TDJ is the majority shareholder of PGO.
TDJ is a family business that actively invests in five areas: Equity, Estate, Finance, Venture and Foundation. TDJ Equity’s goal is to build long-term value by investing in mature companies; TDJ Equity’s portfolio consists of companies listed on the WSE – Famur, PGO, Zamet as well as non-public companies FPM and NIUW Glinik.
