Enea has kicked off the bookbuilding process to raise its share capital
Enea’s Extraordinary Shareholder Meeting adopted a resolution to raise its share capital. A share placement agreement has been signed to implement this resolution and the bookbuilding process has been launched. Enea also signed an investment agreement with the State Treasury. The purpose of raising the capital is to secure funds for investments in the distribution segment to support the development of RES and smart power grids, which are in line with the Enea Group’s strategic objectives.
The share capital will be raised by issuing no fewer than 1 and no more than 88,288,515 ordinary series D bearer shares with a nominal value of PLN 1.00. This issue will be addressed solely to selected investors where Enea’s current shareholders will not have any subscription rights. At present, Enea’s share capital is PLN 441,442,578.
The bookbuilding process has already been launched and will be conducted according to the principles described in detail in Current Report 20/2022.
The issue price of the new issue shares will be set by Enea’s Management Board after consultation with the Global Coordinator (Pekao Investment Banking), while taking into account the outcome of the bookbuilding process and under the assumption of maximizing the proceeds from the issue. The subscription agreements for series D shares are expected to be executed by investors by 27 April 2022.
In connection with this rights offering the State Treasury has expressed the will to subscribe for no more than 88,288,515 new issue shares for no more than PLN 899,659,967.85. The money for this purpose is supposed to come from the Restitution Fund. The final number of shares subscribed for by the State Treasury will depend on the outcome of the book-building process.
The purpose of raising the share capital is to secure funds for investments to support the development of the distribution grid to satisfy in full the demand for capacity and electricity and connect new entities to the grid, especially in connection with the dynamic development of RES and distributed generation. Improving the SAIDI and SAIFI indicators and reducing grid losses are also some of the stated objectives of the investment program in the distribution segment. One example of the projects that are to be underwritten using the proceeds from raising the share capital consists of investments in expanding and modernizing the high voltage and medium voltage grids and remote readable electricity meters.
It will not be possible to earmark proceeds from the issue for purposes other than investments in the distribution segment. In particular, designating proceeds from the issue to finance coal assets is precluded.
Pekao Investment Banking is supporting Enea in conducting the issuance of series D shares in its role as coordinator and joint bookrunner with Bank Polska Kasa Opieki S.A. – Biuro Maklerskie Pekao, which is acting in the capacity of joint bookrunner and settlement agent.
Enea is actively participating in the transition of the energy sector and developing renewable energy sources. It is one of the largest power companies in Poland that is jointly responsible for the nation’s energy security. It supplies electricity to more than 2.7 million customers. It is the second-largest player on the Polish power market measured by electricity generation. The Group manages the entire value chain on the electricity market: from fuel to the generation of electricity, distribution, sales and customer service. Enea has been listed on the Warsaw Stock Exchange since 2008.
This document is solely for information purposes and in no event should it constitute the basis for making a decision to purchase the securities of ENEA S.A. with its registered office in Poznań (“Company“).
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