CMS has supported logistics company PCC Intermodal S.A. in the process of exiting the Warsaw Stock Exchange and re-materialising its shares. Following a squeeze-out that was completed earlier this year, the company was delisted and its shares rematerialised on 11 September 2018. The main shareholder, PCC SE, said in a press release that the exit of PCC Intermodal from the Warsaw Stock Exchange is expected to increase its flexibility in terms of financing and implementing an investment programme.
Currently, the German company PCC SE holds 98.40% of shares in PCC Intermodal S.A. The remaining shares belong to the members of the management board of the company operating in Poland.
“The recently observed trend of public companies delisting from the Warsaw Stock Exchange is related to increasingly restrictive regulations, including those introduced by the MAR which has raised costs for a listed company, as well as the current market environment on the WSE”, says Rafał Kluziak, counsel, leading the project on behalf of CMS.
The CMS team’s work included legal advice during the delisting and the squeeze out. The team was led by Rafał Kluziak, counsel, supported by Jakub Szczygieł and Karolina Stepaniuk, lawyers from the Corporate & M&A team. Błażej Zagórski was the supervising partner. For PCC SE the project was managed by Peter Berger, head of legal, and Riccardo Koppe, director group controlling.
CMS has also recently worked on the delisting of companies such as Emperia Holding S.A. and Olympic Entertainment Group AS.