CMS has advised Grupa Azoty Zakłady Chemiczne “Police” S.A. on the company’s public offering. According to the prospectus approved by the Financial Supervision Authority on 5 November 2019, the public offering will entail an issue of 110 million ordinary series C bearer shares with a nominal value of PLN 10 each. The company is also planning to have 75 million individual preemption rights for series C shares and 110 million ordinary series C bearer shares listed on the Warsaw Stock Exchange’s primary market.
“In the current situation on the capital market, where we still have a lot of questions regarding ECPs (Employee Capital Plans) or the future of Open Pension Funds, the decision to raise capital through the market must be prepared very carefully, both at the stage of preparing the offering documentation (including the prospectus), during the process of attracting investors and conducting the offering itself. If investors subscribe for all the offered shares, the value of the offer will be approximately PLN 1.1 billion, which will make it the largest offering on the Warsaw Stock Exchange this year”, says Rafał Zwierz, the partner in charge of the transaction and head of the capital markets practice at CMS.
According an announcement, Grupa Azoty Zakłady Chemiczne “Police” S.A. is planning to apply the proceeds to funding the Polimery Police project, an integrated chemical complex comprising a propylene production installation, a polypropylene production installation, an LNG transhipment and storage terminal, logistics infrastructure and auxiliary installations.
The CMS team advising on the transaction has been led by Rafał Zwierz, partner and legal counsel, supported by Katarzyna Grodziewicz, legal counsel, and Magdalena Zmysłowska, advocate, both specialists in capital markets, as well as Natalia Szurnicka, a lawyer from the transaction team.