PKN ORLEN amends applications for MTO of shares in UNIPETROL, PARAMO and SPOLANA
On August 25th and 26th PKN ORLEN has filed with the Czech Securities Commission amended applications for consent to PKN ORLEN’s announcements of mandatory tender offers of shares issued by UNIPETROL, PARAMO and SPOLANA. The applications include all additional information required by the Commission.
All the issues raised and questions received from the Commission on August 23rd and 24th were immediately passed to an independent expert who prepared the valuation. Following the expert’s work to implement Commission’s comments and indications concerning some aspects of the complex appraisal of the shares, the valuation report has been amended and includes new price proposal for UNIPETROL shares.
The price proposed by PKN ORLEN in the amended application is CZK 139 per one UNIPETROL share. The prices proposed in applications regarding PARAMO and SPOLANA didn`t change and are as follows: CZK 978 per one PARAMO share; and CZK 155 per one SPOLANA share.
The new, higher price reflects the additional comments from the Commission regarding the methodology of the valuation.
By asking for additional information on August 24th the Commission set up the deadline for its final decision for August 31st.
