PGNiG: PGNiG Management Board’s statement regarding share price decline

The Management Board of Polskie Górnictwo Naftowe i Gazownictwo S.A. (“PGNiG”, the “Company”) states that it is not aware of any factual circumstances that could justify today’s sharp decline in the price of Company shares.
In reference to some media reports, the PGNiG Management Board further states that:
- The statement by a Polish Press Agency journalist made after the press conference on the PGNiG Group’s 2015 performance, on March 4th 2016, claiming that PGNiG was looking at coal assets to secure its coal supply portfolio, is a misinterpretation of the words of President of the PGNiG Management Board, Mr Piotr Woźniak.
The conversation to which the Polish Press Agency refers concerned the planned purchase of heat assets in Poland, in line with the Group’s Strategy for 2014–2022. The heat assets contemplated by the PGNiG Group are held by certain coal sector companies and groups. The President of the Management Board also said he believed it was necessary to secure long-term supplies of coal, considering its current low prices, adding that hard coal was now the key heat generation fuel for PGNiG Termika. He further stated that acquisition was possible if any attractive supply sources were identified.
In the coming months, the Management Board will announce the result of the currently held negotiations over purchase of the heat assets.
- The Management Board has issued no dividend recommendations. On multiple occasions during the press conference and when communicating with the press, Management Board Members stressed that the Company would adhere to the Shareholders’ decision in this respect.