Mondi Świecie S.A. (the Mondi Group’s 66% owned subsidiary in Poland) has announced its intention to exercise an option to acquire 100% of the shares in Saturn Management Sp. z o.o (SM). SM owns the power and heat generating plant which supplies Mondi Swiecie S.A. with the majority of its electricity requirements and all its heat and steam needs.
The transaction is subject to the following conditions:
i) Obtaining a ruling from the Arbitration Court of the National Chamber of Commerce in Poland confirming that the Voluntary Call Option (as provided for in an Agreement between the parties dated 29 April 2002) remains binding on the conditions set out in the claim, including inter alia the determination of the purchase price. Based on the formula presented in the claim, the purchase price for 100% of the shares in SM under the Voluntary Call Option is calculated at €28.815m. As at 31 December 2009, SM reported net debt of PLN254.627m (€61.98m);
ii) Consent of the financing banks of SM; and
iii) Approval of the relevant competition authorities.
The claim referred to above was filed with the Arbitration Court of the National Chamber of Commerce on 4 February 2011
