Body of the report:
The Management Board of Jastrzębska Spółka Węglowa S.A. (“JSW”, “Company”) reports that on 9 October 2020 it adopted a resolution to retire series A Investment Certificates in the JSW Stabilization Closed-End Investment Fund (“CIF”) for a total estimated amount of approximately PLN 300 million. At the same time, on the same day the Company’s Supervisory Board consented to the foregoing retirement in accordance with JSW’s Articles of Association.
The funds from retiring the CIF Certificates are scheduled to be received as follows, i.e. roughly PLN 300 million in November 2020. The funds obtained by retiring the CIF certificates will be used for purposes associated with the Company’s ongoing operations, including the settlement of obligations to contractors and investment activity.
The closed-end investment fund was created by the Company to counter possible threats related to a deterioration in liquidity, its stabilization and mitigate the impact posed by coal and coke price volatility and maintain the continuity of the Group’s operating and investment activities.
The carrying value of the investments in the CIF’s asset portfolio as at 30 September 2020 was PLN 782.7 million.
Legal basis: Article 17 Section 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse and Repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.