Body of the report:
The Management Board of Jastrzębska Spółka Węglowa S.A. ("Company", "JSW") hereby reports that on 10 November 2021 it adopted a resolution approving, among other things, the carve-out from the KWK "Jastrzębie-Bzie" mine of an organized part of JSW's enterprise in the form of the "Jastrzębie III" Mining Area in KWK "Jastrzębie-Bzie" (“OPE") with the aim of disposing of the OPE free of charge ("Transaction") to Spółka Restrukturyzacji Kopalń S.A. ("SRK").
The objective of the Transaction is to optimize the Company's non-productive assets in connection with the plan to discontinue mining in the "Jastrzębie III" Mining Area and to reduce the headcount using state budget funds, which is made possible by the amendment of the Act on the functioning of the hard coal mining industry and certain other acts of 7 September 2007 ("Act").
The transfer of the OPE to SRK will be possible upon satisfying specified conditions, including obtaining the consent of the Company's Supervisory Board and Shareholder Meeting, as well as the entry into force of an amendment to the Act this year enabling a mining company to dispose, free of charge, of a mine, a mining plant or a designated part thereof involved in hard coal extraction or mining works to SRK in the period from 1 December 2021 to 31 December 2023 in order to carry out their liquidation.
The Transaction is scheduled to be effected on 1 January 2022.
Key details on the execution of the Transaction will be published in separate reports.
Legal basis: Article 17(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