Cordia announces a public tender offer for all remaining shares of Polnord

Cordia International, the 92,92% shareholder of Polnord, has announced a public tender offer to acquire the remaining approximately 7,08% of shares in Polnord SA.

The goal is to increase Cordia’s stake in Polnord SA to 100% of outstanding shares.

The tender offer price has been set at 3,55 PLN a share, offering significant upside to the most recent market price.

At the same time, Cordia has applied for an extraordinary general meeting of shareholders in Polnord SA, in order to make a decision on withdrawing the company’s shares from public trading.

The subscription period of shares will start on the 21st of December 2020 and last until 20th of January 2021. The day of the transaction is planned for 25th of January 2021 with settlement on the 28th January 2021.

Cordia has initially acquired a controlling stake in Polnord by subscribing for 63.7 million series ”T” shares in a public share offer in December 2019.

Later, in February 2020, Cordia announced a public tender offer for the remaining shares and increased its stake further to 92,92%.

As a consequence of Cordia’s engagement, Polnord’s financial situation has stabilised and has managed to meet all its debt obligations seamlessly.

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