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IVL: Invalda will be second largest shareholder in Trakcja Tiltra

Spekuliantai.lt | 2010-11-18 | NASDAQ OMX biržų naujienos | perskaitė: 1499
Raktiniai žodžiai: Invalda AB, IVL
IVL: Invalda will be second largest shareholder in Trakcja Tiltra

Invalda AB Notification on material event 18.11.2010

Invalda will be second largest shareholder in Trakcja Tiltra

On 18 November 2010, AB Invalda and other shareholders of Tiltra Group AB and
AB Kauno Tiltai (further - Tiltra Group) signed an agreement with the Polish
listed railway infrastructure construction market leader Trakcja Polska S.A.
and it‘s largest shareholder Comsa Emte (Spain) group regarding merger of
activities of Trakcja Polska and Tiltra Group.

The Agreement provides for:
1. a) the acquisition by the Trakcja Polska of 100% of shares in Tiltra Group
AB, 96.84% of shares in AB Kauno Tiltai and 22% of shares in Silentio
Investments Sp. z.o.o. (collectively the ”Tiltra Shares”), for a total price of
up to PLN 777,536,000 (EUR 196,794,736 at current EUR/PLN exchange rate 3.951)
(the “Price of the Tiltra Shares”).
The part of the Price of the Tiltra Shares may be reduced by an envisaged
amount of the proceeds from the sale of non-core assets of AB Kauno Tiltai if
such sale is not effected by the Transaction Completion (as defined below).

The Price for the Tiltra Shares will be paid by set-off of the Trakcja Polska's
receivable due from the Tiltra Group Shareholders against (i) the issue price
of the Trakcja Polska's shares referred to in item 1. b) below, (ii) the issue
price of the subscription warrants issued by the Trakcja Polska, referred to in
point 1. c) below, and (iii) the issue price of the bonds referred to in item
1. d) below. A surplus of up to PLN 152,000,000 (EUR 38,471,273) will be paid
by the Trakcja Polska in cash.

1. b) issue by the Trakcja Polska of 72,000,000 subscription warrants and
72,000,000 new shares to be taken up by the Tiltra Group Shareholders on the
Transaction Completion date in performance of the above subscription warrants
for the issue price of PLN 4.56 (EUR 1.15) per share. The Tiltra Group
Shareholders agreed that, within 12 months of the above shares being acquired,
they would not transfer or otherwise dispose of the acquired shares in the
Trakcja Polska in a total number of 48,000,000, save for the exceptions
provided for in the Agreement (lock-up).

1. c) issue by the Trakcja Polska of 47,160,000 subscription warrants at the
issue price of PLN 0.10 (EUR 0.03) carrying the right to take up 47,160,000 new
issue shares in the Trakcja Polska for an issue price of PLN 6.00 (EUR 1.52)
per share. The subscription warrants may be performed from 2 January 2013 to
29 November 2013. The subscription warrants will be taken up by the Tiltra
Group Shareholders.

1. d) issue by the Trakcja Polska of bonds for the total of PLN 292,500,000
(EUR 74,031,891), with maturity date falling on 12 December 2013, bearing fixed
interest of 7% p.a. All bonds will be taken up by the Tiltra Group
Shareholders.

Envisaging that AB Invalda owns 44.78 per cent of Tiltra Group AB, 43.36 per
cent of AB Kauno Tiltai and 0 per cent of Silentio Investment shares, total
proceeds (before expenses related to the deal) to AB Invalda should amount to
PLN 314,120,016 (EUR 79,503,927), from which
(i) PLN 132,317,917 (EUR 33,489,728) is paid in Trakcja Polska shares (issue
price per unit of PLN 4.56 (EUR 1.15));
(ii)PLN 117,882,000 (EUR 29,835,991) is paid in Trakcja Polska bonds;
(iii) PLN 62,019,480 (EUR 15,697,160) is paid in cash;
(iv) PLN 1,900,619 (EUR 481,048) is paid in warrants allowing to subscribe to
19,006,192 new Trakcja Polska shares for issue price of PLN 6.00 (EUR 1.52).

The shareholders of Trakcja Polska, which will change the name to Trakcja
Tiltra, will be as follows:
- Comsa Emte group with c. 35 % of shares, what means maintaining its position
as the strategic partner;
- Invalda with c. 12.5% of shares;
- Other current Tiltra Group shareholders with 18.5%;
- Other shareholders currently being shareholders of Trakcja Polska with
remaining c. 34 %.

Trakcja Polska group is one of the leading groups on the Polish rail
infrastructure construction market. It consists of a holding Trakcja Polska,
PRKiI, Bahn Technik, PRK 7 Nieruchomości and Torprojekt Sp. z.o.o. The Group
generated a turnover of PLN 711.624 million (EUR 180.112 million), EBITDA of
PLN 86.773 million (EUR 21.962 million) and net profit attributable to
shareholders of 71.573 million PLN (EUR 18.115 million) for the year 2009 and
employed over 1,000 persons. Trakcja Polska renders construction and assembly
services for railway and tram infrastructure projects. More information about
Trakcja Polska could be found on www.trakcjapolska.pl

On Wednesday Trakcja Polska share price was PLN 4.75 (EUR 1.20) and market
capitalization amounted to PLN 760.5 million (EUR 192.5 million).

The activities referred to in items 1. a) - 1. d) above will be performed upon
fulfillment of the conditions precedent set out in the Agreement (the
“Transaction Completion”). The Agreement provides for the following conditions
precedent:
2. a) the Trakcja Polska obtains the Office of Competition and Consumer
Protection (OPCC) clearance for the acquisition of the Tiltra Group AB, AB
Kauno Tiltai and Silentio Investments sp.z o.o. shares;
2. b) the Trakcja Polska's general meeting adopts the following resolutions:
(i) a resolution to conditionally increase the Trakcja Polska's share capital
by PLN 11,916,000 (EUR 3,015,945) through the issue of 119,160,000 series G
shares, with the preemptive right of the existing shareholders of the Trakcja
Polska being excluded; (ii) a resolution to issue 72,000,000 series A
subscription warrants and 47,160,000 series B subscription warrants, with the
preemptive right of the existing shareholders of the Trakcja Polska being
excluded; and (iii) a resolution to consent to the Trakcja Polska to accept a
pledge on the shares in the Trakcja Polska's share capital held by the Tiltra
Group Shareholders; if any of the above resolutions is challenged, this
condition will be deemed fulfilled only if such a resolution is not invalidated
in a final court decision.
2. c) the conditional share capital increase effected under resolutions
referred to in point 2. b) are finally registered in the commercial register of
the Polish Court Register;
2. d) the Polish National Depository of Securities adopts a resolution to
conditionally register series G shares issued by the Trakcja Polska as part of
the conditional share capital increase (under the same ISIN code as the other
shares of the Trakcja Polska admitted to trading on the Warsaw Stock Exchange
(WSE) are registered) and the Warsaw Stock Exchange adopts a resolution to
conditionally introduce series G shares to trading, conditional only on a final
registration of such shares by the Polish National Depositary of Securities;
2. e) the Polish National Depository of Securities adopts a resolution to
register and dematerialize bonds referred to in point 1. d) above;
2. f) there is no adverse change with respect to the Tiltra Group or to the
Trakcja Polska's group;
2. g) there are no changes in the applicable legal regulations which could
impose, as a result of the Transaction Completion, on any of the parties to the
agreement, without an intention of such a party, an obligation to announce a
tender offer for the remaining shares of the Trakcja Polska;
2. h) the financial institutions financing the Tiltra Group companies consent
to the transaction provided for in the agreement; and
2. i) the Trakcja Polska obtains a binding declaration of a financial
institution, securing, in addition to the existing financing lines of the
Trakcja Polska and its subsidiaries, a cash financing of at least PLN
60,000,000 (EUR 15,186,029) for a period no shorter than one year; this
condition shall be deemed fulfilled unless not later than 31 December 2010 the
Trakcja Polska delivers to the remaining parties a written statement that this
condition has not been fulfilled.

As a general rule, the liability of the Tiltra Group Shareholders towards the
Trakcja Polska and the Trakcja Polska's liability towards the Tiltra Group
Shareholders under the Agreement were limited to PLN 90,000,000 (EUR
22,779,043) or to the Price, depending on the type of breach.
The Trakcja Polska's claims against the Tiltra Group Shareholders in connection
with representations and warranties given are to be secured by pledge on the
shares in the Trakcja Polska's shares capital held by the Tiltra Group
Shareholders.
If the conditions precedent are fulfilled and the Transaction Completion
provided for in the agreement does not take place due to either party's failure
to perform its contractual obligations, the other party may rescind the
agreement and demand liquidated damages of PLN 10,000,000 (EUR 2,531,005);
however, if the Transaction Completion does not take place due to willful
misconduct of the party failing to perform its obligations and failure to cure
such situation within 7 days after the writing notice of the suffering party,
the liquidated damages will be PLN 50,000,000 (EUR 12,655,024).
If the Transaction Completion does not occur due to any of the Tiltra Group
Shareholders failing to perform its obligations, and subsequently, within 12
months of the planned Transaction Completion date, the Tiltra Group
Shareholders sell the Tiltra Shares, the Tiltra Group Shareholders will be
obliged to pay liquidated damages of PLN 50,000,000 (EUR 12,655,024).

The Agreement specifies the circumstances in which the parties will be entitled
to rescind the Agreement. In particular, a party may rescind the Agreement if
it does not accept the disclosure letter (i.e. compilation of information
disclosed by the other party generally excluding the liability of the party
providing the disclosure letter under the warranties) delivered to it by no
later than 30 November 2010.

The Agreement shall expire in the event no Transaction Completion has occurred
on or prior to 31 March 2011, unless before that time the parties reach
agreement on the postponement of this date. The Agreement shall expire also if
the Trakcja Polska delivers to the remaining parties, not later than 31
December 2010, the declaration that the condition precedent specified in point
2.i) above has not been fulfilled.

Darius Sulnis
President
Tel. +370 5 273 4876

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