Mennica offers EUR 123 million for the remaining shares of Legacy Tower

by   CIJ News iDesk III
2021-07-20   10:06
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Mennica Polska decided to submit an offer to purchase the remaining 50% of the shares of Mennica Towers GGH MT (which is the direct owner of the Mennica Legacy Tower investment in Warsaw), ensure the repayment of its bonds and purchase of shares in GGH MT through a subsidiary under the name Mennica Polska Spółka Akcyjna Tower SKA, the Mennica reported. The price for the shares, the price for the shares and the bond repayment amount will total EUR 123 million.

Based on the offer of Mennica Polska Spółka Akcyjna Tower S.K.A. (investor)

- will buy from the seller 75 million registered shares with a nominal value of PLN 1 each and with a total nominal value of PLN 75 million, representing 50% of the share capital of the company under the name Mennica Towers GGH MT and 50 shares with a nominal value of PLN 100 each and a total nominal value of PLN 5,000 PLN, representing 100% of the share capital of the company under the name GGH MT, which is the sole general partner of the special purpose vehicle.

- will undertake to repay or pay off all registered bonds issued by the SPV belonging to the seller as at the date of the planned conclusion of the contract of sale.

The price for the shares, the price for the shares and the bond repayment amount will total EUR 123 million. The transaction will be financed in part with funds obtained from a loan granted under a loan agreement to be concluded between, inter alia, a special purpose vehicle as borrower, Aaeral Bank AG as lender and Berlin Hyp AG as lender and security agent.

The offer includes a mechanism of retaining a part of the transaction value, and the release of the retained funds depends on the fulfillment of the conditions specified in the offer. The total amount of the transaction value retained at the date of the offer is EUR 3,405,000. The offer is valid for 14 days.

In April, Mennica Tower, a subsidiary of Mennica Polska, agreed on the boundary conditions for the purchase of the remaining 50% of shares in the special purpose vehicle Mennica Towers GGH MT, which is the direct owner of the Mennica Legacy Tower investment in Warsaw, and decided to resume negotiations.

Previously, the Mint conducted negotiations on this issue in November 2020 and ended them in the face of "fundamental discrepancies in the negotiated terms of a potential transaction".

The Mennica Legacy Tower, which is a joint investment of Golub GetHouse and Mennica Polska, received in November last year. valid use permit.

The Mint of Poland, recognized as one of the most technologically advanced mints in the world, is a leading producer of coins and numismatics in Poland and Europe. It is also the only producer of investment gold bars in Poland and a leader in the implementation, service and development of city card systems. Moreover, it carries out development investments in Warsaw. The company has been listed on the WSE since 1998.

Source: Mennica Polska and ISBnews