Signing the Term-Sheet is a consequence of the end of discussions held between the partners for several months. In January this year, JSW made a conditional and binding offer to take over 95.01 per cent of Przedsiębiorstwo Budowy Szybów. Approx. 95 per cent of PBSz shares are owned by the companies of the KOPEX Group which is currently part of the FAMUR Group. The parties have 3 months from the moment of signing the Term-Sheet to sign the final agreement which specifies the parties’ rights and obligations and the terms of the transfer of shares from PBSz to JSW.
“We are about to finalize the transaction of the sales of Przedsiębiorstwo Budowy Szybów shares. This activity results from the put option concerning this asset, which was taken into account in the restructuring agreement of 1 December 2016, as a way to repay the debt and to complete the process of restructuring of the Kopex Group. At the same time, it will allow us to focus on the improvement of the operating model and the implementation of the new development strategy of the FAMUR Group. It should be emphasised that the Term-Sheet sets only the frameworks for the transaction the implementation of which will depend on the negotiations and conclusion of the share sales agreement and on the fulfilment of a number of conditions“, says Bartosz Bielak, Vice-President of the Kopex SA Management Board
The transaction depends on i.a. the consent of the Office of Competition and Consumer Protection to the consolidation, release the encumbrance on the property of PBSz and on the subject of the transaction resulting from the restructuring agreement, conclusion of satisfactory agreements with trade unions of PBSz and its two largest contractors (i.e. Tauron Wydobycie SA and KGHM Polska Miedź SA) in order to confirm the status of implementation of contracts as well as on the consent of the bondholders of JSW and obtaining corporate approvals.
The business activity of PBSz includes the provision of specialised mining services: vertical excavations (mainly shafts and fore-shafts), horizontal excavations and tunnels, construction services, activity in the field of architecture, engineering, rental of automatic machinery and equipment, in the scope of the assembly, repair and maintenance of machinery for mining, quarrying and construction industries.