Council for Privatisation and Capital Projects approves Information on public offer for takeover of shares of Pljevlja Coal Mine published by EPCG

    #DuškoMarković #TheGovernment #PrimeMinister #CapitalProjects #RightToVote

    Podgorica, Montenegro (26 April 2018) — At today’s 11th session, chaired by the President of the Council and Prime Minister Duško Marković, Montenegro’s Council for Privatisation and Capital Projects approved the Information on the public offer for the takeover of shares of Pljevlja Coal Mine published by the Montenegro Electric Power Company EPCG and recommended to the Government to accept the public offer of EPCG for taking 31.1117% of the capital of Pljevlja Coal Mine that are state-owned… Council for Privatisation and Capital Projects approves Information on public offer for takeover of shares of Pljevlja Coal Mine published by EPCG

    PR ServicePR Service

    Podgorica, Montenegro (26 April 2018) — At today’s 11th session, chaired by the President of the Council and Prime Minister Duško Marković, Montenegro’s Council for Privatisation and Capital Projects approved the Information on the public offer for the takeover of shares of Pljevlja Coal Mine published by the Montenegro Electric Power Company EPCG and recommended to the Government to accept the public offer of EPCG for taking 31.1117% of the capital of Pljevlja Coal Mine that are state-owned.

    The deadline for accepting the offer is 15 days from the day of publication, that is, until 4 May 2018, at 16:00.

    The discussion pointed to the fact that Montenegro owns 31.1117 percent of shares of Pljevlja Coal Mine and 57.015 percent of shares in EPCG, which is also the largest buyer of coal produced in Pljevlja Coal Mine, with a share that does not fall below 90 percent, and that vertical integration of the production process is an optimal solution. The material discussed by the Council stated that the independent appraiser Deloitte Belgrade carried out an assessment of the fair value and investment value of Plevlja Coal Mine, and is in line with the definition in International Financial Reporting Standard 13 (IFRS 13). The fair value of share, as the price that would have been acquired for the sale of assets, paid for the transfer of the obligation in a regular transaction between market participants on the date od measurement, amounted to EUR 6.40 on 31 December 2017, according to the Report. The investment value of share, based on potential business savings, amounted to EUR 6.90 on the same day, according to the Report.

    The price of the shares for which the takeover procedure is carried out amounts to EUR 6.40 per share and is determined in accordance with Article 17, paragraph 4 of the Law on Takeover of Joint Stock Companies, the Study on estimation of the fair value of shares of Pljevlja Coal Mine, also made by Deloitte Belgrade.

    The public offer also includes a threshold of success of 51 percent, which means that a voluntary public offer is considered successful if EPCG acquires at least 2,582,866 shares or 51 percent of the total number of shares of Pljevlja Coal Mine with the right to vote. Otherwise, as stated in the material approved by the Council, EPCG will not acquire the shares of Pljevlja Coal Mine registered in the voluntary public offer for the takeover.

    PR ServicePR Service

    PUBLIC RELATIONS SERVICE OF THE GOVERNMENT OF MONTENEGRO

    Source: Government of Montenegro