Brief: Famur Assumes Transformation Into "Green" Holding, Plans Buyback

Grenevia SA

26/05/2021 07:24

May 26 (Reuters) - Famur SA  FMF.WA :
    * SAID ON TUESDAY THAT MANAGEMENT HAS ADOPTED GROUP'S NEW
STRATEGIC DIRECTIONS
    * GIVEN SIGNIFICANT LINK BETWEEN GROUP'S REVENUES AND THE
DOMESTIC
STEAM COAL MINING SECTOR (ABOUT 64% OF REVENUES IN 2020),
MANAGEMENT DECIDED TO MODIFY STRATEGY FOR 2019-2023 
    * THANKS TO MODIFICATION IN STRATEGY THE ESTIMATED SHARE OF
REVENUE RELATED TO THE STEAM COAL SECTOR SHOULD FALL BELOW 30%
IN 2024
    * THE COMPANY ASSUMES DEVELOPMENT TOWARDS HOLDING INVESTING
IN
GREEN TRANSFORMATION, IN THE FIRST PLACE BY ENTERING THE SEGMENT
OF COMPREHENSIVE IMPLEMENTATION OF PHOTOVOLTAIC PROJECTS FOR B2B
MARKET
    * NEW STRATEGIC DIRECTIONS WILL FOCUS ON ORIENTATION ON
GENERATING
CASH FROM OWNED MINING ASSETS BY FOCUS ON THE MOST PROFITABLE
AND STABLE PRODUCT AREAS AND CURRENT ADJUSTMENT OF OPERATING
ASSETS STRUCTURE IN ACCORDANCE WITH THE DIRECTION OF POLAND'S
ENERGY TRANSFORMATION
    * COMPANY ASSUMES TRANSFORMATION OF SELECTED PRODUCTION
PLANTS,
INTER ALIA, IN THE STRATEGIC PARTNERSHIP MODEL FOR EXAMPLE JV,
LICENSE AGREEMENTS IN INDUSTRIAL SECTORS, ESPECIALLY FOCUSED ON
MANUFACTURERS OF MACHINERY AND EQUIPMENT FOR RENEWABLE ENERGY,
TRANSPORT AND LOGISTICS
    * THE EXPANSION OF THE GROUP IN NEW DIRECTIONS IN THE FIRST
PHASE
OF IMPLEMENTATION WILL REQUIRE REINVESTMENT OF PROFITS, WHICH IS
CONNECTED WITH THE NECESSITY OF CHANGING DIVIDEND POLICY
    * THE POSSIBLE AMOUNT OF PROPOSED DIVIDEND WILL DEPEND ON
THE
ACHIEVED PROFITS IN A GIVEN YEAR, ATTRACTIVENESS OF NEW
ENTERPRISES AND THE PERSPECTIVE OF GROUP'S DEVELOPMENT AND
GROUP'S FINANCIAL AND LIQUIDITY SITUATION
    * AT THE SAME TIME MANAGEMENT WILL RECOMMEND TO THE GENERAL
MEETING ALLOCATING 70 MILLION ZLOTYS FOR BUYBACK
    * THE TOTAL NUMBER OF THE SHARES PROPOSED FOR PURCHASE WILL
NOT
EXCEED 5% OF SHARE CAPITAL, WHICH IS 28.7 MILLION SHARES
    * BUYBACK WOULD BE CARRIED OUT IN THE FORM OF PURCHASE OFFER
WITH
PRICE OF 2.50 ZLOTYS PER SHARE
    * MANAGEMENT INTENDS TO IMPLEMENT BUYBACK PROGRAMME IN Q3
    * GROUP'S ENTRY IN NEW SECTORS WILL BE SUPPORTED BY
COOPERATION
WITH TDJ GROUP       

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM5mkdyma
    
 Further company coverage:  FMF.WA  
   


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