Profil:
Jastrzębska Spółka Węglowa SAJSW coal approves cancellation of certificates worth approximately PLN 500 mln
Listed coking coal group JSW agreed to the redemption of JSW Stabilization Closed-end Investment Fund FIZ with a total value of approximately PLN 500 million (EUR 117.2 mln), which will be redeemed in January 2025, the company said in a market filing. According to the agreement, JSW will not recommend the payment of dividends and distribution of profit, unless the company has not made any distributions from the FIZ in the 12 months preceding such recommendation.
It was reported that the proceeds obtained from the redemption of FIZ Investment Certificates will be used both for the Company's current operations and for investment activity.
"At the same time, the company reports that, in accordance with the provisions of the syndicated sustainability-linked loan agreement, the company will not recommend the payment of any dividends and profit distributions unless the company has not made any distributions from the FIZ in the 12 months preceding such recommendation," the company stated.
"The company's failure to perform this covenant constitutes an event of default under
the agreement. Accordingly, in the event of redemption of the investment certificates referred to in this current report, the company will be obliged, for a period of 12 months after redemption, not to recommend the payment of dividends and profit distributions," it added.
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