Body of the report:
The Management Board of Jastrzębska Spółka Węglowa S.A. ["JSW", "Company"], with reference to Current Reports No. 28/2024, 31/2024, 36/2024 and 40/2024, hereby reports that on 11 September 2024 the Company's Supervisory Board gave a positive opinion on the Management Board's motion and granted consent for redemption of 287,825 series E JSW Stabilization Closed-end Investment Fund ["FIZ”] Investment Certificates with a total estimated value of approx. PLN 400 million, within the limit set for 2024. The estimates are based on the valuation as of 23 July 2024 and may differ from the actual values, which will be known only after the valuation made on the respective redemption date.
In total, according to the information contained in this report and the information provided in Current Reports No. 31/2024, 36/2024 and 40/2024, in 2024, the Supervisory Board gave consent to the redemption of FIZ investment certificates with a total estimated value of PLN 1,390 million out of the redemption amount of PLN 1,500 million planned for 2024.
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's failure to perform this covenant will constitute 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 each redemption, not to recommend the payment of dividends and profit distributions.
Detailed information on the redemption of FIZ Investment Certificates in connection with the consent will be published in periodic reports.
Legal basis: Article 17(1) of Regulation [EU] No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse and Repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.