Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
WARSAW, 15 March (Reuters) - Jastrzebska Spólka Weglowa (JSW) JSW.WA would like to reach an agreement on the acquisition of Prairie Mining PDZ.AX by the end of April, said Daniel Ozon, President of JSW on Friday.
"Valuation advisors are working on independent valuations and we want to inform you in a communiqué by the end of April. (We want to achieve the key terms of the transaction, i.e. sign (the agreement) for the acquisition of control, after talks with Praire". - said the president of Ozon at the conference.
At the end of February 2019, the companies extended the term of the confidentiality agreement concluded in March last year by another six months, until 28 September 2019.
The fact that Prairie Mining appeared on the international arena with claims against the Polish government estimated at PLN 8-10 billion did not change the interest in its takeover by Jastrzebska Spólka Weglowa. - We are moving to the next phase of talks - says Daniel Ozon, president of JSW.
Australians have two projects in their portfolio. The first is the reactivation of the Debiensko mine in Czerwionka-Leszczyny, the other is the construction of the Jan Karski mine in the Lublin region. However, according to representatives of Prairie Mining, the Polish government has torpedoed the procedure of access to deposits and construction of new mines. Hence the decision on international arbitration and Prairie Mining's claim estimated at PLN 8-10 billion.
As pointed out by Daniel Ozon, president of JSW, the mining company is still interested in taking over Prairie Mining and is in talks with Australians.
- We are moving to the next phase of talks. The next weeks of intense work are ahead of us. I have several visits to London during which meetings with advisers who help us in these conversations are planned. In the next stage we will talk with the main shareholders of Prairie Mining - emphasizes the head of JSW.
Ozon counts that the mechanism on how JSW could take over the Australian company will be worked out in March or April. Most likely, the takeover of the controlling stake would be involved by purchasing a new share issue of Prairie Mining. As the President of JSW argues, one of the main topics of the talks will be the valuation of shares that would be accepted by both parties.
- In addition, it would be necessary to withdraw the international claim announced by an Australian investor. I can not imagine that the State Treasury company we are, with 55 percent. participation of the state, having control over Prairie Mining was also in dispute with the State Treasury. I believe that we can be a catalyst for the resolution of this international dispute and lead to the takeover of control over these assets - says the head of JSW.
As Ozon adds, JSW is still interested in both Prairie Mining projects. It would be easier and potentially faster to start mining in Czerwionka Leszczyny. In the first phase, JSW could reach for coal using the underground infrastructure of the Szczyglowice movement, part of the Knurów-Szczyglowice mine. Debiensko has 35 coking coal (hard).
- Jan Karski, on the other hand, has semi-soft coal resources. I want to emphasize how sensitive this product is. After the tragedy at Rydultowy in January and February in Szczyglowice, we have a very large shortage of semi-soft coals on the Polish market. Our coking plants and coking plants, which operate on the Polish market, had to be a few percent. reduce production due to the lack of availability of coals necessary for optimal blends in coking - marks Ozon
Was thinking the cards were evenly distributed but the more I look at this, the better hand PDZ seems to have..
Whilst Reuters disclosed 8-10 B PLN possible cliam, the bod are wisely tight lipped and subtle.
The Company advises that it is not in a position to comment on the potential size of the claim that may be made against the Polish government should the dispute not be resolved amicably. [from the last RNS]
Great posts below - not the greatest negotiators the Poles though - giving these statements to the media is a gift.
Jimzi - what do you make of BOU ?
Not a clue mate - never heard of it!!
Notice ASX down 7% today - all level here though
They changed the name yesterday from PSL :)