The Management Board of Polwax S.A. ("Issuer") informs that on Tuesday, August 25, 2020, The Polish Financial Supervision Authority approved the prospectus of Polwax S.A., drawn up in connection with the public offering of series E shares and the intention to apply for admission to trading on the regulated market of series E shares, subscription rights for series E shares and rights to series E shares of Polwax S.A. The prospectus was published on August 26, 2020, on the Issuer's website.
In the opinion of the authorities of Polwax, operating in the paraffin industry, the Polish paraffin wax market is strengthening its position among international competitors. This is due to changes in the product portfolio targeted at new market sectors and industries.
Bearing in mind the trade relations between us and transparency of our activities, we would like to inform that all Polwax SA plants conduct production activity in an uninterrupted way and in full extent.
Industrial paraffin producer Polwax offered three tank parks with a total capacity of 8,000 cubic meters to chemical operators in Czechowice-Dziedzice.
The tanks are designed for the storage of chemicals with the exception of fuels and fuel oil, and its own handling infrastructure allows for the handling of both automotive and rail types of transport, it was reported.
In a document adopted on Friday, January 31, 2020, the Company announces an increase in the efficiency of its operations due to the concentration of paraffin production in one plant in Jasło. Continuing cooperation with large recipients of candles and gravelights, and maintaining stability in financing operating activities by restructuring the current debt.
Poland is the largest producer and exporter of candles among all EU countries.
Eurostat data shows that in 2018 Poland produced candles worth EUR 619 million, which represented 38% of the total EU candle production, which amounted to EUR 1.638 billion. Germany and Italy were ex aequo behind Poland, with production worth 164 million Euro, and with shares of 10%.
Polwax received confirmation from Grupa Lotos that it recognized the Polwax’s offer for the purchase of paraffin products in 2020 as the most favourable, the company said. The estimated amount of paraffin products to be purchased will be 22 thousand tons (± 20% in the seller's option) and the estimated value of turnover under the arrangements made so far will be approximately PLN 58 million net in 2020.
Prospectus approval is currently under way in the Polish Financial Supervision Authority, so we cannot discuss the details of the ongoing administrative procedure. We want to emphasize that in connection with the new - in force since July 21 - regulations regarding the prospectus proceedings, the Company had to adapt some of the previous provisions to the new legal regulations. This action definitely extended the whole process.
The Supervisory Board, through the co-option provided for in § 13 point 6 of the Company's Articles of Association, appointed on August 12, 2019 as a new member of the Supervisory Board - Mr Krystian Pater. The decision is a consequence of Mr Tomasz Biel’s resignation from work in the Supervisory Board.
Polwax S.A. informs its shareholders that due to ongoing work at the PFSA Office regarding the approval of the prospectus on the issue of E series shares, until the prospectus is approved by the PFSA Office and published by the Company, the shareholders will not be able to exercise their share-warrants, i.e. subscribe for E series shares. The published prospectus will contain the conditions for conducting it and a detailed schedule of the offer.
On 31.07.2019, pre-emptive rights to the new issue shares will be allocated. Pursuant to the report No 38/2019 of 31.05.2019: "one pre-emptive right to subscribe for new E-series shares will authorize to subscribe for two ordinary E-series bearer shares". "The company will offer a total of 20,600,000 (twenty million six hundred thousand) series E ordinary bearer shares with a nominal value of PLN 0.05 (five groszy), i.e. the maximum number of series E shares."