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."
Pursuant to the resolution of the Extraordinary General Meeting of Shareholders of March 25, 2019 regarding the increase of the Company's share capital by issuing no more than 20,600,000 ordinary E series bearer shares - we remind you that the Pre-emptive Rights Day for the new issue falls on July 31, 2019.
The presented financial results are preliminary estimates obtained during the preparation of the financial statements for the first half of 2019 and may change. The final data on the achieved results will be presented by the company in a semi-annual report, which will be published on September 10, 2019, also stated.
For over 10 years, Polwax has been manufacturing anti-caking agents for fertilizers, i.e. agents protecting fertilizer granules against sticking and dusting during technological processes, storage and transport.
Polwax is halfway through the implementation of contracts for recipients from the gravelights market. The company not only produces finished products, but also supplies a wide range of smaller producers in the country with raw materials and semi-finished products. Our advantage is such a combination of appropriate adsorbents with specific additives in the refining process that the paraffin masses offered are characterized by very good color and stability of parameters.
The climate is looking more and more kindly towards Polish vines. It is worth mentioning that Polwax has been cooperating with grape growers in various European countries for many years. Of course also with Polish ones. Among others, FLOROWAX and green waxes have been developed for the vines. These are products designed to protect them during transport and planting. Ceresin also goes to this market. There is no doubt that water loss is particularly severe during transport and shortly after placing the seedling in the ground, when, due to the underdeveloped root system, the water supply of the plant is poor. The wax composition developed by us allows for a significant reduction of related losses.
Every day, millions of cars refuel gasoline and diesel at gas stations in Poland. Among others, laboratories belonging to Polwax S.A. have been taking care of their quality and compliance with standards for 15 years.
The Supervisory Board, through the co-option provided for in § 13 point 6 of the Company's Articles of Association, appointed on July 1, 2019 a new member of the Supervisory Board - Mr. Rafał Moczkowski. The decision of the Supervisory Board is related to the resignation of Mrs. Monika Gaszewska from participation in the Supervisory Board.
Mr. Tomasz Nadolski is a graduate of the Faculty of Management at the University of Economics in Poznan. He also completed post-graduate studies at the School of Management and Entrepreneurship at the University of Economics in Krakow in the field of European Management Studies. He gained professional experience in GRUPA KĘTY S.A., Jastrzębskie Zakłady Remontowe sp. z o.o. belonging to Jastrzębska Spółka Węglowa S.A., LOTOS Oil S.A., EUROTERMINAL Sp. z o.o., ORLEN Oil Sp. z o.o.