News Article Cordia investment Poland Polnord residential shares
by Property Forum | Investment

Cordia International Zrt. has announced a public tender offer to acquire the remaining approximately 7,08% of shares in Polnord SA. The goal is to increase Cordia’s stake in Polnord SA to 100% of outstanding shares.

The tender offer price has been set at PLN 3.55 a share in line with the requirements of the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading, and Public Companies, offering significant upside to the most recent market price.

At the same time, Cordia has applied for an extraordinary general meeting of shareholders in Polnord SA, in order to make a decision on withdrawing the company’s shares from public trading.  The move is in line with Cordia’s previous strategy to continue restructuring Polnord SA and further consolidate Cordia’s operations in Poland.

The subscription period of shares will start on the 21st of December 2020 and last until 20th of January 2021. The day of the transaction is planned for 25th of January 2021 with settlement on the 28th January 2021. The process is managed by PKO BP Brokerage House and may be joined by other brokerage houses to allow an easier participation for clients. 

Cordia has initially acquired a controlling stake in Polnord by subscribing for 63.7 million series “T” shares in a public share offer in December 2019. Later, in February 2020, Cordia announced a public tender offer for the remaining shares and increased its stake further to 92.92%. As a consequence of Cordia’s engagement, Polnord’s financial situation has stabilised and has managed to meet all its debt obligations seamlessly.