Cyfrowy Polsat may prepay PLN 800 million for 67% of PAK-PCE, as it moves into renewable energy

Cyfrowy Polsat concluded an annex to the preliminary agreement for the purchase of 67% shares in PAK-Polska Czysta Energia (PAK-PCE), concluded with ZE PAK on December 20, 2021, extending the end date of the contract by 6 months - until September 30 this year. and obtaining the possibility of a prepayment for these shares in the amount of up to PLN 800.46 million, Cyfrowy Polsat reported.

"On the basis of the annex, the company and ZE PAK (the parties) decided to:

- change of the end date (the so-called long-stop date) by which the parties assumed the fulfillment of all conditions precedent of the contract; and

- making a prepayment by the company to ZE PAK against the selling price for PAK-PCE shares up to the maximum amount being the sum of: (a) the base price specified in the agreement for the shares, i.e. PLN 193,104,000 and (ii) the amount constituting the selling price additional shares in PAK-PCE, which, in accordance with the agreement, will be created as part of the performance of the additional obligation indicated in the agreement (new shares), and then sold to the buyer, i.e. the amount of PLN 607 355 000, which may be adjusted in connection with the capital settlement in accordance with the contract "- we read in the release.

PAK-PCE is a holding company around which the structure of subsidiaries operating in the field of project development in the field of renewable energy sources and the production and use of hydrogen in the capital group is built.

Cyfrowy Polsat and Polkomtel form an integrated media and telecommunications group controlled by Zygmunt Solorz. Cyfrowy Polsat shares have been listed on the WSE since 2008.

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