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OT Logistics has a conditional sale agreement 87.94% of C. Hartwig Gdynia shares
Author:Mariusz Dasiewicz
OT Logistics concluded a conditional share sale agreement with Rhenus Beteiligungen International GmbH (Rhenus), under which OT Logistics will sell to Rhenus 87.94% of shares in C. Hartwig Gdynia (CHG), i.e. all shares of CHG held by OT Logistics, provided the company.
The transfer of ownership of shares will also include a parallel settlement of other assets and liabilities related to the operational activities of CHG and connecting CHG to the OT Logistics Group, whose value forms an integral part of the financial terms of the transaction, is given.
Under the terms of the conditional share sale agreement, the closure of the transaction (including, inter alia, the transfer of shares in CHG and the payment of the sale price) depends on the fulfilment of the suspensory conditions, including, inter alia, the granting of approval to the concentration by the President of the Office for Competition and Consumer Protection; the failure of the National Agricultural Support Centre to exercise its right to initial acquisition of the shares, because CHG is the owner of the agricultural property; the adoption by the supervisory board of resolutions of the company agreeing to the transaction
The closing and settlement of the transaction shall take place after the suspension conditions have been fulfilled. The Parties provided that all the conditions of suspension should be met no later than 20 October 2021 (with the possibility of extension in certain cases until 15 December 2021), it was stressed.
As part of the transaction, Rhenus also committed to repay CHG's credit debt, with credit limits of up to PLN 22 million by granting a CHG loan to close the transaction.
As a result of the OT Logistics transaction, OT Logistics expects to obtain revenue to repay its financial liabilities and increase OT Logistics's turnover of a total equivalent to 20% of the OT Logistics balance sheet total, recorded at the end of the 2020 financial year, i.e. around PLN 87 million, was also reported.
"In connection with the implementation of the transaction, the OT Logistics Board maintains the ability to fully repay or refinance the current debt to financial creditors and to achieve the full financial stability of the OT Logistics Group by the end of the fourth quarter of 2021", concluded.
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