Mostostal Warszawa has received an additional week to repay a loan of over 113.5 million złoty to its majority shareholder Acciona Construcción. The extension, granted 'exceptionally’ until June 30, does not guarantee further leniency, and the company’s survival depends on a capital increase that remains in limbo.
The general meeting of shareholders has twice failed to pass resolutions on the capital increase proposed by Acciona. A third attempt is scheduled for June 25. The Spanish company has set conditions for subscribing to new shares, including a tender offer at 1 zł per share, subject to approval from the Polish Financial Supervision Authority.
According to the management board, the only realistic way to secure capital is through a share issue ranging from 425 million to 570 million złoty. Without it, the company faces restructuring, bankruptcy, or liquidation, with the risk of losing all or most of the investment value. Talks with ten financial institutions have shown that the company’s ability to obtain financing is exhausted, and the value of quickly liquidable assets is insufficient.
Acciona’s conditions and the standoff with shareholders
Acciona Construcción has stated that it is not interested in extending short-term financing indefinitely. The company insists on a comprehensive, long-term solution via a capital increase. However, the tender offer price of 1 zł per share has raised concerns among minority shareholders, as it is far below the current market price of around 3.73 zł.
– The obligation to announce a tender offer at a price reflecting standard mechanisms, which do not account for recent events and are distorted by low liquidity, would be economically unjustified – said a representative of Acciona Construcción in a statement to the market.
Acciona has applied to the Polish Financial Supervision Authority for approval of the 1 zł price. The decision of the regulator is crucial, as the management board has admitted that from July onward, additional financing will be necessary to continue normal operations. The board warned that without the capital increase, the company could be forced into restructuring or insolvency proceedings.
Desperate search for funding
The loan repayment deadline was originally June 23. Acciona agreed to a one-week extension only 'in exceptional circumstances’ and stressed that this did not create any expectation of further extensions. The Spanish group has also refused to provide additional debt financing, leaving the capital increase as the sole viable option.
– The extension of the loan repayment deadline is strictly limited to seven days and does not imply any commitment or expectation of further extensions – stated Acciona Construcción in a letter to the company.
Mostostal Warszawa’s shares closed at 3.73 zł on July 1, down 2.36% on the day. The uncertainty over the company’s future continues to weigh on investor sentiment. The next general meeting on June 25 will be decisive, but until then, the fate of one of Poland’s oldest construction firms hangs in the balance. The management has repeatedly stated that all alternatives have been exhausted and that the capital increase is the only path forward.
Źródło: wnp.pl, Fot. Materiały prasowe / Mostostal Warszawa
