Small shareholders of Kogeneracja, the heat and electric energy producer from Wroclaw controlled by French EDF, have had a success: KNF will view the case. Yesterday, “PB” said that they had complained about DM PKO BP which issued a ‘sell’ recommendation and evaluated the stock at PLN 41 (EUR 11.5). In their opinion, this recommendation does not reflect the real value of the company’s assets which presently generate no income. The analyst estimated the value of the company at just over PLN 600m. Meanwhile, small shareholders believe that Kogeneracja is worth PLN 4bn.
KNF which last week received several motions from shareholders, promises to see into this case.
“We will check it. We will see if the recommendation was done along with the ruling”, Lukasz Dajnowicz, KNF spokesman said.
The commission will also check if the low price and recommendation for small shareholders to sell their stock was done in a conflict of interest. PKO BP gave a credit to Kogeneracja’s subsidiary: Elektrocieplownia Zielona Gora heat plant. Shareholders believe that the controversial recommendation supports EDF, which may easier and cheaper buy the shares on the stock exchange.
The French investor refuses to comment or to say whether it is going to announce a tender call. Since EDF seized control over Kogeneracja, the French company has had several years to increase its stake but did not do this. Ludomir Zalewski, DM PKO BP and the author of the recommendation points out this issue. He will probably increase his value estimates because the bill has been changed concerning carbon dioxide limits, which may influence Kogeneracja results.
(PLN 1 = EUR 0.280)