“Having consulted the ministry of the treasury, Enea believes that investors should have the opportunity to see first half financial reports. The company has decided to continue preparations for the IPO after holidays”, this is the statement published by Eneal after pb.pl portal had revealed that the IPO was delayed from July till autumn.
This is just the official explanation. The real motive was different. The company does not reveal it. The truth is that trade unions and the owner, i.e. the state, did not reach agreement concerning the sale of shares owned by employees. In the IPO, only newly issued shares were supposed to be traded. This means that the employees could not sell their shares as long as the treasury did not sell at least one share. Trade unions wanted the ministry to pledge to sell at least one share within 12 months since the debut. The agreement was negotiated among representatives of Enea, the ministry and trade unions. Aleksander Grad, the minister of the treasury, has not signed it. The ministry refused to comment.
“We are very happy that we managed to block Enea IPO”, Piotr Adamski, the head of Enea Solidarnosc commented.
He admits that the lack of agreement with the ministry concerning the sale of the shares was the reason. Even if the offer was conducted this month, trade unions would do everything to disturb it.
“We would be in conflict with the management and we would try to convince investors not to buy Enea shares”, Piotr Adamski said.