Prague Stock Exchange Co. Ltd.

06/22/2021 | Press release | Distributed by Public on 06/22/2021 06:17

Moneta shareholders disagree with financing of merger with PPF

Prague, June 22 (CTK) - The extraordinary general meeting of Moneta Money Bank today supported the planned merger with the PPF group's banking division but did not approve the proposed financing, which is necessary for the completion of the transaction, spokeswoman Zuzana Filipova told CTK.

As many as 98.4 percent of the shareholders present voted in favour of the merger in the first vote, while at least 50 percent were necessary.

In the subsequent second vote on a capital hike, only 61.69 percent supported such a step, while 75 percent of votes were required.

PPF's banking division includes Air Bank, consumer loan provider Home Credit Czechia and Slovakia, and Benxy, a firm running the online platform for peer-to-peer loans Zonky.

Moneta is to acquire 100 percent of shares of Air Bank Group from PPF Group for a total consideration of Kc25.9bn consisting of two components - cash payment Kc2.59bn and cash proceeds contributed by PPF Group through the subscription for 291,375,000 newly issued Moneta shares. The new shares will be issued at Kc80 per share, increasing capital of the bank.

PPF Group will then hold an estimated 55.38 percent of Moneta and will therefore have to make a mandatory tender offer to acquire up to 100 percent of Moneta shares at a minimum price of Kc80 per share.