20
PGNiG
PGNiG on the
Stock Exchange
PGNiG’s Position on the WSE
PGNiG, whose stock was foated on September 23
rd
2005, is one of the largest Polish companies listed
on the Warsaw market. The Company enjoys the
“blue-chip” status, and its shares are listed as part
of the WIG20 index (since December 15
th
2005) and
the prestigious emerging market index compiled
by Morgan Stanley Capital International Inc. (MSCI).
Alongside six other names from the fuel sector,
PGNiG is included in the WIG-Fuels sectoral index.
On January 25
th
2011, for the second time the WSE
announced a list of companies listed as part of the
RESPECT social responsibility index. PGNiG was
again among the select group of 16 names listed
as part of that index. The Company stock was also
included in the new WIGdiv index, listed since
January 3
rd
2011. WIGdiv comprises 30 stocks with
the highest dividend yields and regular dividend
payments.
Shareholder Structure
As at December 31
st
2010, PGNiG’s share capital
amounted to PLN 5,900,000,000 and was divided
into 5,900,000,000 shares with a par value of PLN 1
per share. The shares of all series, that is Series A,
A1 and B, were ordinary bearer shares and each of
them conferred the right to one vote at the Gen‑
eral Shareholders Meeting. The Company’s Articles
of Association do not provide for any restrictions
on the exercise of voting rights attached to the
Company shares.
The State Treasury remains the Company’s major‑
ity shareholder. On June 26
th
2008, the Minister of
the State Treasury disposed of one PGNiG share on
general terms, which – pursuant to the Commer‑
cialisation and Privatisation Act of 1996 – triggered
the eligible employees’ rights to acquire free of
charge a total of up to 750,000,000 PGNiG shares.
The start date for executing agreements on the
acquisition of Company shares free of charge was
April 6
th
2009. On October 1
st
2010, the eligible
employees’ rights to acquire PGNiG shares free of
charge expired. Heirs of the eligible employees
who were entitled to acquire PGNiG shares free
of charge may exercise their rights also after that
date, provided that they fled – on or before Octo‑
ber 1
st
2010 – a court petition to declare that they
had acquired the eligible employees’ rights by way
of inheritance.
As at December 31
st
2010, 59,134 eligible employ‑
ees acquired 726,349,467 shares, which confer the
right to 12.31% of the total vote. Consequently, the
State Treasury’s stake in PGNiG SA fell to 72.43%.
The Company shares acquired free of charge by
eligible employees or their heirs were subject to
a lock-up until July 1
st
2010, while the Company
shares acquired free of charge by members of the
Management Board are subject to a lock-up until
July 1
st
2011.
T h e y e a r 2 0 1 0 ma r k e d t h e f i f t h a n n i v e r s a r y o f P G N i G ’ s
I P O o n t h e Wa r s aw S t o c k E x c h a n g e . T h e y e a r wa s
n o t a b l e f o r y e t a n o t h e r r e a s o n – i n J u l y t h e C omp a n y ’ s
f r e e f l o a t i n c r e a s e d f r om 1 5% t o 2 7% .
Shareholder structure in 2009 – 2010
Shareholder
Number of shares/votes
attached to the shares
as at Dec 31 2009
Percentage of share capital/
total vote at the GM
as at Dec 31 2009
Number of shares/votes
attached to the shares
as at Dec 31 2010
Percentage of share capital/
total vote at the GM
as at Dec 31 2010
State Treasury
4,303,686,368
72.94%
4,273,650,532
72.44%
Others
1,596,313,632
27.06%
1,626,349,468
27.56%
Total
5,900,000,000
100.00%
5,900,000,000
100.00%
Mission
Key Figures
Key Events
Letter from the
President of the
Management
Board
Management
Board
Letter from the
Chairman of the
Supervisory Board Supervisory Board
PGNiG on the Stock
Exchange
Strategy for the
PGNiG Group
until 2015
Exploration
and Production