The CEO bought part of Columbus Energy for PLN 87.4 million

The announcement stated that the organized part of the enterprise (OPE) includes a separate organized set of intangible and tangible assets in the organizational structure of Columbus intended for conducting business activity , which includes in particular: shares in all farm and warehouse companies (i.e. 116 companies), assets held for conducting this activity, receivables, agreements related to OPE, concessions and permits, industrial and intellectual property rights, and personal capital.

In addition, an agreement was concluded between Columbus, Ruby01A, DC24 ASI and Gemstone ASI under which Columbus has the right to receive 100% of the surplus obtained by Ruby01A from the sale of companies included in the OCP, constituting the difference between the sales value of a given company as part of today's OCP sale transaction and the value of the further sale of that company by Ruby01A (whereas Columbus has the right to verify the correctness of determining the price of the further sale of shares in a given company by Ruby01A).

As stated, Gemstone ASI SA has made Columbus an irrevocable and unconditional offer to sell to Columbus all shares in the share capital of Ruby01A, held by Gemstone ASI SA at the time of acceptance of the offer, free of any encumbrances, together with all rights related thereto. The exercise price of this Call Option will be determined based on the assumptions adopted in the agreement by the parties, relating to the value of the companies included in the OCP, the value of receivables against DC24 ASI and the value of all additional benefits, including contractual interest, statutory interest and default interest (Columbus has the right to verify this price).

The Call Option may be exercised by Columbus subject to the prior, full and unconditional repayment by Ruby01A of all receivables against DC24 ASI, where this condition is reserved for the benefit of DC24 ASI, which company is entitled to waive this condition.

In the event that DC24 ASI waives this condition, the Call Option may be exercised by Columbus (whereby the Call Option may be exercised until December 31, 2030). DC24 ASI is further entitled to require Columbus to accept the Call Option offer and exercise it.

"The Management Board indicates that today's transaction of sale of ZCP is dictated by the overriding economic interest of Columbus, and its main goal is to strengthen the financial situation of Columbus, as well as to deleverage the Group's balance sheet by transferring all of its debt to DC24 ASI to Ruby01A, as the buyer of ZCP. The goal of the entire transaction is to rebuild the long-term ability to finance operating activities," it was written.

"As a result, a significant portion of the debt currently encumbering Columbus, including the entire debt to DC24 ASI, has been removed from Columbus' balance sheet and taken over by Ruby01A, which will translate into improved debt and liquidity ratios of Columbus. All security for this debt will be taken over by Ruby01A, as the purchaser of ZCP," it added.