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PERSONNEL CHANGES AT OKD and LAUNCHING A PROCESS OF SEEKING A STRATEGIC INVESTOR

PERSONNEL CHANGES AT OKD and LAUNCHING A PROCESS OF SEEKING A STRATEGIC INVESTOR

KARVINÁ (2 November 2016) – On the basis of requests by PRISKO, a.s. and in connection with the commercial loan provided to OKD, a.s. of CZK 700M, there have been two personnel changes in the management of the mining company at the end of last month.

Michal Kuča, who was engaged at OKD in the period 1980 – 2013, became a new OKD, a.s. board member who replaced Boudewijn Wentink from NWR, based on recommendation of PRISKO, a.s. In 1991 – 1998 he held a post of General Manager of Darkov Mine and in the period 1998 – 2013, he was the Chairman of the Board and the Director of OKK Koksovny a.s.

Another personnel change occurred in the management of OKD. Michal Sládek was appointed a new Chief Financial Officer, based on PRISKO, a.s. nomination, who replaced an existing CFO, Mr. Pavel Jílek. Michal Sládek is a graduate of University of Economics in Prague and he exercised his expertise in a number of renowned consultancy firms, like KPMG or Arthur D. Little.

 

In course of few days, the management of the mining company will simultaneously initiate a planned process, in which it intends to address potential investors with the goal to find a strategic partner for OKD. It is one of the key phases of a prepared company reorganizational process. It is expected that a strategic partner will continue in further operation of OKD and once the activities of individual mining operation terminate, it will secure financing for a subsequent phase-out.

„Under the open and transparent process that will last several months, we intend to address not only domestic but also international companies. For this reason, the board at its session on 25 October approved all necessary documents, part of which shall be distributed to potential interested parties, in all likelihood, already this week”, said Antonín Klimša, Managing Director and the member of the Board.

Next steps will depend on the interest by addressed investors and on the content of the bidding documents that these investors will submit. In view of the time line, the management of OKD awaits the preliminary outcomes of the bidding process at the turn of the year.

 

Ivo Čelechovský,

Spokesperson of OKD, a.s.

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