2011
LW „BOGDANKA” S.A.
5
LUBELSKI WĘGIEL „BOGDANKA” S.A.
LW Bogdanka, earlier nearly 100%-owned by the state,
made its debut on Warsaw Stock Exchange on 25th June
2009. As a result of the Initial Public Offering and raise of
capital the share owned by the state dropped to 65,5%
(and effectively, if taking stock granted to the employees
into account, it was ca. 56%). A few-percent packets were
bought by Polish pension funds. In a transaction made on
9th December 2009 State Treasury sold another 5% of its
shares. Because of that fact, the employees were given a
right to acquire the stocks free of charge.
On 16th March 2010 State Treasury sold another lot of its
stocks and its share (together with the stocks belonging to
the employees) was reduced to 13,8%. The buyers were
(like in the earlier case) mainly pension funds. In three sub-
sequent transactions in April and June 2010 State Treasury
sold over 9% of shares to the entitled employees. As a
result its share dropped under 5%.
At present LW Bogdanka is a fully private company (State
Treasury share is 2,3%).
No dominating strategic shareholder is present in the
company and the control is de facto maintained by finan-
cial investors, namely pension funds.
LUBELSKI WĘGIEL „BOGDANKA” S.A. – THE HISTORY
Lubelski Węgiel „Bogdanka” S.A. is the only mine in Lu-
blin Coal Basin. Although the plans to build 7 mines in a
very short time with annual production of 25 million tonnes
developed in the 70s. were never realized, “Bogdanka”
mine has been achieving positive financial results for oven
a dozen of years and therefore proved the exploitation of
coal in a new mining area may be profitable and that in the
future further increase of production is possible.
It has to be reminded that apart from “Bogdanka” mine
(K-1), a second mine in Lublin Coal Basin (LZW) was also
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