|As at December 31, 2021||As at December 31, 2020|
|1,470,576,500 Series A ordinary Shares with a nominal value of PLN 10.25 each||15,073||15,073|
|259,513,500 Series B ordinary Shares with a nominal value of PLN 10.25 each||2,660||2,660|
|73,228,888 Series C ordinary Shares with a nominal value of PLN 10.25 each||751||751|
|66,441,941 Series D ordinary Shares with a nominal value of PLN 10.25 each||681||681|
|Total share capital||19,165||19,165|
All of the Company’s shares are paid up.
The Company plans to initiate a recapitalisation of the Company in connection with its planned investment projects, as described in note 33.6 of this report.
Shareholder rights - State Treasury rights concerning the Company’s activities
The Company is a part of PGE Group, where the State Treasury holds special rights as long as it remains a shareholder.
The State Treasury’s special right applicable to PGE Group entities derive from the Act of March 18, 2010 on the special rights of the Minister of Energy and their exercise at certain companies and groups operating in the electricity, oil and gas sectors (Polish Journal of Laws of 2020, item 2173) defines specific powers vested in the minister responsible for state assets in capital companies or groups operating in the electricity, oil and gas fuels sectors, whose property is disclosed in the uniform list of facilities, installations, equipment and services constituting critical infrastructure.
Based on this act the Minister of Energy has the right to object to any resolution adopted or legal activity undertaken by the Management Board involving assets that would endanger the functioning, operational continuity and integrity of critical infrastructure. The objection can also be applied to any resolution pertaining to:
- dissolution of the Company,
- changes in use or retirement of an asset being a component of critical infrastructure,
- change in the scope of the Company’s activities,
- sale or lease of enterprise or its organised part or establishment of legal restrictions,
- approval of operational and financial plan, investment plan or long-term strategic plan,
- transfer of the Company’s registered office abroad,
if the performance of such a resolution would cause an actual threat to the functioning, operational continuity and integrity of critical infrastructure. The objection of the minister responsible for state assets will be expressed – after consulting the minister responsible for energy – in the form of an administrative decision.